Tax Return Due Date Simplification and Modernization Act of 2011

IC Section 67(e) Deductibility of trust administration expenses; Circular 230 - Preparer regulation including PTIN regulations, nonsigning preparers; AMT; S 845/HR 2382 - Tax Return Due Dates. HR 674/S 89/S 164/S 1720/S 1726/ S 1762/ S 1885. Repeal full vesting on partial termination of qualified retirement plans; Harmonize and simplify education incentives; Revise the due date of the reporting requirement for foreign banks and financial accounts; Allow for abatement of a Section 6707A penalty of the taxpayer acts reasonable and in good faith; Repeal the Section 7122(c)(I) requirement to provide a 20% partial payment with lump sum offer in compromise; Amend Section 118 to apply to partnerships; Allow spouses (and divorced spouses) to transfer partnership suspended losses to one another; Allow S Corps to have nonresidential aliens as shareholders and potential current beneficiaries of electing small business trusts; modification of information reporting requiremetns under tax law; Employment tax treatment of S Corporations; Corrections on nonqualified eferred comprensation plan failures under Section 490(A); built in gains and losses relating to partnership mergers under Section 704(c) exempt status of hospitals; Office visits of tax return preparers by IRS; Foreign trusts aspects of FBAR; Carryover basis issues; HR 1864/S 3485 (Mobile workforce); IRS requests for accounting software; IRS uncertain tax return position programs (including Schedule M-3); Foreign bank account reporting (FinCen); Discussions iwth bank Security Act Advisory Group; Mandatory e-filing of FBARs; Form 990 Rervisions; IRS suitability checks/fingerprinting and FOIA requests related to PTIN iProgram; GST legislative modifications; Form 706/Form 8939 - carryover basis issues; taxation of large partnerships; HR 1697 - Community banking Relief; IRS Real Time Tax System; Form 8938 (requests for foreign financial information); Form 8949/Form 1099B (basis reporting); Form 8937 (Corporate organization changes); Preparer fraud penalty; Treasury/IRS regulatory business plan; Notice 2012-25 - Change in trust beneficial interests ("decanting"); TS 9522 and controlled groups that include S Corps for Section 179 purposes; Alternate valuation method under Section 2032; Enactment of permanent gift, estate and GST tax provisions; Make permanent GSTT tehnical modifications in EGTRRA; Administrative relief of late QTIP and QRT elections; S 2271 - S Corporation "fast-track" elections; carried interests. HR 4106; S Corp Modernization Act of 2011 - HR 1478. HR 5630 - Fraudulent under statment of a taxpayers' liability by a tax return preparer; IRS guidance related to tangible property capitalization; Farm Service Agency/Agriculture Department - "Certifications" under Food, Conservation and Energy Act of 2008; Comments to IRS on penalties for certain late filings resulting from inadvertant partnership technical terminations; S 2271 - Support for "The Small business Election Simplification Act"; Gift card regulatory guidance (IRS); Identity theft issues including ITIN Guidance (IRS); CPA definition for IRS PTIN database; Taxpayer's Hassle Reduction Act (Rep Tim Scott (SC)); IRS 2012 Offshore Voluntary Disclosure Program; Rev. Proc. 99-5 & 99-6 - conversions from a single member LLC to a partnership (and vice versa). House Small Business Subcommittee on Economic Growth, Tax and Captital Access Testimony (uncertainty impacting small business); Changes to IRS Circular 230.

Client expense: $1,010,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Financial Crimes Enforcement Network (FinCEN), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), SENATE, Treasury, Dept of

Support for proposal to reduce penalty for early withdrawal from IRA due to current economic climate; Support for S.845 and HR 2382, the Tax Due Date Simplification and Modernizatoin Act

Client expense: Not reported · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Information reporting deductibility of administrative fees under IRC 67 H.R.2382/S.845: Information return reporting dates

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

IC Section 67(e) Deductibility of trust administration expenses; Circular 230 - Preparer regulation including PTIN regulations, nonsigning preparers; AMT; S 845/HR 2382 - Tax Return Due Dates. HR 674/S 89/S 164/S 1720/S 1726/S 1762/S1885. Repeal full vesting on partial termination of qualified retirement plans; Harmonize and simplify education incentives; Revise the due date of the reporting requirement for foreign banks and financial accounts; Allow for abatement of a Section 6707A penalty of the taxpayer acts reasonable and in good faith; Repeal the Section 7122(c)(I) requirement to provide a 20% partial payment with lump sum offer in compromise; Amend Section 118 to apply to partnerships; Allow spouses (and divorced spouses) to transfer partnership suspended losses to one another; Allow S Corps to have nonresidential aliens as shareholders and potential current beneficiaries of electing small business trusts; Modification of information reporting requirements under tax law; Employment tax treatment of S Corporations; Corrections on nonqualified deferred compensation plan failures under Section 490(A); Built in gains and losses relating to partnership mergers under Section 704(c); Exempt status of hospitals; Office visits of tax return preparers by IRS; Foreign trusts aspects of FBAR; Carryover basis issues; HR 1864 (Mobile workforce); IRS requests for accounting software; IRS uncertain tax return position programs (including Scedule M-3); Foreign bank account reporting (FinCen); Discussions with Bank Security Act Advisory Group; Mandatory e-filing of FBARs; Form 990 Revisions; IRS suitability checks/fingerprinting and F0IA requests related to PTIN Program; GST legislative modifications; Form 706/Form 8939 - carryover basis issues; taxation of large partnerships; HR 1697 - Community Banking Relief; IRS Real Time Tax System; Form 8938 (requests for foreign financial information); Form 8949/Form 1099B (basis reporting); Form 8937 (Corporate organziational changes); Preparer fraud penalty; Treasury/IRS regulatory business plan; Notice 2011-101 - Change in trust beneficial interests ("decanting"); TD 9522 and controlled groups that include S Corps for Section 179 purposes; Alternate valuation method under Section 2032; Enactment of permanent gift, estate and GST tax provisions; Make permanent GSTT technical modifications in EGTRRA; Administrative relief or late QTIP and QRT elections; S 2271 - S Corporation "fast-track" elections; Carried interests. HR 4106; S Corp Modernization Act of 2011 - HR 1478. HR 5630 - Fraudulent under statement of a taxpayers' liability by a tax return preparer; IRS guidance related to tangible property capitalization; Farm Service Agency/Agriculture Department - "Certifications" under Food, Conservation and Energy Act of 2008; Comments to IRS on penalties for certain late filings resulting from inadvertant partnership technical terminations; IRS/Treasury regulatory business plan comments; S 2271 - Support for "The Small Business Election Simplification Act"; Gift card regulatory guidance (IRS); Identity theft issues including ITIN Guidance (IRS) and roundtable hosted by Rep. Bilirakis; CPA definition for IRS PTIN database; Taxpayer's Hassle Reduction Act (Rep. Tim Scott (SC)); IRS 2012 Offshore Voluntary Disclosure Program; Rev. Proc. 99-5 & 99-6 - conversions from a single member LLC to a partnership (and vice versa)

Tax reform and simplification; Mobile Workforce State Income Tax Simplification Act, HR1864; Modification of tax return due dates, HR 2382/S845

Client expense: Not reported · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Information reporting deductibility of administrative fees under IRC 67 H.R.2382/S.845: Information return reporting dates

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

IC Section 67(e) Deductibility of trust administration expenses; Circular 230 - Preparer regulation including PTIN regulations, nonsigning preparers; AMT; S 845/HR 2382 - Tax Return Due Dates. HR 674/S 89/S 164/S 1720/S 1726/S 1762/S1885 - 3% witholding provision; Repeal full vesting on partial termination of qualified retirement plans; Harmonize and simplify education incentives; Pension funding; Simplify the Kiddie Tax; Standardize the allowable mileage rates for business expense, medical expense and charitable contribution purposes; Revise the due date of the reporting requirement for foreign banks and financial accounts; Allow for abatement of a Section 6707A penalty of the taxpayer acts reasonable and in good faith; Repeal the Section 7122(c)(I) requirement to provide a 20% partial payment with lump sum offer in compromise; Amend Section 118 to apply to partnerships; Allow spouses (and divorced spouses) to transfer partnership suspended losses to one another; Allow S Corps to have nonresidential aliens as shareholders and potential current beneficiaries of electing small business trusts; Modification of information reporting requirements under tax law; Employment tax treatment of S Corporations; Corrections on nonqualified deferred compensation plan failures under Section 490(A); Built in gains and losses relating to partnership mergers under Section 704(c); Exempt status of hospitals; Office visits of tax return preparers by IRS; Foreign trusts aspects of FBAR; Carryover basis issues; HR 1864 (Mobile workforce); IRS requests for accounting software; IRS uncertain tax return position programs (including Scedule M-3); Foreign bank account reporting (FinCen); Discussions with Bank Security Act Advisory Group; Mandatory e-filing of FBARs; Form 990 Revisions; IRS suitability checks/fingerprinting and F0IA requests related to PTIN Program; GST legislative modifications; Form 706/Form 8939 - carryover basis issues; taxation of large partnerships; HR 1697 - Community Banking Relief; IRS Real Time Tax System; Form 8938 (requests for foreign financial information); Form 8949/Form 1099B (basis reporting); Form 8937 (Corporate organziational changes); Preparer fraud penalty; Treasury/IRS regulatory business plan; Notice 2011-101 - Change in trust beneficial interests ("decanting"); TD 9522 and controlled groups that include S Corps for Section 179 purposes; Alternate valuation method under Section 2032; Enactment of permanent gift, estate and GST tax provisions; Make permanent GSTT technical modifications in EGTRRA; Administrative relief or late QTIP and QRT elections; S 2271 - S Corporation "fast-track" elections; Carried interests

Information reporting deductibility of administrative fees under IRC 67 H.R.2382/S.845: Information return reporting dates

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

IC Section 67(e) Deductibility of trust administration expenses; Circular 230 - Preparer regulation including PTIN regulations, nonsigning preparers; AMT; S 845/HR 2382 - Tax Return Due Dates. HR 674/S 89/S 164 - 3% witholding provision; Repeal full vesting on partial termination of qualified retirement plans; Harmonize and simplify education incentives; Pension funding; Simplify the Kiddie Tax; Standardize the allowable mileage rates for business expense, medical expense and charitable contribution purposes; Revise the due date of the reporting requirement for foreign banks and financial accounts; Allow for abatement of a Section 6707A penalty of the taxpayer acts reasonable and in good faith; Repeal the Section 7122(c)(I) requirement to provide a 20% partial payment with a lump sum offer in compromise; Amend Section 118 to apply to partnerships; Allow spouses (and divorced spouses) to transfer partnership suspended losses to one another; Allow S Corps to have nonresidential aliens as shareholders and potential current beneficiaries of electing small business trusts; Modification of information reporting requirements under tax law; Employment tax treatment of S Corporations; Corrections on nonqualified deferred compensation plan failures under Section 490(A); Built in gains and losses relating to partnership mergers under Section 704(c); Exempt status of hospitals; Office visits of tax return preparers by IRS; Foreign trusts aspects of FBAR; Carryover basis issues; HR 1864 (Mobile workforce); IRS requests for accounting software; IRS uncertain tax return position programs (including Scedule M-3); Foreign bank account reporting (FinCen); Discussions with Bank Security Act Advisory Group; Mandatory e-filing of FBARs; Form 990 Revisions; IRS suitability checks/fingerprinting and F0IA requests related to PTIN Program; GST legislative modifications; Form 706/Form 8939 - carryover basis issues; taxation of large partnerships; HR 1697 - Community Banking Relief; IRS Real Time Tax System; Form 8938 (requests for foreign financial information)

Information reporting deductibility of administrative fees under IRC 67 H.R.2382/S.845: Information return reporting dates

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

IC Section 67(e) (Deductibility of trust administration expenses); Circular 230 - Preparer regulation including PTIN regulations, nonsigning preparers; AMT; S 845/HR 2382 - Tax Return Due Dates; HR 674/S 89/S 164 - 3% witholding provision; Repal full vesting on partial termination of qualified retirement plans; Harmonize and simplify education incentives; Pension funding; Simplify the Kiddie Tax; Standardize the allowable mileage rates for business expense, medical expense,and charitable contribution purposes; Revise the due date of the reporting requirement for foreign banks and financail accounts; Allow for abatement of a Section 6707A penalty of the taxpayer acts reasonable and in good faith; Repal the Section 7122(c)(I) requirement to provide a 20% partial payment with a lump sum offer in compromise; Amend Section 118 to apply to partnerships; Allow spouces (and divorced spouses) to transfer partnership suspended losses to one another; Allow S Corps to have nonresidential aliens as shareholders and pottential current beneficiaries of electing small business trusts; Modification of information reporting requirements under tax law; Employment tax treatment of S Corporations; IRS guidance Priority Plan; Corrections on nonqualified deferred compensation plan failures under Section 409(A); Built in gains and losses relating to partnership mergers under Section 704(c); Extending the due date of employee plan returns; Exempt status of hospitals; Office visits of tax return preparers by IRs; Rrepeal of Section 2101 of fPL 111-240 regarding forms 1099; HR 4 - miscellaneous informaiton returns; Foreign trusts aspects of FBAR; Carryover basis issues; HR 1864 (Mobile workforce); IRS requests for accounting software; IRS uncertain tax return position programs (including Schedule M-3); Foreign bank account reporting (FinCen); Discussions with Bank Secrecy Act Advistory Group; Mandatory E-filing of FBARs; Form 990 Revisions; IRS suitabilty checks/fingerprinting related to PTIN Program; GST legislative modifications; Form 706/Form 8939 - carryover basis issues; taxation of large partnerships; HR 1697 - Community Banking Relief

Information reporting deductibility of administrative fees under IRC 67 H.R.2382/S.845: Information return reporting dates

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 4 - Small Business Paperwork mandate Elimination Act of 2011; S 223 (Air Transportation modernization and Safety Improvement Act - Provisions relating to the repeal of Section 9006 of the Patient Protection and Affordable Care Act and section 2101 of the Small Business Jobs Act of 2010); S 18 (Small Business Paperwork Mandate Elimination Ave - provisions relating o the repeal of section 9006 of the Patient Protection and Affordable Care Act and Section 2101 of the Small Business Jobs Act of 2010) S. Amendment 161 to S. 493 - SBIR/STTR Reauthorization Act of 2011 (Provisions relating to the repeal of Section 9006 of the Patient Protection and Affordable Care Act and Section 2101 of the Small Business Jobs Act of 2010); IC Section 67(e) (deductibility of trust administration expenses); Circular 230 - Preparer regulation including PTIN regulations, nonsigning preparers; AMT; S 845/HR 2382 - Tax Return Due Dates; HR 674/S 89/S 164 - 3% withholding provision; Repeal full vesting on partial termination of qualified retirement plans; Harmonize and simplify education incentives; Pension funding; Simplify the Kiddie Tax; Standardize the allowable mileage rates for business expense, medical expense, and charitable contribution purposes; Revise the due date of the reporting requirements for foreign banks and financial accounts; Allow for abatement of a Section 6707A penalty of the taxpayer acts reasonably and in good faith; Repeal the Section 7122(c)(1) requirement to provide a 20% partial payment with a lump sum offer in compromise; Amend Section 118 to apply to partnerships; Allow spouses (and divorced spouses) to transfer partnership suspended losses to one another; Allow S Corps to have nonresidential aliens as shareholders and potential current beneficiaries of electing small business trusts; Modification of information reporting requirements under tax law; Employment tax treatment of S Corporations; IRS Guidance Priority Plan; Corrections on nonqualifiied deferred compensation plan failures under Section 409(A); Built in gains and losses relating to partnership mergers under Section 704(c); Repeal of Section 9006 of PL 111-148 regarding forms 1099-miscellaneous information returns; Extending the due date of employee plan returns; Exempt status of hospitals; Office visits of tax return prepares by IRS; Repeal of Section 2101 of PL 111-240 regarding forms 1099, HR 4 - miscellaneous information returns; Foreign trusts aspects of FBAR; Carryover basis issues; HR 1864 (Mobile workforce); IRS requests for accounting software; IRS practitioner compliance visits; IRS uncertain tax return position programs (including Schedule M-3)

HR - information reporting deductibility of administrative fees under IRC 67 H.R.2382/S.845: Information return reporting dates

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE