Thursday, January 26, 2012

Among the most litigated tax issues for FY 2011...

• Trade or business expenses under Code Sec. 162 and related sections (i.e inreimbursed employee expense);

(162: allows as a deduction all of the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.)

• Gross income under Code Sec. 61 and related sections;

(61: except as otherwise provided in this subtitle gross income means all income from whatever source derived)

• Accuracy-related penalty under Code Sections 6662(b)(1) and 6662(b)(2);

(this penalty of 20% or 40% of the increase in tax is due in the case of substantial understatement of tax, substantial valuation misstatements, transfer pricing adjustments, or negligence or disregard of rules or regulations)

• Innocent spouse relief;

• Charitable deductions

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