AICPA Tax Insider (January 27, 2022): IRS issues procedures for employee status determinations; Final regulations affect owners of foreign stock and More!

IRS issues procedures for employee status determinations
Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.

Final regulations affect owners of foreign stock
Final and proposed regulations cover PFIC and CFC stock held through domestic partnerships and S corporations.

Like-kind exchanges of real property
By Dana L. Hart, CPA, Ph.D.
Implications for owners as Congress mulls further curtailing the tax benefits of Sec. 1031 transactions.

Alimony deduction allowed for health care premiums purchased with pretax wages
By Maria M. Pirrone, CPA, LL.M., and Joseph Trainor, CPA, Ph.D., CFE
In a case of first impression, the Tax Court denies IRS arguments of a “double deduction.”

Corporation not covered by economic hardship exception
By James A. Beavers, CPA, CGMA, J.D., LL.M.
As a corporation, a nursing home could not claim an exception to a levy that is available only to individuals, the Tenth Circuit holds.

Theft loss deduction requirements
By Jason Borkes, CPA
Husband-and-wife taxpayers failed to show that investment “fraud by inducement” qualified as a theft loss under Sec. 165(e), the Tax Court holds.

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.

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