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June 28, 2007 — In This Newsletter:



Avoiding Late Returns When Corporations Are Acquired by a
Consolidated Group

from The Tax Adviser
Common mistake: Missing the due date for separate returns when companies are acquired by consolidated groups.

No Penalty for Bond Linked Issue Premium Structure (BLIPS)
from Journal of Accountancy
A decision points out what penalties can be assessed and how a taxpayer can defend against them.

IRS Will No Longer Challenge Negative Additional Sec. 263A Costs
from The Tax Adviser
IRS will not challenge taxpayers who use their allocation methods to apportion negative costs between ending inventory and cost of goods sold.

Taxpayer-Favorable Letter Ruling on Consolidated Worthless
Stock Deduction

from The Tax Adviser
IRS breaks new ground in determining the character of a worthless stock deduction in a consolidated group.

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Inside the Markets: Electrifying Deal Brings in the Green
by Jonathan Moreland
One insider tells you how.

What’s Keeping Corporate Tax Professionals Up at Night?
Take the FREE confidential survey today.

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New in the CPA2Biz Store

Advanced Planning for S Corporations
Gain a solid understanding of the intricacies of the ever-popular S Corporation form of doing business — and earn CPE credit.

International Taxation: To and From the United States — Updated for 2007
Comply with U.S. tax reporting requirements for inbound and outbound transactions and operations — and earn CPE credit.

Innovative Tax Planning for Individuals and Sole Proprietors —
Updated for 2007

Find the latest techniques for building and conserving wealth employing beneficial tax planning and investment strategies — and earn CPE credit.

Best Tax and Financial Planning and Money Management Ideas for Your Growing, Middle Income Clients — Updated for 2007
Help clients achieve long-term financial security through personalized game plans. Earn 12 CPE credits.

Didn't find what you were looking for? Visit the AICPA Store.






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  Best Sellers

FIN 48 — Uncertainty in Income Taxes: A Must Know for Tax CPAs and Accountants/Auditors!

The Adviser’s Guide to Family Business Succession Planning

Retirement Distribution Practice Aids

S Corporations: The Ins and Outs of Tax Reporting and Planning

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  AICPA Tax Section
Section 199: Benefiting From the Production Activities Deduction

Accounting for Income Taxes — Applying SFAS No. 109/FIN 48

Form 5500: Prepare It Fast — File It Right...The 1st Time

Innovative Tax Planning for Small Businesses: Corporations, Partnerships & LLCs

Also see AICPA Conferences section below
  Career Resources
Know Anyone Who’s Looking? We’re in the Market for Talented CPAs at the Manager Level
Visit the CPA Career Center
  AICPA Conferences
AICPA Small Business Practitioners’ Tax Forum 2007
7/16 - 7/17, Atlanta, GA

AICPA National Tax Education Program
7/16 - 7/20, Urbana, IL

Sophisticated Tax Planning for Your Wealthy Clients
10/1 - 10/3, New York, NY

AICPA Webcasts

9/18 - SEC Quarterly Update – 3Q 2007

12/18 - SEC Quarterly Update – 4Q 2007


AICPA members receive a 10% discount on new purchases of tax research
materials through Thomson/RIA.
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Mortgage payment increasing? Let the AICPA Sponsored Home Mortgage Program help! 
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