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Author Archive for: "De Filipps University"
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By De Filipps University
In Will's blog
Posted July 19, 2017

Some Perspective (from an Unexpected Source) In Defense of the IRS’ Notice 2016-66

IRS Notice 2016-66 requiring dealers to file Forms 8886 to disclose Producer Owned Reinsurance Company (PORC-like activities) has created considerable uncertainty over what should be filed and by [...]

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0
By De Filipps University
In Will's blog
Posted July 3, 2017

Are PORCs on the IRS’ Endangered Species List?

Just wondering if anyone has heard anything within the last few weeks about the IRS Notices regarding the status of PORCs as “abusive” tax shelters and the related filing requirements with OTSA. [...]

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0
By De Filipps University
In Will's blog
Posted March 16, 2017

Head’s-Up … A Significant Filing Date for Forms 8886 Is Approaching

Almost a decade has passed since IRS activities involving PORCs (that’s Producer-Owned Reinsurance Companies) rose to a level of general awareness of automobile dealers’ CPAs. It appears the IRS [...]

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2
By De Filipps University
In Will's blog
Posted February 16, 2017

Taxation of VW Settlement Payments: Don’t Expect Any Advance IRS Guidance

On February 14, I participated in a follow-up conference call / discussion hosted by Paul Metrey of NADA (Vice President, Regulatory Affairs) involving several CPA firms whose input NADA sought [...]

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0
By De Filipps University
In Will's blog
Posted January 25, 2017

Court Approval of VW-Dealer Settlement Still Leaves Taxation Question Unanswered

On January 23, U.S. District Judge Court Breyer gave the Court’s final approval to the Volkswagen settlement, holding that “the settlement is fair, reasonable and adequate.” The Court evaluated [...]

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0
By De Filipps University
In Will's blog
Posted January 19, 2017

Tax Return Disclosures … Is Form 8275 Indispensable?

A recent article (in Tax Notes, posted today 1/19) by two San Francisco attorneys, entitled “Tax Return Disclosures: What Is Adequate and Why It Matters,” provides a comprehensive discussion [...]

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  • LIFO … Love It or Leave It … Covid-19 & LIFO Inventories (11/24/2020)
  • Year-End 2020 Dealer Tax Update (11/18/2020)
  • Year-End 2019 Dealer Tax Update (11/26/2019)
  • Provisions of Interest to Dealers in the TCJA (12/18/2018)

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News – Summaries & Podcasts

  • IRS GLAM re: Auto Dealer Facility Upgrade Programs (May 2014)
  • The Final Tangibles Regulations: Expense or Capitalize? … At a Glance
    • Are You Ready for TangiblesCare? – Practice Guide
    • WillCast – Tangibles Regs Podcast (9/18/2013)

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Will’s World Blog

Willard De Filipps, CPA | Join Our LinkedIn Group
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