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Hi, Friend. Here are your Articles for August 27, 2008.
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Tax Court Ruling Affects “De-Mutualized Policyholders”

If the dream of every tax accountant is to prove themselves right and the IRS wrong, then Charles Ulrich of Baxter, MN is living the dream.  Ulrich challenged the IRS's method for taxing shares and cash distributed by mutual life insurance firms to their policyholders when they reorganize as public companies, or de-mutualize, and he won.  Policyholders of mutual companies, like MetLife or Prudential, received stock and cash to compensate them for the loss of their ownership interests, which they gained by paying premiums.  Read on for more details.  



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Instructions for New Form 990

As we highlighted in a previous article, by now most charities and other tax-exempt organizations are aware that there is a new Internal Revenue Service (IRS) Form 990, which must be filed starting with tax year 2008 (filed in 2009).  The IRS has now released the revised instructions that tax-exempt organizations will need to follow while filling out the redesigned Form 990.  The revised instructions feature several new tools that make it easier to answer questions line-by-line and that facilitate uniform reporting.  Read on for more information. 



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The Exuberant Accountant Blog

A few weeks ago we reported on the launch of Partner, Scott Heintzelman's blog – "The Exuberant Accountant".  Each month we'll spotlight several of his recent posts in our newsletter.  Check out Scott's recent posts on strategic leadership, a belated Eagle Scout ceremony, and even what you can learn about employee engagement in the ER.  Read on for more details. 



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This summer's Olympic Games
shined a spotlight on the protection of intellectual property. Although the Chinese government cracked down on knock-off goods in Beijing during the Games, China is a well-known producer of counterfeit products. The Games provided various lessons about defending your organization's intangible property rights. Read the "Full Article" to see how to involve all parts of your business in this
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Employee theft costs companies billions of dollars a year - a very serious threat if left unchecked. Every business needs to set up some controls to thwart this type of fraud. Click "Full Article" to learn the simple steps to take that will help protect your company against purloining staff members.
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If you lend money to your C corporation, make sure you charge an adequate interest rate. Otherwise, you might wind up with an unexpected tax bill from the IRS. Click "Full Article" for the details.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation.

The drafter of the tax articles in this e-newsletter did not intend nor write the advice to be used to avoid any penalty imposed by a taxing authority, nor may any user/recipient of this document use this document's written tax advice for that purpose. This document's tax advice was written specifically to support the promotion or marketing of the transaction/matter addressed by the written tax advice. Therefore, any user/recipient of this document should seek an independent tax professional's advice regarding the user/recipient's particular circumstances.

 The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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