Welcome to the top tax and accounting headlines.
* IRS puts brakes on corporate push to capture real-estate tax break. A.D. Pruitt and Amol Sharma – The Wall Street Journal. The Internal Revenue Service is stepping up its scrutiny of companies that are looking to avoid some corporate taxes by converting their operations into real-estate investment trusts. Link
* Obama urged to back plan to list owners of shell firms. Ravi Somaiya – The New York Times. Anticorruption activists have urged President Obama to back a plan to publicly register the owners of shell companies in the United States and around the world, a move they say is essential to thwart corrupt government officials, tax evaders and money launderers who rely on an opaque financial system. Link
* Groups propose to simplify accounting for small firms. Floyd Norris – The New York Times. Making accounting easier for small companies — and saving them the need to report some losses that big companies can face — has become a new preoccupation of the accounting profession. Link
* How to avoid 3.8 percent tax on S-Corporation income. Arden Dale – The Wall Street Journal. For those who own S corporations, the Internal Revenue Service imposes the tax when it thinks the owners are playing more passive roles, a determination based partly on how much time they spend on the job. Active owners don’t have to pay the tax. Link
* The best place to hold REITs and MLPs: An IRS or a taxable account? Gregory Zuckerman – The Wall Street Journal. Advisers say there’s no prohibition against holding MLPs or traded REITs in a rollover individual retirement account or other tax-advantaged account, nor is there a penalty or tax on proceeds when these equities are sold. Link