Federal Tax Essentials Chronicled in New Series of Desk References from Bloomberg BNA Tax & Accounting

ARLINGTON, Va., Feb. 27, 2011 /PRNewswire-USNewswire/ -- Bloomberg BNA Tax & Accounting announces the publication of a new series of practitioner desk references that provide an annual overview of federal tax issues affecting individuals, corporations, S corporations, and partnerships, as well as summaries of fundamental income tax principles. The series of four books, including 2012 Federal Tax Essentials: Corporations, 2012 Federal Tax Essentials: Partnerships, 2012 Federal Tax Essentials: S Corporations, and 2012 Federal Tax Essentials: Individuals, is organized by topic, allowing tax practitioners to quickly find answers to core tax questions. Supporting the answers are citations to relevant Internal Revenue Code sections, Treasury regulations, published IRS guidance, and case law.

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Bloomberg BNA Executive Editor, George Farrah, says the Federal Tax Essentials series provides "the core tax information practitioners need at their fingertips, not only at tax time but throughout the year, from a trusted source of tax knowledge."

2012 Federal Tax Essentials: Corporations focuses on federal tax issues affecting C corporations and their shareholders. It includes more than 40 charts, lists, diagrams, computations, examples, and checklists providing handy information on tax rates, filing requirements, common transactions, and more. Although designed to supply far more information than needed for the preparation of tax returns, the book may be used as an aid in preparing Form 1120 and accompanying forms and schedules.

For those preparing Form 1065 and the accompanying forms and schedules, 2012 Federal Tax Essentials: Partnerships can provide quick access to answers for core tax questions regarding the formation and termination of partnerships; partnership distributions; basis of partnership interests and partnership property; sales of partnership interests and retirement of partners; and other taxation impacting a partnership.

Similar to the volume on Corporations, 2012 Federal Tax Essentials: S Corporations may be used as an aid in preparing Form 1120S and covers a wide range of topics including comparison of S corporations to other business entity forms; S corporation eligibility requirements; tax-free formation of S corporations; S corporation elections; taxation of S corporation shareholders; reorganizations and other major transactions involving S corporations; and more.

Focusing on tax issues impacting individuals, the final volume in the series, 2012 Federal Tax Essentials: Individuals, includes a description of significant individual and small business tax relief provided by two pieces of legislation enacted late in 2010—the Small Business Jobs Act and the Tax Relief, Unemployment Insurance Reauthorization Act—as well as the relevant provisions of the 3% Withholding Repeal and Job Creation Act, enacted on November 21, 2011. Additional major topics of discussion include income, deductions, and credits; income tax accounting;  alternative minimum tax; filing requirements and deadlines; audit procedures;  penalties; reportable transactions; deferred compensation; and more.

Each book is available for individual sale or as a discounted series by visiting bna.com.

About BNA
Bloomberg BNA, a wholly-owned subsidiary of Bloomberg, is a leading source of legal, regulatory, and business information for professionals. Its network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance - the information that matters most to professionals. Bloomberg BNA's authoritative coverage spans the full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & data security, human resources, and environment, health & safety.

SOURCE Bloomberg BNA