Tax Alerts

Tax Briefing(s)

White House Budget

2012 Tax Year-in-Review

American Taxpayer Relief Act of 2012

IRS releases 2013 auto and truck maximum fair market value amounts for calculating fringe benefit income
The IRS recently issued the maximum fair market value (FMV) amounts that are used to determine the proper valuation rule for employees calculating fringe benefit income from employer-provided autom...

Trustee's activities as president/shareholder were disregarded in determining trusts' material participation
In a recently issued technical advice memorandum (TAM), the IRS Chief Counsel concluded that two trusts had not materially participated in the activities of two S Corps. Although an individual who ...

IRS issues final rules on elections for qualified stock dispositions under Code Sec. 336(e)
The IRS has issued final regulations under Code Sec. 336(e) that allow taxpayers to elect to treat the sale, exchange, or distribution of at least 80 percent (by vote and value) of a corporation's ...

U.S., U.K. and Australia combat offshore tax evasion in a joint effort
The U.S. and the tax authorities of the United Kingdom and Australia recently announced a plan to share tax information involving companies and trusts holding offshore assets of taxpayers under the...

IRS issues statement clarifying its policy on obtaining search warrants
The IRS has announced that it will obtain a search warrant in all cases when seeking the contents of emails from internet service providers (ISPs). The announcement comes after the agency has been ...

IRS issues 2013 adjusted foreign housing allowances
The IRS has released adjustments to the limitation on housing expenses under Code Sec. 911 for tax years beginning on or after January 1, 2013. The maximum inflation-adjusted standard cost allowanc...

ME - SST legislation vetoed
H.P. 228, legislation that initially contained affiliate nexus, click-through nexus and Streamlined Sales and Use Tax Agreement (SST) provisions, was vetoed by Maine Gov. Paul LePa...

MA - Wellness tax credit regulations provided
The Massachusetts Department of Public Health (DPH) has promulgated regulations implementing the corporate and personal income tax credit for businesses that set up a wellness prog...

NH - Duty of assessing standards board concerning municipal reimbursement for cost of assessments repealed
New Hampshire property tax legislation repeals a statutory provision requiring the Assessment Standards Board to study and recommend to the Legislature whether municipalities shoul...

Cummings, Lamont & McNamee, PA  is a regional Certified Public Accounting (CPA) firm providing clients with Income Tax Preparation for Individuals and Corporations; Tax Planning; IRS Tax Audit Representation; Audit Services; Review and Compilation of Financial Statements; Business Valuation; Litigation Support and Fraud Examination Services.  We also have expertise in special practice areas including Estate Planning, Veterinary Practice Services, Funeral Homes, and Dental Practice Services.

We are Maine's largest Accounting firm south of Portland with offices in Kennebunk, Maine and Portsmouth, New Hampshire and Exeter, New Hampshire.  Our strategic locations allow us to serve the Southern Maine and Seacoast New Hampshire region.

At Cummings, Lamont & McNamee we are trusted business advisors and consultants who identify opportunities, provide solutions and deliver exceptional service to our clients.  We constantly strive to provide quality professional services for the optimum client experience.  We would be pleased to have the opportunity to partner with you on all your accounting needs!

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