The IRS issued final regulations on determining partners’ distributive shares of partnership items when a partner’s interest varies during the partnership’s tax year.
The short-term highway funding extension passed by the Senate contains several important tax provisions.
Qualifying accrual-basis taxpayers will be allowed to treat economic performance of certain service contracts as occurring on a ratable basis under a safe harbor introduced by the IRS.
The Tax Court held that Regs. Sec. 1.482-7(d)(2), requiring entities to share stock-based compensation costs under qualified cost-sharing agreements, failed to meet the reasoned decision-making standard and was invalid.
The new rules generally require taxpayers filing claims for refund or credit to file their claim with the IRS service center at which the taxpayers currently would be required to file a tax return for the type of tax to which the claims relate.
The IRS will apply a six-factor test to determine whether payments to partners are disguised payments for services under proposed regulations.
The IRS has posted a draft revised version of Form 3115, Application for Change in Accounting Method, on its website.
Many CPAs reported it was difficult or very difficult to resolve the issue with the IRS, echoing recent findings by the Taxpayer Advocate Service.
During some of the busiest weeks of tax season, less than one caller in 10 to the IRS’s Taxpayer Protection Program phone line was able to reach IRS staff for assistance, according to Nina Olson, the national taxpayer advocate.
From foreign accounts to health care, from marijuana businesses to captive insurance, emerging tax issues are presenting practitioners with thorny due-diligence problems.
The IRS announced that it will amend the Sec. 401(a)(9) required minimum distribution regulations to prohibit the use of lump-sum payments to replace annuity payments in defined benefit plans.
The IRS clarified the requirement in Regs. Sec. 1.501(r)-4(b)(1)(iii)(F) that a charitable hospital organization include a provider list in its financial assistance policy.
The Trade Preferences Extension Act of 2015 contains tax provisions in addition to the trade measures that were the focus of the bill.
The Supreme Court upheld the availability of premium tax credits under Sec. 36B when they are provided through health exchanges run by the federal government.
The IRS issued proposed regulations implementing Sec. 529A, which authorizes states to offer specially designed tax-favored accounts for the disabled (ABLE accounts).
The IRS issued temporary and proposed regulations that provide guidance for multiemployer pension plans that are in critical and declining status and therefore may be permitted to suspend benefits under the Multiemployer Pension Reform Act of 2014.
The IRS issued final rules governing the requirements for electing portability of a deceased spousal unused exclusion amount to the surviving spouse and the rules for the surviving spouse’s use of the amount.
Tax software vendors will share analytical information about their customers’ tax filings with the IRS under new agreement announced by the IRS.
The IRS issued regulations that take aim at transactions that attempt to avoid the repeal of the General Utilities doctrine.
Final regulations were issued for determining when an expanded affiliated group will be considered to have substantial business activities in a foreign country, which allows a foreign corporation to escape application of the inversion rules.