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IRS Provides Relief for Small Tax-Exempt Nonfilers

The IRS announced that is providing relief for small tax-exempt organizations that are supposed to automatically lose their tax-exempt status because they failed to file Forms 990-EZ or 990-N for the years 2007, 2008, and 2009. Under a special one-time program, the IRS is giving those organizations until October 15,

Appeals Court Overturns Taxpayer Win in Tax Shelter Case

The Tenth Circuit held that a taxpayer’s investment in a “son of boss” tax shelter lacked economic substance and therefore did not generate deductible losses, reversing a taxpayer win on the issue in which a district court had allowed the taxpayer to deduct losses from the investment.

Health Care Appeals and Review Regulations Issued

The IRS and the Departments of Labor (DOL) and Health and Human Services issued interim final regulations and proposed regulations governing how individuals can appeal medical coverage or claims denials by their health insurer.

PTIN Fees Proposed by IRS

The IRS proposed to begin charging all authorized tax preparers a $50 user fee to obtain or renew annually a preparer tax identification number (PTIN).

Regulations Issued on Preventive Services

The IRS and the Departments of Labor and Health and Human Services have issued interim final regulations that implement the recent health care reform legislation’s rules requiring insurers to cover various preventive health services.

TAX PRACTICE MANAGEMENT

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AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.

Tax Clinic

IRS generally eliminates 5% safe harbor for determining beginning of construction for wind and solar projects

IRS proposes using NAICS to determine lines of business for certain fringe benefit exclusions

IRS rules that community trust and affiliated nonprofit corporation can file a single Form 990

Prop. regs. issued on new qualified tips deduction

IRS rules for first time that REIT’s income from markup on electricity from EV charging stations is rents from real property