August 2011

August 29, 2011

IRS Clarifies September 9 Extension for Offshore Reporting

The IRS clarified that its postponement of deadlines under the 2011 OVDI also applies to taxpayers filing FBARs and other information returns pursuant to FAQs 17 and 18.

August 26, 2011

Hurricane Postpones IRS’s Offshore Voluntary Disclosure Deadline

The IRS announced it had postponed the deadline for its 2011 Offshore Voluntary Disclosure Initiative (OVDI). The new due date for requests is September 9, 2011.

August 24, 2011

TIGTA: IRS Does Not Timely Resolve Math Error Disputes

TIGTA released a report in which it recommended that the IRS develop processes to ensure that math error disputes with taxpayers are resolved more quickly and accurately.

August 22, 2011

Final Regulations Govern Establishing Evidence of Delivery to the IRS

The IRS issued final regulations providing guidance on how taxpayers can prove the timely delivery of physical documents to the IRS or the Tax Court, absent direct proof of delivery.

August 16, 2011

Election to Deduct Business Startup Expenses Gets Final Rules

The IRS issued final regulations governing elections by individual taxpayers, corporations and partnerships to deduct startup expenses or organizational expenditures.

August 12, 2011

Health Care Premium Credit Rules Proposed

The IRS released proposed regulations implementing the health insurance premium tax credit, which is effective starting in 2014.

August 11, 2011

IRS Revises Actuarial Tables

The IRS issued final regulations relating to the use of actuarial tables for valuing annuities, interests for life or a term of years, or remainder or reversionary interests.

August 7, 2011