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Regulations Issued on Repair Expenditures

The IRS issued long-awaited regulations regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets, including rules on determining whether costs related to tangible property are deductible repairs or capital improvements.

Many Tax Provisions Set to Expire at Year End

Congress’ negotiations over an extension of the reduced payroll tax rate have garnered a lot of media attention, but many other tax items are scheduled to expire at the end of the year, and any future extension of these expiring provisions will have to be retroactive.

Final Regs on EITC Due Diligence Issued

The IRS issued final regulations governing the due-diligence requirements imposed on tax return preparers who prepare tax returns on which taxpayers claim the earned income tax credit.

Some Form 990 Filers Have Extension to March 30

The IRS extended the filing deadline for Form 990 until March 30, 2012, for many tax-exempt organizations with a filing due date during the first two months of the new year.

Recurring-Item Exception Clarified

The IRS issued a revenue ruling to clarify the application of the all-events test’s recurring-item exception under Sec. 461(h)(3) to certain fact patterns. The ruling addresses questions that arise when a liability accrues over more than one year or under a service contract.

Transit Pass and Vanpool Benefits to Shrink in 2012

The monthly tax exclusion for employer provided transit pass and vanpool benefits will shrink to $125 in 2012, from the current $230, when the provision providing for parity with employer-provided parking benefits expires at the end of this year.

IRS Holds First Hearing on Real-Time Tax System

The IRS held a public hearing to gather feedback on how to implement a system in which the IRS would match information on tax returns with data from third-party information returns during the processing of the return.

TAX PRACTICE MANAGEMENT

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2025 tax software survey

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