March 2011

March 31, 2011

Taxpayer Assistance Order Regulations Issued

The IRS issued final regulations governing National Taxpayer Advocate taxpayer assistance orders when a taxpayer is suffering hardship because of the way the IRS is administering the tax laws.

March 30, 2011

Guidance Issued on 100% Bonus Depreciation Rules

The IRS issued guidance on how taxpayers can deduct 100% of the cost of qualified business property placed in service in 2011 under rules enacted last year.

March 29, 2011

IRS Issues Final Regs and Guidance on Mandatory E-Filing Requirements

The IRS issued final regulations and several pieces of guidance relating to the requirement that return preparers e-file tax returns, starting this year.

March 28, 2011

Unfair Lending Practice Settlement Does Not Result in Income to Borrower

The IRS advised that adjustments to loan principal amounts under a settlement to reform unfair lending practices do not result in income to the borrower, even though the adjustments result in a reduction in the amount the borrower will pay under the loan

March 25, 2011

Free File Program Expanded to Include Returns Filed from Overseas

The IRS announced that taxpayers who live in foreign countries can now use the Free File program to prepare and e-file their federal tax returns.

March 24, 2011

Uncertain Tax Position FAQs Posted

The IRS has posted a series of questions and answers (FAQs) about the new requirement for large corporations to report their uncertain tax positions.

March 23, 2011

First-Time Homebuyer Credit Recapture Causing IRS Processing Problems

The IRS announced that it is having problems processing tax returns that involve repayment of the Sec. 36 first-time homebuyer credit for 2008 home purchases.

March 18, 2011

IRS Releases 2010 Gift Tax Return

The IRS released the final 2010 version of Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and its instructions.

March 17, 2011

IRS Proposes Extending Period for Receiving Authorization to Disclose Return Information

The IRS issued a proposed regulation that would extend from 60 days to 120 days the permitted period for submission of taxpayer authorizations allowing disclosure of returns and return information to third-party designees.

March 14, 2011

IRS Issues Final Regs on Disclosing Return Information to Whistleblowers

On March 14, the IRS released final regulations regarding disclosure of return information by the Treasury Department in connection with written contracts among the IRS, whistleblowers and, if applicable, their legal representatives (T.D. 9516).

March 10, 2011

IRS Issues First Guidance on Nonprofit CO-OP Health Insurers

The IRS issued its first guidance on the requirements for new qualified nonprofit health insurance issuers under Sec. 501(c)(29) and has requested comments on specific issues.

March 8, 2011

Senate Passes Bill Addressing Tax Strategy Patents

The Senate voted 95–5 on March 8 to pass the America Invents Act. Included in the bill is a provision intended to stop the granting of patents for tax strategies.

March 3, 2011

House Passes 1099 Repeal

On March 3, the House passed a bill to repeal the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation and the new 1099 reporting requirements imposed on taxpayers who receive rental income.

March 1, 2011