Advertisement

IRS Finalizes Circular 230 Regulations

The IRS issued final regulations May 31 implementing components of its initiative to register and regulate all paid tax return preparers.

Treasury Releases Plan to Review All Regulations

The Treasury Department on May 26 released a plan to review all existing Treasury regulations and identify those that are “obsolete, unnecessary, excessively burdensome, or ineffective.”

AICPA Speaks Out Against Proposed Model Sales and Use Tax Statute

The AICPA testified at a hearing May 18 to voice its opposition to a model statute drafted by the Multistate Tax Commission (MTC) that would authorize states to require nonresident companies to report sales transactions with in-state consumers in an effort to increase use tax compliance.

New “Killer B” Regulations Issued

The IRS has issued new final regulations on cross-border reverse triangular reorganizations, popularly known as “Killer B” transactions.

Tax Court Gives Some Petitioners Extra Time to File Motions to Vacate

During the transition to its new eAccess electronic document management system, the Tax Court failed to serve a small number of petitioners with paper or electronic notices of the documents concluding their cases (such as final decisions or orders of dismissal).

Oversight Board Identifies IRS Problems

The IRS Oversight Board released its annual report to Congress on May 12, describing the IRS’ performance during fiscal 2010 and its progress in meeting the goals in its strategic plan.