December 2012

December 27, 2012

Mandatory Language for Consents to Disclose, Use Taxpayer Information Modified

The IRS has provided guidance to tax return preparers about the format and content of taxpayer consents to disclose and consents to use tax return information and modified the mandatory language required on each taxpayer consent.

December 26, 2012

Rules on Use, Disclosure of Taxpayer Information Finalized

The IRS issued final regulations under Sec. 7216 that govern the circumstances in which tax return preparers can disclose or use certain limited tax return information.

December 26, 2012

Final Regs. Remove De Minimis Partner Rule

The IRS issued final regulations that remove the de minimis partner rule from Regs. Sec. 1.704-1(b)(2)(iii)(e).

December 21, 2012

Sec. 304 Anti-Abuse, Anti-Avoidance Rules Finalized

The IRS finalized regulations that apply to transactions subject to Sec. 304 but that are structured with the principal purpose of avoiding the statute’s application.

December 18, 2012

Voluntary Classification Settlement Program Expanded, Liberalized

The IRS announced significant changes to its Voluntary Classification Settlement Program (VCSP).

December 17, 2012

Proposed Regs. Provide Rules for Whistleblower Awards

The IRS issued proposed regulations for whistleblower awards, as well as rules governing the disclosure of return information under Sec. 6103(h) to pursue these claims.

December 14, 2012

Tangible Property Regs. Amended to Implement Delayed Effective Date

The IRS released technical amendments that delay the effective date of the temporary regulations it issued in December 2011 governing whether tangible property expenses could be deducted or had to be capitalized.

December 13, 2012