June 2012 tax news - The Tax Adviser

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June 28, 2012

Supreme Court Upholds Health Care Law

The Supreme Court declared the mandate requiring U.S. citizens and legal residents to maintain minimum essential health coverage to be a permissible exercise of Congress’s taxing powers under the Constitution.

June 27, 2012

IRS Releases New FAQs for Offshore Voluntary Disclosure Program, Announces Other Rules

The IRS released 55 questions and answers regarding its offshore voluntary disclosure program.

June 26, 2012

Sample Text for Sec. 83(b) Election Released by IRS

The IRS released sample language for making the Sec. 83(b) election and examples of the amount of income taxpayers would recognize if they made the election.

June 25, 2012

Guidance Clarifies When Dividends Are Qualified Performance-Based Compensation

The IRS ruled on whether dividends paid on restricted stock were qualified performance-based compensation excluded from the applicable employee remuneration to which the $1 million limitation on the deduction for compensation by publicly held corporations applies.

June 22, 2012

IRS Suspends Issuing ITINs Without Original Documentation

The IRS will no longer issue individual taxpayer identification numbers unless the applicants provide original documents, such as passports or birth certificates, or certified copies of those documents from the issuing agencies.

June 21, 2012

Tips and Service Charges Distinguished in Guidance

The IRS issued question-and-answer guidance for distinguishing between tips and service charges for FICA tax and other purposes.

June 18, 2012

PTPs Can Use Safe Harbor to Determine COD Income That Is “Qualifying Income”

The IRS issued a safe harbor for publicly traded partnerships (PTPs) that want to avoid corporate taxation by qualifying under Sec. 7704(c) as partnerships with 90% or more of their income from qualifying sources.

June 15, 2012

IRS Issues Rules on Portability Election

The IRS has issued temporary regulations on how to elect to use a deceased spouse’s unused exclusion from estate taxes, also known as the portability election.

June 11, 2012

Eleventh Circuit Says PTIN User Fees Are Valid

The Eleventh Circuit held that the fee the IRS charges to issue PTINs to tax return preparers, who are required to use the PTINs on returns they prepare, is valid

June 11, 2012

Proposed Regs. on Basis for S Corporation Shareholders From Bona Fide Indebtedness

The IRS issued proposed regulations on when an S corporation shareholder can increase basis in the S corporation’s stock based on loans to the corporation.

June 8, 2012

IRS Issues Regulations on “Expatriated Entities” Under Sec. 7874

The IRS issued final, temporary, and proposed regulations intended to prevent abusive corporate inversion transactions.

June 5, 2012

Refusal to Refund Sewer Assessments Is Not Equal Protection Violation, Supreme Court Holds

The Supreme Court held that Indianapolis’s refusal to refund sewer assessments paid in a lump sum by residents to fund a sewer project did not violate the Equal Protection Clause of the U.S. Constitution.

June 1, 2012

Appeals Court Invalidates Associated Property Rule in Capitalization Regulations

The Federal Circuit held that the “associated property” rule requiring capitalization of interest expense under Sec. 263A was invalid insofar as it applies to property temporarily withdrawn from service.

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