2013 tax news - The Tax Adviser

December 31, 2013

Procedures for IRS Rulings, Technical Advice, Etc., Updated for 2014

The IRS issued its annual updates to the revenue procedures that govern its operations and interactions with taxpayers. These include the list of “no ruling” areas in which the IRS will not issue letter rulings.

December 30, 2013

Top Tax News Developments in 2013

The past year featured a large number of tax developments, some of which got extensive coverage in the media, and many of which got less coverage but affect almost all taxpayers and practitioners. As we get ready to welcome a new year, here’s a look back at the most important

December 23, 2013

IRS Announces Automation of Taxpayer Resources, Start of Business Filing Season

The IRS announced on its website that, beginning in 2014, it will stop providing a number of taxpayer assistance services in person or over the phone and will shift those services online.

December 20, 2013

Senate Confirms John Koskinen as IRS Commissioner

The Senate on Friday voted 59–36 to confirm the nomination of John Koskinen to be the next IRS commissioner.

December 19, 2013

Guidance Issued on Tax Treatment of National Mortgage Settlement Payments

The IRS issued guidance on the correct tax treatment of payments taxpayers receive under the National Mortgage Settlement when their house is foreclosed on.

December 19, 2013

Six More Countries Sign FATCA Agreements with U.S.

The Treasury Department announced that the United States has signed six more bilateral agreements to implement the reporting and withholding provisions of FATCA.

December 18, 2013

2014 Filing Season to Start Jan. 31

The IRS has finally announced an official start date for the 2014 filing season: It will start accepting returns on Jan. 31. This date is 10 days later than the originally planned starting date of Jan. 21.

December 17, 2013

Notice Answers Many Post-Windsor Questions on Cafeteria Plans, FSAs

The IRS continues to consider the effects of the Supreme Court’s Windsor decision on federal tax law, and its most recent guidance deals with elections and reimbursements for cafeteria plans, HSAs, and health, adoption, and dependent care FSAs.

December 13, 2013

Immediate Year-End Planning Opportunity for Existing CRTs

The immediate planning opportunity for CRTs is to harvest short-term and long-term capital losses. Here is how it works and what changed from earlier years.

December 12, 2013

IRS Releases Rules for In-Plan Rollovers of Roth Accounts

The IRS released rules in question and answer format for in-plan rollovers to designated Roth accounts in retirement plans.

December 11, 2013

Final Rules Permit Agents to Withhold FUTA for Home Care Service Recipients

The IRS issued final regulations permitting an agent authorized by the IRS under Sec. 3504 to perform certain acts normally required of employers to withhold FUTA taxes owed by home care service recipients.

December 6, 2013

Standard Mileage Rates Go Down Slightly in 2014

The optional standard mileage rates for use of a vehicle will go down by one-half cent per mile for 2014, the IRS announced.

December 6, 2013

Proposed Rules Would Require Terminating Partnerships to Amortize Startup Expenditures

The IRS issued proposed regulations aimed at preventing partnerships from using technical terminations to accelerate their deductions of startup and organizational expenses.

December 5, 2013

Numerous Provisions Expire at Year End

Practitioners should be aware that dozens of credits and other tax incentives are expiring Dec. 31 and should prepare their clients accordingly.

December 3, 2013

Supreme Court Resolves Circuit Split on 40% Gross Valuation Misstatement Penalty

The Supreme Court held that the 40% penalty for a gross valuation misstatement applied when the partnerships at issue had been determined to be shams that lacked economic substance, and, as a result, the partners’ outside basis in the partnerships was zero.

November 27, 2013