2013 - Page 4 of 9 tax news

August 21, 2013

Tenth Circuit Throws Out Decision Striking Down Colorado’s Amazon Law

The permanent injunction that a federal district court issued enjoining Colorado from enforcing its Amazon law requiring remote sellers to report sales in the state has been dismissed by an appeals court.

August 19, 2013

Online FATCA Registration System Launched

The IRS on Monday announced the launch of an online system that foreign financial institutions can use to register with the agency to meet their obligations under FATCA.

August 19, 2013

Amounts on Late-Filed S Corporation Return Were Not Disclosed on Taxpayer’s Return

For purposes of determining whether there had been a substantial understatement of gross income on a taxpayer’s return, the IRS determined that amounts on a Form 1120S filed after the three-year statute of limitation expired, were not considered to be disclosed on a taxpayer’s Form 1040.

August 15, 2013

IRS Issues Draft FATCA Report Form

The IRS released a draft Form 8966, FATCA Report, which will be used by foreign financial institutions and withholding agents to comply with their FATCA reporting and withholding requirements.

August 14, 2013

Revenue Procedure Provides Liberal Relief for Late S Corp. Elections

The IRS provided a simplified method for taxpayers to apply for relief for various late S elections

August 13, 2013

Final Rules Issued on IRS Disclosure of Tax Return Information Under Health Care Law

The IRS issued final regulations about how it will release certain tax return information to the Department of Health and Human Services, as required by 2010’s health care legislation.

August 12, 2013

Disclosure Authorization and Electronic Account Resolution E-Services Get Three-Week Reprieve

The IRS announced that it is delaying the retirement of the Disclosure Authorization (DA) and Electronic Account Resolution (EAR) electronic services for three weeks.

August 12, 2013

Proposed Rules Reset Limitation for Pursuing Equitable Innocent Spouse Relief

The IRS issued proposed regulations under Secs. 6015(f) and 66(c) changing the deadline for taxpayers to request innocent spouse relief from joint liability.

August 9, 2013

“Private Attorney General” Can Deduct His Lawyers’ Fees as Trade or Business Expenses

A taxpayer who zealously and single-mindedly pursued False Claims Act lawsuits against his former employer was engaged in the trade or business of prosecuting those lawsuits and could deduct legal related expenses business expenses.

August 8, 2013

Aug. 30 IRS Furlough Day Canceled

The IRS announced that it will remain open on Aug. 30, canceling a previously scheduled furlough day.

August 7, 2013

IRS Releases Draft Net Investment Income Tax Form

The IRS released a draft of Form 8960, a new dual-purpose form that will be used by individuals and trusts and estates to compute the new 3.8% net investment income tax.

August 1, 2013

White House Announces Nominee for IRS Commissioner

The White House announced that President Barack Obama will nominate John Koskinen as the new IRS commissioner.

August 1, 2013

IRS Issues Final Rules on Exceptions From REIT or RIC Built-in Gain Recognition

The IRS issued final regulations that provide guidance on the recognition of built-in gain in certain transfers of property from a C corporation to a RIC or REIT.

July 31, 2013

Final Regs. Clarify Who Is Subject to 50% Limit on Meal and Entertainment Expenses

The IRS issued final regulations clarifying which party is subject to the 50% limit on deductible meal and entertainment expenses under Sec. 274(n).

July 29, 2013

Comments Requested on Proposed Net Investment Income Tax Form

The IRS published a notice and request for comments from taxpayers on a new dual-purpose form that will be used by individuals and trusts and estates to compute the new 3.8% tax and then to report the tax.

July 26, 2013

New Method for Determining Who Gets Sec. 199 Deduction Under Contract Manufacturing Arrangements

The IRS issued new guidance regarding how to determine which taxpayer is entitled to claim the Sec. 199 domestic production activities deduction in a contract manufacturing arrangement.

July 24, 2013

Rules for Deferral of Income From Gift Card Sales Clarified

The IRS issued guidance clarifying that taxpayers that sell gift cards can defer recognizing income from the sale of gift cards redeemable by an unrelated third party until the year after the payment is received.

July 18, 2013

Identity Theft Protection Process at IRS Needs Improvements, TIGTA Says

TIGTA recently audited the IRS’s Taxpayer Protection Program to assess how the Service is handling the explosive growth in tax return identity theft in recent years.

July 17, 2013

July 22 IRS Furlough Day Canceled

The IRS has canceled its scheduled furlough day for Monday, July 22, acting IRS chief Danny Werfel announced.

July 12, 2013

FATCA Deadlines Are Postponed for Six Months

The IRS said it was delaying for six months some of the deadlines for implementing FATCA.

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Tenth Circuit Throws Out Decision Striking Down Colorado’s Amazon Law

Online FATCA Registration System Launched

Amounts on Late-Filed S Corporation Return Were Not Disclosed on Taxpayer’s Return

IRS Issues Draft FATCA Report Form

Revenue Procedure Provides Liberal Relief for Late S Corp. Elections

Final Rules Issued on IRS Disclosure of Tax Return Information Under Health Care Law

Disclosure Authorization and Electronic Account Resolution E-Services Get Three-Week Reprieve

Proposed Rules Reset Limitation for Pursuing Equitable Innocent Spouse Relief

“Private Attorney General” Can Deduct His Lawyers’ Fees as Trade or Business Expenses

Aug. 30 IRS Furlough Day Canceled

IRS Releases Draft Net Investment Income Tax Form

White House Announces Nominee for IRS Commissioner

IRS Issues Final Rules on Exceptions From REIT or RIC Built-in Gain Recognition

Final Regs. Clarify Who Is Subject to 50% Limit on Meal and Entertainment Expenses

Comments Requested on Proposed Net Investment Income Tax Form

New Method for Determining Who Gets Sec. 199 Deduction Under Contract Manufacturing Arrangements

Rules for Deferral of Income From Gift Card Sales Clarified

Identity Theft Protection Process at IRS Needs Improvements, TIGTA Says

July 22 IRS Furlough Day Canceled

FATCA Deadlines Are Postponed for Six Months

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Prop. regs. issued on new qualified tips deduction

IRS rules for first time that REIT’s income from markup on electricity from EV charging stations is rents from real property

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