December 2014

December 24, 2014

Regulations Tightening Form 5472 Filing Requirements Are Finalized

Final regulations remove the provision allowing Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, to be timely filed separately from the corporation’s tax return if that return is filed late.

December 23, 2014

Transfers of Installment Obligations Would Trigger Gain or Loss Under Proposed Rules

The IRS issued proposed regulations relating to the nonrecognition of gain or loss on certain dispositions of an installment obligation.

December 22, 2014

President Signs Tax Extenders Into Law

President Barack Obama on Friday signed into law the Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014.

December 17, 2014

New Law Creates Tax-Favored Savings Accounts for Disabled Taxpayers

Congress approved the Achieving a Better Life Experience (ABLE) Act of 2014, which will allow disabled individuals to save money to pay for their disability expenses in tax-favored accounts, called ABLE accounts.

December 17, 2014

Congress Passes Tax Extender Legislation

The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76–16 on Tuesday evening. The extender bill passed the House of Representatives on Dec. 3, and it now goes to President Barack Obama for his signature.

December 11, 2014

Final Rules Govern Reporting of Specified Foreign Financial Assets

Individuals who are required to report interests in foreign financial assets to the IRS got guidance on the process in the form of final regulations.

December 10, 2014

Standard Mileage Rates Will Change Slightly in 2015

Optional standard mileage rates for use of a vehicle will change a little for 2015, the IRS announced, with the business use rate going up and the medical and moving rate going down.