February 2014

February 28, 2014

Guidance on Repair Regs. Updates Accounting Method Change Procedures

The IRS issued the second part of the guidance on accounting method changes under the so-called repair regulations, which govern the treatment of expenditures incurred in acquiring, producing, or improving tangible assets.

February 27, 2014

IRS Issues Final Instructions for Net Investment Income Tax Form

The IRS finally released its eagerly awaited final instructions for Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts.

February 26, 2014

2014 Car, Truck Depreciation Limits Issued

The IRS issued the 2014 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.

February 25, 2014

Final Substantial-Risk-of-Forfeiture Rules Are Released

The IRS finalized regulations that clarify when a substantial risk of forfeiture exists on the transfer of stock to an employee that is treated as compensation under Sec. 83 (T.D. 9659).

February 25, 2014

Report Reveals Breadth of Criminal Tax Activities

The IRS Criminal Investigation division’s annual report reviewing its accomplishments in 2013 reveals the wide range of criminal tax activities it investigated in the past year.

February 20, 2014

Final FATCA Rules Are Issued

The IRS released a large package of regulations needed to implement the Foreign Account Tax Compliance Act.

February 19, 2014

“Dirty Dozen” Tax Scam List Now Includes Telephone Scams

Identity theft and telephone scams top this year’s list of the “Dirty Dozen” fraudulent tax schemes released by the IRS.

February 11, 2014

D.C. Circuit Affirms Decision Striking Down Tax Return Preparer Regs.

The IRS’s attempt to regulate unenrolled tax return preparers was dealt another blow when the D.C. Circuit Court of Appeals held that the agency exceeded its statutory authority when it issued regulations imposing various requirements on tax return preparers.

February 10, 2014