January 2014

January 30, 2014

Details of New MyRA Retirement Savings Vehicle Revealed

The White House released details of a new retirement savings account to be made available to employees through their employers.

January 29, 2014

Proposed Rules Address Disguised Sales and Partnership Liabilities

The IRS issued proposed regulations on disguised sales of property to or by a partnership under Sec. 707 and the treatment of partnership liabilities under Sec. 752.

January 27, 2014

Final Version of Net Investment Income Tax Form Released

Just in time for the start of tax season, the IRS has released the final version of Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, which will be used by individuals and trusts and estates to compute the new 3.8% tax.

January 27, 2014

Simplified Method Offered for Requesting Extended Time to Make Portability Election

The IRS offered certain executors a simplified way to request an extension of time to make the “portability” election to transfer a deceased spouse’s unused estate tax exclusion to the surviving spouse.

January 24, 2014

Minimum Essential Coverage and Shared-Responsibility Penalty Rules Provide Transitional Relief for Individuals

Proposed regulations issued by the IRS answer a number of questions regarding the Sec. 5000A “individual mandate” under 2010’s health care reform legislation.

January 24, 2014

Guidance Issued on Accounting Method Changes Under Repair Regs.

The IRS issued long-awaited 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.

January 16, 2014

District Court Says Premium Tax Credits Are Available in Federal Health Care Exchanges

The federal district court for the District of Columbia held that the Sec. 36B premium tax credit is available to taxpayers who purchase health insurance through the 34 state health care exchanges that are run by the federal government.

January 15, 2014

Partnership Basis Rules Proposed

The IRS issued proposed regulations providing guidance on the application of Sec. 704(c)(1)(C) added by the American Jobs Creation Act and the amendments to the mandatory basis adjustment rules of Sec. 743 in the AJCA.

January 14, 2014

Final Regs. Prescribe Treatment of Bond Premium Carryforward

The IRS issued final regulations on the tax treatment of debt instruments with bond premium carryforward in the holder’s final accrual period.

January 10, 2014

IRS Issues Final Rules on Sales-Based Royalties and Vendor Allowances

The IRS issued final regulations on sales-based royalties and vendor allowance rules under Sec. 263A and Sec. 471.

January 10, 2014

Swiss Court Stops Handover of Tax Information to United States

A Swiss court has prevented the handover of information on U.S. account holders to the IRS by the Julius Baer Group Ltd.

January 2, 2014

New Procedures for Reinstatement of Tax-Exempt Status Are Introduced

Tax-exempt organizations that have had their tax-exempt status automatically revoked because they failed to file required annual returns for three consecutive years have new procedures for getting their exempt status reinstated.