December 2015

December 23, 2015

Guidance Explains the Reinstated Sec. 35 Health Coverage Tax Credit for 2014 and 2015

The law now allows taxpayers who receive coverage from a health insurance exchange to claim the Sec. 35 credit through 2015, but prohibits it after 2015.

December 22, 2015

Proposed Regulations Outline Country-by-Country Reporting Requirements

The much-anticipated rules, under which the US would adopt the Organisation for Economic Co-operation and Development’s country-by-country reporting regime, would require reporting by multinational enterprise groups with revenue of $850 million or more in the prior annual accounting period.

December 18, 2015

Congress Passes Extender and Other Tax Legislation

The omnibus spending bill passed by Congress on Friday, which extends a long list of expired tax provisions, also contains a large number of other tax items.

December 18, 2015

Guidance Contains Inflation Adjustments for 2015 Information Return Penalties

A recently enacted law requires penalties for failing to file certain information returns to be adjusted for inflation. The latest adjustments are announced in this guidance.

December 17, 2015

Standard Mileage Rates Will Go Down in 2016

The IRS issued the standard mileage rates for business use of an automobile and for driving for medical or moving purposes for 2016.

December 17, 2015

IRS Notice Fills in Many Gaps in Health Coverage Rules

Twenty-six Q&As issued by the IRS provide further guidance on a wide variety of issues affecting employer-provided health coverage under the Patient Protection and Affordable Care Act.

December 16, 2015

Tax Extender Legislation Introduced in Congress

The Consolidated Appropriations Act introduced in Congress on Wednesday would extend a large number of expired tax provisions.

December 9, 2015

IRS Guidance Explains Effect of Same-Sex Marriage on Health and Retirement Plans

The IRS released additional guidance on the effect of the Supreme Court’s same-sex marriage decision on qualified retirement plans and health and welfare benefit plans, including Sec. 125 cafeteria plans.

December 7, 2015

Criminal Tax Prosecutions Run the Gamut

In its annual business report for 2015, the IRS’s Criminal Investigation division discussed notable criminal tax prosecutions.

December 4, 2015

Bill with Passport and Third-Party Tax Collection Provisions Passes Congress

The highway funding bill passed by Congress includes provisions that will allow the government to revoke the passports of seriously delinquent tax debtors and will require the IRS to use third-party debt collectors.

December 3, 2015

Debt Discharge Tax Relief Announced for Corinthian Colleges Students

The IRS announced that students who attended schools owned by Corinthian Colleges Inc. and whose debt is discharged under certain Department of Education programs will not have to recognize income on the discharged debt.