January 2015

January 28, 2015

Offshore Voluntary Disclosure Program to Remain Open Indefinitely

The IRS stated that it intends to keep its Offshore Voluntary Disclosure Program open until it announces otherwise.

January 26, 2015

Taxpayers Get Penalty Relief for Incorrect Premium Tax Credit Advance Payments

The IRS will provide automatic penalty relief for taxpayers who, when they reconcile advance payments of the premium tax credit they received for 2014 to the amount of the credit they are entitled to on their income tax returns, find they owe additional tax.

January 23, 2015

Charter Schools to Be Allowed to Participate in Government Retirement Plans

The IRS announced that it will develop regulations under Sec. 414(d) that would permit a state or local retirement system that qualifies as a governmental plan to cover employees of charter schools.

January 21, 2015

Details of the President’s State of the Union Tax Proposals

President Barack Obama used Tuesday’s State of the Union address to announce that he will propose tax increases for higher-income individuals and provide tax relief for middle-class taxpayers.

January 20, 2015

Proposed Rules Would Govern Sec. 41 Credit for Software

The IRS issued long-awaited proposed rules on what type of internal-use software qualifies for the Sec. 41 research credit.

January 16, 2015

IRS Updates Accounting Method Change Procedures

The IRS issued new procedures taxpayers should use to make accounting method changes.

January 13, 2015

Budget Cuts May Force IRS Furlough Days Again

IRS Commissioner John Koskinen issued a message to IRS employees outlining the steps the Service will have to take to deal with the budget cuts Congress enacted late last year.

January 12, 2015

U.S. Government Opens Secure Portal for FATCA Reporting

Financial institutions and tax administrators that have an obligation under U.S. tax law to report account information to the U.S. government now have a secure online site where they can transmit that information.

January 8, 2015

Government to Reach Out, Provide Resources to Ease Health Care Tax Filing Burden

Taxpayers who are faced for the first time this tax season with complying with the health care law provisions will be able to get help from the government, the secretaries of the Treasury and of Health and Human Services announced.

January 8, 2015

IRS Issues Procedures for Reinstated Transit Benefits Parity

The IRS issued procedures for employers to use to handle the retroactive application of the increased amount of the 2014 income exclusion for monthly transit benefits.

January 5, 2015

IRS: Tax Season to Start on Time

The IRS announced that tax season will start on time this year and it will begin accepting e-filed and paper returns on Jan. 20, as originally planned.