March 2015

March 31, 2015

Qualified Performance-Based Compensation Rules Are Finalized

The IRS issued final regulations regarding the exception under Sec. 162(m)(4)(c) to the $1 million deduction limitation for compensation paid by publicly held corporations to covered employees.

March 30, 2015

Final Regs. Provide Rules for Assessment Limitation Period for Undisclosed Listed Transactions

The IRS issued final regulations regarding the exception to the general three-year assessment limitation period for listed transactions that a taxpayer did not disclose as required under Sec. 6011.

March 27, 2015

Former Partner Liable for Trust Fund Penalty

A taxpayer who asserted he was no longer a partner in a business during the periods at issue was nevertheless held to be a responsible person and liable for the 100% penalty for failure to pay over withheld employment taxes.

March 20, 2015

AICPA Asks IRS for Portability Relief for Surviving Spouses

The AICPA requested that the IRS provide relief to surviving spouses who want to elect portability of the deceased spouse’s unused estate tax exemption amount.

March 17, 2015

Wraparound Coverage Must Meet Five Requirements to Qualify as an Excepted Benefit

Final regulations permit employers to offer limited wraparound coverage for health care if they meet five requirements.

March 16, 2015

Treasury Will Not Have to Tell PTIN Holders That They Are Under Investigation

The Treasury Department issued a final rule on Monday that exempts it from having to reveal to PTIN holders the names of agencies or individuals that have asked for their files.

March 12, 2015

Final Regulations Amend Broker Basis Reporting Requirements

The IRS issued final and temporary regulations that provide rules for brokers to report bond premium and acquisition premium as well as govern information reporting of transactions involving debt instruments and options.

March 10, 2015

Sec. 529A ABLE Accounts May Be Set up Before the IRS Issues Guidance

The IRS announced on Tuesday that state ABLE programs that are established before the Service issues guidance under Sec. 529A will be deemed to comply with the rules when they are issued.

March 10, 2015

Long-Haul Truck Driver Has No Tax Home

A long-haul truck driver who spent most of the time on the road did not have a tax home that would allow him to deduct his unreimbursed travel expenses because he was not away from home, the Tax Court held.

March 4, 2015

IRS Considering Free E-Filing for Employment Tax Returns

The IRS announced that it is considering opening a free e-file program for businesses to e-file employment tax returns.

March 3, 2015

Safe Harbor Proposed for Calculating Slot Machine Gains and Losses

A proposed revenue procedure would permit gamblers engaging in electronically tracked slot machine play an optional safe harbor method to determine a wagering gain or loss from their slot machine play based on day-long play sessions.

March 3, 2015

Supreme Court Holds Trade Association Can Challenge Colorado’s Amazon Law

The federal Tax Injunction Act does not prevent the Direct Marketing Association from challenging a Colorado law imposing notification and reporting requirements on out-of-state retailers the U.S. Supreme Court held on Tuesday.