May 2015

May 29, 2015

IRS Asks for Comments on Accounting Method Changes for Proposed Revenue Recognition Standards

The IRS asked for comments on what effect the new proposed financial accounting revenue recognition standards should have on taxpayers’ methods of accounting

May 26, 2015

Thieves Access IRS Get Transcript App, 100,000 Accounts Compromised

The IRS announced on Tuesday that criminals have used taxpayer-specific information to gain access to approximately 100,000 taxpayers’ accounts through the IRS’s Get Transcript online application and steal those taxpayers’ data.

May 19, 2015

Tax Reform, Lower Rates Among Top Legislative Goals, Ryan Tells AICPA

Rep. Paul D. Ryan, R-Wis., outlined his priorities since taking over House Ways and Means Committee leadership to members of the AICPA’s spring Council meeting in Washington.

May 18, 2015

Supreme Court Invalidates Maryland’s Personal Income Tax Structure

The Supreme Court held that the personal income tax system imposed by the state of Maryland, which did not give taxpayers a credit against their county income tax for taxes paid to other states, violates the dormant Commerce Clause

May 8, 2015

Basis Rules for Estates of 2010 Decedents Proposed

Proposed regulations would apply to decedents who died in 2010 and whose executors elected under Sec. 1022 to not have the retroactively reinstated estate tax apply to the decedents’ estates.

May 7, 2015

List of Designated Private Delivery Services Is Updated, Postmark Rules Revised

The IRS updated the list of designated private delivery services (PDSs) that taxpayers can use to take advantage of Sec. 7502’s timely mailing equals timely filing/paying rule.

May 7, 2015

Regs. on Notional Principal Contracts Change Treatment of Nonperiodic Payments

The IRS issued temporary and proposed rules under Secs. 446 and 956 amending how nonperiodic payments made or received under certain notional principal contracts are treated.

May 6, 2015

Rulings Illustrate Transactions That Qualify as D Reorganizations

The IRS issued two rulings on transactions that qualify as D reorganizations and revoked Rev. Rul. 78-130.

May 5, 2015

2016 Inflation Adjustments for HSAs Released

The IRS issued the inflation-adjusted figures for calendar-year 2016 for the annual contribution limits for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.