November 2015

November 24, 2015

Safe Harbor for Purchases of De Minimis Tangible Property Will Be Raised

The IRS announced that is raising the current de minimis limit for deducting expenses for purchases of items of tangible property from $500 to $2,500 for taxpayers without applicable financial statements.

November 24, 2015

IRS Warns Practitioners of an e-Services Phishing Scam

The IRS issued a QuickAlert to tax practitioners, warning of a phishing scam that is attempting to capture practitioners’ e-Services usernames and passwords.

November 20, 2015

New Corporate Anti-Inversion Rules Issued

The IRS announced additional rules designed to curtail the ability of an inverted company to access foreign subsidiaries’ earnings without paying U.S. tax.

November 20, 2015

Majority of Costs to Remodel or Refresh Retail Stores Are Deductible Under New Safe Harbor

The IRS announced a safe-harbor method that allows qualifying taxpayers to deduct 75% of these expenses.

November 19, 2015

Government Agencies Issue Final Health Care Regulations

The IRS, the Employee Benefits Security Administration, and the U.S. Department of Health and Human Services jointly issued final regulations governing many aspects of the Patient Protection and Affordable Care Act.

November 19, 2015

Proposed Regulations Provide More Detailed Rules Governing Innocent Spouse Relief

Among the changes are expanded rules on when the requesting spouse can be relieved of liability for penalties and interest.

November 13, 2015

Tax ID Theft Victims May Obtain Copies of Fraudulent Returns

In a change of policy, the IRS announced procedures for victims of tax ID theft or their authorized representative to request copies of bogus returns filed by identity thieves.

November 4, 2015

MyRAs Now Available Nationwide

Treasury said eligible individuals nationwide may now open a new retirement account for people with earned income who may lack access to an employer-sponsored retirement plan.

November 3, 2015

Demanding Tax Season Likely Ahead, IRS Commissioner Tells AICPA

IRS Commissioner John Koskinen told the AICPA that continuing cuts to the agency’s budget mean less enforcement revenue and continued challenges in properly serving taxpayers’ and practitioners’ needs during the crush of tax season.

November 2, 2015