October 2015

October 30, 2015

Congress Makes Changes to Partnership Audit and Adjustment Rules

The new rules would apply to partnership returns filed for tax years beginning after Dec. 31, 2017.

October 29, 2015

Should Some Frequent Flier Miles Be Exempt From Excise Tax?

The IRS on Thursday asked for feedback on whether frequent flier miles that are redeemed for anything other than taxable air transportation should be exempt from the Sec. 4261 excise tax.

October 29, 2015

PTIN User Fee Will Be Lowered

The IRS issued regulations lowering the fee for PTINs, effective for the coming filing season, from $50 to $33, effective Nov. 1, 2015.

October 22, 2015

Tax Regulations to Be Amended to Reflect Obergefell and Windsor Decisions

The IRS announced that it will amend the definitions of “spouse,” “husband and wife,” and “marriage” in regulations to reflect the Supreme Court’s holdings in Obergefell and Windsor.

October 22, 2015

2016 Pension Contribution Limits Issued

Because of low inflation this year, many limits remain unchanged, but some are increasing.

October 21, 2015

IRS Issues 2016 Inflation Adjustments and Tax Tables

The IRS issued the annual inflation adjustments for 2016 for more than 50 tax provisions as well as the 2016 tax rate tables for individuals and estates and trusts.

October 20, 2015

IRS Announces Progress in Collaborative Fight Against Tax Return Identity Theft

Six months after announcing it was partnering with state tax authorities, tax preparation companies, and other interested parties, the IRS said it is making progress in the collaborative effort to fight identity theft.

October 15, 2015

2016 Social Security Wage Base Is Released

The good news for workers is that there will also be no increase in the amount of wages subject to Social Security taxes (old age, survivor, and disability insurance).

October 15, 2015

Updated Rules Would Govern Tax Court and Appeals Office Procedures

The new procedures are designed to facilitate consideration by the IRS Appeals office, while maintaining the independence of the appeals process as required under the law.

October 7, 2015

IRS Gives South Carolina Flood Victims Tax Relief

The IRS announced that taxpayers who live or have a business in the South Carolina counties that have been declared disaster areas will have extra time to file their returns and pay any taxes owed.

October 6, 2015

OECD Proposes Widespread Changes to International Tax Rules

The Organisation for Economic Co-operation and Development (OECD) issued proposals to address corporate international tax avoidance and harmonize global tax rules.