December 2016

December 21, 2016

Eligibility Rule Waiver Extended for Taxpayers Adopting Repair Regs.

The IRS extended for one year its waiver of the eligibility rule that generally prevents taxpayers from using the automatic accounting method change procedures to change the treatment of the same item more than once within a five-year period.

December 21, 2016

Law Allows Combat-Injured Veterans to Recover Improperly Withheld Taxes

Veterans with combat-related injuries will get relief from improperly withheld taxes under legislation signed into law by President Barack Obama.

December 19, 2016

FinCEN Grants Permanent Automatic Extensions for FBARs

Starting this year, FBARs have a new, April 15 due date, with extensions to Oct. 15.

December 16, 2016

Despite PATH Act, Some Tax Provisions Expire at End of 2016

The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.

December 15, 2016

Final Rules on Sec. 367 Transfers of Intangibles Apply Retroactively

The IRS issued regulations finalizing proposed rules issued in 2015 that govern certain transfers of goodwill and going concern value to foreign corporations in nonrecognition transactions under Sec. 367.

December 13, 2016

Congress Enacts Law Allowing HRAs Under the Affordable Care Act

The Senate passed the 21st Century Cures Act, which, among other things, permits certain employers to offer health reimbursement arrangements to employees without running afoul of the Patient Protection and Affordable Care Act’s market reform provisions.

December 13, 2016