July 2016

July 27, 2016

FASB Proposes Changing Income Tax Disclosure Requirements

FASB issued a proposal Tuesday that would modify disclosures about income taxes that organizations are required to report on their financial statements.

July 26, 2016

IRS No Longer Requires Additional Sec. 83(b) Statement With Tax Return

The IRS finalized proposed regulations issued last year intended to make it easier for taxpayers to file their returns electronically by no longer requiring taxpayers making a Sec. 83(b) election to include a copy of the election statement with their tax return.

July 18, 2016

Agencies Propose Amendments to Employee Benefit Plan Reporting

Employee benefit plans will face new reporting requirements under extensive changes to Form 5500, Annual Return/Report of Employee Benefit Plan, proposed by the federal government.

July 15, 2016

IRS Provides Safe Harbors for Acquisition of Control in Certain Corporate Transactions

The IRS issued guidance that provides safe harbors for corporations, under which the IRS will not assert that a distributing corporation lacks control of another corporation within the meaning of Sec. 355(a)(1)(A).

July 8, 2016

IRS Implements New Sec. 501(c)(4) Registration Requirement

Social welfare benefit organizations are now required to notify the Internal Revenue Service of their formation and intent to operate under Sec. 501(c)(4).

July 8, 2016

Taxpayer Advocate Raises Concerns About IRS Use of Private Debt Collectors

Nina Olson, the national taxpayer advocate, raised several concerns about the IRS’s use of private debt collection services in her annual report to Congress, saying the practice will hurt taxpayers and harm tax administration.

July 7, 2016