June 2016

June 30, 2016

Final Rules Govern U.S. Country-by-Country Reporting

The IRS issued final regulations requiring the ultimate parent entity of a multinational enterprise group with revenue of $850 million or more in the preceding accounting period to file Form 8975, Country-by-Country Report.

June 23, 2016

E-file PIN Program Shut Down in Response to Cyberattacks

The IRS announced that the electronic filing personal identification number (e-file PIN) tool is “no longer available” after it detected additional attacks on the system.

June 22, 2016

IRS Issues Sec. 409A Proposed Regulations

The IRS issued proposed regulations under Sec. 409A, which provides that if certain requirements are not met, amounts deferred under a nonqualified deferred compensation plan are currently includible in gross income.

June 16, 2016

FAQs Explain the Wrongful Incarceration Exclusion

A new law allows taxpayers to exclude from income money they receive to compensate them for being wrongfully incarcerated and to claim refunds for earlier tax years if they included such damages in income.

June 13, 2016

How to Calculate the Investment in the Contract for Phased Retirement Distributions

The IRS explained how to calculate the investment in the contract for retirement benefits distributed while the employee is still working part time and that nonqualifying contracts could not take advantage of the same rules.

June 10, 2016

IRS Rules on Qualified Real Property Indebtedness

The IRS issued a ruling explaining when a taxpayer can exclude cancellation-of-debt income for debt forgiven in connection with property held in a real property trade or business.

June 9, 2016

Final Regulations Clarify COD Rules for Grantor Trusts and Disregarded Entities

The IRS finalized regulations that provide rules for determining who is the “taxpayer” for purposes of applying the Sec. 108 discharge-of-indebtedness rules to a grantor trust or disregarded entity.

June 8, 2016

IRS Did Not Discover or Help All Get Transcript Data Breach Victims

The TIGTA criticized the IRS’s failure to identify and assist all taxpayers whose tax return and other data may have been accessed by cybercriminals in last year’s Get Transcript breach.

June 7, 2016

Taxpayers Can Get Tax Return Transcripts Online Once Again

Announcing increased security and authentication procedures, the IRS said that it had reinstated its Get Transcript Online service, which had been breached by cybercriminals last year.

June 7, 2016

Tax-Free REIT Spinoffs Are Curtailed

The IRS issued regulations restricting the ability of C corporations to use this method.

June 3, 2016

FASAB Seeks Transparency on Tax Expenditures

The Federal Accounting Standards Advisory Board proposed a standard with the intention of providing the public more information about the U.S. government’s tax expenditures.