March 2016

March 25, 2016

Loss Importation Rules Limit Built-In Losses

The Internal Revenue Service finalized rules that limit the ability of a taxpayer to transfer loss property to a corporation.

March 24, 2016

New Form 3115 Is Required, IRS Announces

The IRS alerted the public that a new Form 3115, Application for Change in Accounting Method, has been issued with a revision date of December 2015, the first revision since 2009.

March 24, 2016

Estates Have Until June 30 to File Estate Basis Form

The IRS announced one last postponement in the due date for filing under rules requiring reporting of the value of an estate’s assets to the IRS and beneficiaries.

March 23, 2016

Exempt Organizations’ Applications Do Not Contain Protected Return Information

A federal appeals court ordered the IRS to comply with a lower court’s order that it hand over the names of organizations that had been on its “Be on the lookout” list when it was mishandling applications for tax-exempt status.

March 22, 2016

IRS Launching Competition Intended to Redesign Taxpayer Experience

Aimed at “reimagining the taxpayer experience of the future,” the IRS asked for participants to design a new way of presenting information to taxpayers that is understandable and useful to them.

March 21, 2016

Regulations Finalize Coordination Rules for Outbound Reorganizations

The IRS issued regulations that eliminate an exception to the coordination rule between asset transfers and indirect stock transfers for certain outbound asset reorganizations and modify an exception to the coordination rule.

March 8, 2016

Guidance Extends Certification Deadlines for Reinstated Work Opportunity Tax Credit

Because of the recent retroactive reinstatement of the work opportunity tax credit to the beginning of 2015 and the addition of the long-term unemployed to the list of qualified employees beginning Jan. 1, 2016, the IRS has extended the due date for required certifications.

March 4, 2016