September 2016

September 28, 2016

Guidance Allows QTIP Election Where Executor Elects Portability

The IRS removed a prohibition on making a qualified terminable interest property (QTIP) election when the election would have been null and void because the estate had a zero estate tax liability.

September 27, 2016

IRS Issues 2016–2017 Special Per-Diem Rates for Travel

The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.

September 26, 2016

Private Collection Agencies to Start Collecting Tax Debts in the Spring

Under legislation enacted last year, the IRS is required to use private debt collection agencies to collect outstanding inactive tax liabilities.

September 23, 2016

New IRS e-Services Authentication Process Requires Re-Registration

The IRS announced that beginning in late October all e-services users will be subject to a strengthened identity protection process, which, for existing users, requires re-registering.

September 22, 2016

Tax Scammers Send Fake CP2000s, IRS Warns

The IRS issued an alert to taxpayers not to respond to the latest tax fraud scheme, an emailed CP2000 notice claiming to be related to an Affordable Care Act tax underpayment.

September 19, 2016

Nondiscrimination Relief for Closed Defined Benefit Plans Extended

The IRS extended a relief provision that allows sponsors of closed defined benefit plans to comply with the nondiscrimination rules of Sec. 401(a)(4).

September 15, 2016

IRS Restricts Foreign Tax Credit Splitter Arrangements

The IRS issued guidance prohibiting corporations from taking foreign tax credits for taxes without repatriating the earnings to the United States.

September 9, 2016

Defined Benefit Plan Participants Can Receive Lump Sum and Annuity Under New Rules

The Irs issued new rules giving retirement plan participants greater flexibility in choosing how to receive their pension benefits.

September 2, 2016

New Cyberattacks Threaten Tax Professionals

A new wave of cyberattacks could allow criminals to take control of tax practitioners’ computers and file fraudulent returns.

September 1, 2016

Final Regulations Amend Definitions of Marriage

The IRS finalized proposed rules issued last October amending the definitions of marriage and husband and wife after the Supreme Court’s decision in Obergefell v. Hodges, which legalized same-sex marriages.