2017 - Page 5 of 5 tax news

January 19, 2017

Centralized Partnership Audit Rules Proposed

The IRS released a package of proposed provisions that will apply to the recently enacted centralized audit regime that generally assesses and collects tax at the partnership level.

January 19, 2017

IRS Proposes Changes to Rules for Dependents

The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.

January 18, 2017

IRS Permits Same-Sex Couples to Recalculate Marital Exclusion Amounts

The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.

January 9, 2017

Inflation Adjustments for 2017 Issued for Employer-Provided Vehicles

The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.

January 6, 2017

Account Transcripts Can Substitute for Estate Tax Closing Letters

Account transcripts that contain a specific transaction code and wording can serve as the equivalent of an estate tax closing letter.

January 4, 2017

Guidance Issued on De Minimis Safe Harbor for Information Returns/Payee Statements

The IRS issued a notice that provides the requirements for a payee to make an election to not have the safe harbor for de minimis errors on information returns below certain amounts apply to a payer.