The IRS released the final 2010 version of Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and its instructions.
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IRS Proposes Extending Period for Receiving Authorization to Disclose Return Information
The IRS issued a proposed regulation that would extend from 60 days to 120 days the permitted period for submission of taxpayer authorizations allowing disclosure of returns and return information to third-party designees.
IRS Issues Final Regs on Disclosing Return Information to Whistleblowers
On March 14, the IRS released final regulations regarding disclosure of return information by the Treasury Department in connection with written contracts among the IRS, whistleblowers and, if applicable, their legal representatives (T.D. 9516).
IRS Issues First Guidance on Nonprofit CO-OP Health Insurers
The IRS issued its first guidance on the requirements for new qualified nonprofit health insurance issuers under Sec. 501(c)(29) and has requested comments on specific issues.
Senate Passes Bill Addressing Tax Strategy Patents
The Senate voted 95–5 on March 8 to pass the America Invents Act. Included in the bill is a provision intended to stop the granting of patents for tax strategies.
House Passes 1099 Repeal
On March 3, the House passed a bill to repeal the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation and the new 1099 reporting requirements imposed on taxpayers who receive rental income.
2011 Automobile Depreciation Limits Released
The IRS issued the 2011 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
Tax-Exempt Bond Voluntary Closing Agreement Program Announced
The IRS announced a program to provide certain issuers that purchase and hold their own tax-exempt bonds relief from debt extinguishment.
IRS Announces Changes to Lien Process
The IRS has announced a set of new policies designed to help taxpayers pay their back taxes and avoid liens.
FinCEN Amends BSA Regs on FBAR Filings
FinCEN amended the FBAR regulations to clarify when an account is foreign and therefore reportable as a foreign financial account and the definition of key terms like “signature or other authority.”
IRS Delays 990 Filing Deadline for Tax-Exempt Hospitals
The IRS announced that certain tax-exempt hospitals will be granted an automatic three-month extension to file their 2010 Forms 990.
IRS Provides Transitional Relief for Some Stock Basis Reporting Requirements
The IRS provided transitional relief from the information reporting requirements that apply to issuers of stock regarding organizational actions that affect stock basis.
House Committee Sends 1099 Repeal to the Floor; Senate Passes Its Own Version of Repeal
The Ways and Means Committee voted to send a bill that would repeal the expanded Form 1099 reporting requirements to the full House of Representatives on February 17, and the Senate approved its own version of 1099 repeal.
President Proposes 3-Year AMT Patch, Partial Relief on 1099s, Crackdown on Misclassification
President Barack Obama released his proposed budget for fiscal 2012, containing several tax proposals.
IRS Starts Accepting Delayed Returns
The IRS on February 15 announced that it has started accepting returns that it could not accept before because it was updating forms and reprogramming its systems.
IRS Will Allow Costs of Breast Pumps as Deductible Medical Expenses
The IRS announced it will treat expenses for breast pumps and supplies that assist in lactation as deductible medical expenses.
Overstatement of Basis Is Not Omission from Gross Income, Appeals Court Rules
A federal appeals court has handed the IRS another defeat on the issue of whether an overstatement of basis amounts to an omission from gross income for purposes of invoking the longer, six-year limitation period for assessing tax under Sec. 6501(e).
Another Circuit Says Overstatement of Basis Is Not an Omission from Gross Income
The ongoing controversy over whether a taxpayer’s overstatement of basis triggers a six-year statute of limitation period continues as the Fourth Circuit has held that the extended period does not apply.
IRS Announces Second Offshore Voluntary Disclosure Program
The IRS announced that it is starting a new program designed to bring money held in foreign accounts back into the U.S. tax system and to help taxpayers with income from offshore accounts to comply with federal tax law.
IRS Guidance on Court-Ordered Restitution
The IRS Office of Chief Counsel provided an outline of its understanding of the IRS’ new authority to assess and collect court-ordered restitution for failure to pay tax.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
