The IRS issued guidance on how taxpayers can deduct 100% of the cost of qualified business property placed in service in 2011 under rules enacted last year.
Advertisement
News
IRS Issues Final Regs and Guidance on Mandatory E-Filing Requirements
The IRS issued final regulations and several pieces of guidance relating to the requirement that return preparers e-file tax returns, starting this year.
Unfair Lending Practice Settlement Does Not Result in Income to Borrower
The IRS advised that adjustments to loan principal amounts under a settlement to reform unfair lending practices do not result in income to the borrower, even though the adjustments result in a reduction in the amount the borrower will pay under the loan
Free File Program Expanded to Include Returns Filed from Overseas
The IRS announced that taxpayers who live in foreign countries can now use the Free File program to prepare and e-file their federal tax returns.
Uncertain Tax Position FAQs Posted
The IRS has posted a series of questions and answers (FAQs) about the new requirement for large corporations to report their uncertain tax positions.
First-Time Homebuyer Credit Recapture Causing IRS Processing Problems
The IRS announced that it is having problems processing tax returns that involve repayment of the Sec. 36 first-time homebuyer credit for 2008 home purchases.
IRS Releases 2010 Gift Tax Return
The IRS released the final 2010 version of Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and its instructions.
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.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
