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June 3, 2010

AICPA Submits Comments on IRS Uncertain Tax Position Proposal

The AICPA submitted comments to the IRS on the Service’s proposal to require certain business taxpayers to disclose their uncertain tax positions on their tax returns.

June 1, 2010

IRS Revises Sec. 179 Expensing Amounts to Reflect HIRE Act Changes

The IRS issued revised inflation-adjusted numbers to reflect the extension of the increased Sec. 179 expensing amount for 2010.

May 28, 2010

House Passes Tax Extenders Bill

The House passed the American Jobs and Closing Tax Loopholes Act, which extends a large number of expired tax provisions through 2010.

May 24, 2010

Supreme Court Declines to Hear Textron Work Product Privilege Case

The United States Supreme Court on May 24 denied a writ of certiorari in the case of Textron Inc.. The decision not to hear the case lets stand the First Circuit’s decision that a corporation’s tax accrual workpapers were not protected from an IRS summons by the work product privilege.

May 18, 2010

IRS Posts Revised Form 941 and Instructions for Claiming New Hire Payroll Tax Exemption

The IRS posted a new version of Form 941, Employer’s Quarterly Federal Tax Return, and its instructions for claiming the special payroll tax exemption that applies to new workers hired in 2010.

May 17, 2010

IRS Guidance on Small Business Health Care Tax Credit

On May 17, the IRS issued a notice providing guidance to small businesses that are eligible to claim a tax credit for employee health insurance coverage.

May 7, 2010

Tax Court Holds Invalid Temporary Regulations on Overstatement of Partnership Basis

The Tax Court held that temporary regulations issued by the IRS last year that defined an overstatement of partnership basis as an omission from gross income are invalid.

May 3, 2010

Average Premiums for Determining Small Business Health Care Credit Released by IRS

The IRS issued average small group market premiums for use in determining the new small business health care credit under Sec. 45R.

May 1, 2010

Automatic Revocation of Tax-Exempt Status to Start Monday

Monday, May 17, is the deadline for calendar-year tax-exempt organizations to file their Forms 990 for 2009. It also marks the third filing deadline under the mandatory filing requirement instituted by the Pension Protection Act of 2006.

May 1, 2010

Final Interim Regulations Issued on Adult Dependent Health Coverage

The IRS, along with the Department of Labor and Department of Health and Human Services, issued interim final regulations for group health plans and health insurers relating to dependent coverage for children under the age of 26

April 27, 2010

IRS Provides Guidance on Health Coverage for Adult Dependents; Addresses Discrepancies in Law

The IRS issued guidance April 27 on the tax treatment of health coverage for children who have not yet turned 27.

April 19, 2010

IRS Announces Release of Draft Schedule to Report Uncertain Tax Positions

The IRS announced that it was releasing draft Schedule UTP and draft instructions as part of its initiative to require certain business taxpayers to report uncertain tax positions on their returns.

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