The IRS issued guidance on how plan participants can make rollovers from a 401(k) or 403(b) plan to a designated Roth account in the same plan.
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SBA Supports Bill to Repeal “Burdensome” 1099 Filing Requirements
The head of the U.S. Small Business Administration called for the repeal of a vast expansion of Form 1099 filing requirements scheduled to begin in 2012.
New Rules Require Rental Property Owners to Issue 1099s
Owners of property who receive rental income will be required to issue Forms 1099 to service providers for payments of $600 or more during the year.
Annual Inflation Adjustments Released by IRS, Many Remain Unchanged
The IRS released its annual revenue procedure making inflation adjustments for various credits and other tax items for 2011.
IRS Provides PTIN Guidance for Preparers Without a Social Security Number
The IRS has provided a process for individuals without a Social Security number to obtain a preparer tax identification number (PTIN).
IRS Commissioner Predicts Relief From Testing and Continuing Education for CPA-Supervised Nonsigning Preparers
The IRS will likely provide relief from testing and continuing education requirements for nonsigning tax preparers working under the supervision of a CPA or other federally authorized tax practitioner, such as an attorney or enrolled agent, in a CPA or other professional firm, IRS Commissioner Doug Shulman said October 26.
Regulations Provide Guidance on Hybrid Pension Plans
The IRS released final and proposed regulations providing guidance on so-called hybrid defined benefit pension plans.
IRS Rules That Mortgages Over $1 Million Can Be Deductible
The IRS has ruled that indebtedness incurred by a taxpayer to acquire, construct or substantially improve a qualified residence can constitute “home equity indebtedness” to the extent it exceeds $1 million, up to an excess of $100,000.
IRS Issues Final Regulations on Stock Basis Reporting Requirements
The IRS issued final regulations regarding a new requirement for reporting of basis and other information by stockbrokers and mutual fund companies.
Mandatory Reporting of Health Care Coverage Costs Delayed by IRS
The IRS issued a notice providing interim relief to employers regarding reporting the costs of group health plan coverage to employees.
AICPA VP Testifies on Changes Needed to IRS Return Preparer Regulation Plan
Edward Karl, the AICPA’s Vice President–Taxation, testified at an IRS hearing about proposed amendments to Circular 230 that would put into place many of the parts of the IRS’ plan to register and regulate tax return preparers.
Per Diem Travel Rates Updated
The IRS issued updated federal per diem rates and procedures for substantiating deductible expenses or employer-paid allowances for lodging, meals, and incidental expenses incurred in business-related travel away from home.
Adoption Tax Credit Guidance Released
The IRS issued interim guidance September 29 on the child adoption credit and income exclusion for employer reimbursements of adoption expenses, as expanded by the Patient Protection and Affordable Care Act.
IRS Activates New PTIN System
The IRS deployed a new preparer tax identification number (PTIN) registration system September 28 as a component of its initiative to register and regulate paid tax return preparers.
President Signs Small Business Jobs and Tax Relief Bill
On September 27, President Barack Obama signed into law the Small Business Jobs Act of 2010.
IRS Releases Final Schedule UTP, Incorporates Changes
In two announcements, the IRS unveiled a number of significant changes to its plan to require certain business taxpayers to report uncertain tax positions on their tax returns and issued a final version of Schedule UTP.
Small Business Stimulus Passes Congress
The House on Thursday passed the Small Business Jobs Act of 2010 (HR 5297) by a vote of 237–187, and sent it to the President, who is expected to sign the bill into law.
Senate Passes Small Business Tax Relief
The Senate passed the Creating Small Business Jobs Act of 2010 (part of the Small Business Jobs and Credit Act, H.R. 5297) by a vote of 61–38, and sent it back to the House of Representatives.
IRS Says It Won’t Give Advance Guidance on Transactions Under Codified Economic Substance Doctrine
The IRS issued its first guidance on the newly codified economic substance doctrine.
IRS Releases Proposed Regs on Series LLCs
The IRS released proposed regulations on the tax treatment of series LLCs and cell companies, proposing to treat the individual series or cells as separate entities for tax purposes.
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.
