The IRS issued proposed regulations that would require certain business taxpayers to report uncertain tax positions on their tax returns.
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Draft Form 8941 Health Insurance Credit for Small Businesses
The IRS issued a draft form for businesses to use in figuring and claiming the new small business health insurance credit.
Treasury Announces Low-Cost Financial Account Program for Taxpayers
Treasury announced the launch of a pilot program to provide taxpayers with access to low-cost financial accounts.
AICPA Testifies at IRS Hearing on User Fee Regulations
Edward Karl, the AICPA’s vice president of taxation, testified on August 24 at an IRS hearing on proposed regulations relating to the user fee aspect of the Service’s proposal to require all paid tax return preparers to obtain a preparer tax identification number (PTIN) and use it on all tax returns after December 31, 2010.
IRS Finalizes Regs on Tentative Carryback Adjustments
The IRS released final regulations under Sec. 6411 providing guidance on the computation and allowance of tentative carryback adjustments
IRS Preparer Registration Plan Moves Forward
The IRS issued proposed regulations that would put into place many of the parts of its plan to register and regulate tax return preparers.
Final Regs Released for Payment Card and Third-Party Network Information Reporting
The IRS issued final regulations regarding the new information reporting requirement under Sec. 6050W for payment card and third-party network transactions.
Rules Issued for Income Deferral of Canceled Debt
The IRS issued temporary and proposed regulations relating to taxpayer elections to defer recognition of cancellation of debt (COD) income.
Congress Votes to Limit Use of Foreign Tax Credits – H.R. 1586
Congress enacted legislation that makes changes to the how corporations can use the foreign tax credit.
IRS Will Stop Providing Debt Indicators; Exploring Ways for Taxpayers to Use Refunds to Pay Preparers
The IRS announced that it will stop providing “debt indicators” to tax preparers and associated financial institutions.
IRS Changes Name of LMSB Division, Expands Focus
The IRS is reorganizing and changing the name of its Large and Mid-Size Business (LMSB) division as part of its ongoing effort to focus more on international tax compliance
TIGTA Finds IRS Doesn’t Always Protect Taxpayers, Follow Rules When Filing Liens
A report issued by TIGTA says the IRS does not always follow legal requirements when issuing liens and lien notices.
IRS Provides Relief for Small Tax-Exempt Nonfilers
The IRS announced that is providing relief for small tax-exempt organizations that are supposed to automatically lose their tax-exempt status because they failed to file Forms 990-EZ or 990-N for the years 2007, 2008, and 2009. Under a special one-time program, the IRS is giving those organizations until October 15,
Appeals Court Overturns Taxpayer Win in Tax Shelter Case
The Tenth Circuit held that a taxpayer’s investment in a “son of boss” tax shelter lacked economic substance and therefore did not generate deductible losses, reversing a taxpayer win on the issue in which a district court had allowed the taxpayer to deduct losses from the investment.
Health Care Appeals and Review Regulations Issued
The IRS and the Departments of Labor (DOL) and Health and Human Services issued interim final regulations and proposed regulations governing how individuals can appeal medical coverage or claims denials by their health insurer.
PTIN Fees Proposed by IRS
The IRS proposed to begin charging all authorized tax preparers a $50 user fee to obtain or renew annually a preparer tax identification number (PTIN).
Regulations Issued on Preventive Services
The IRS and the Departments of Labor and Health and Human Services have issued interim final regulations that implement the recent health care reform legislation’s rules requiring insurers to cover various preventive health services.
IRS Launches Gulf Oil Spill Hotline, Plans Special Assistance Day
The IRS announced that it has set up a special toll-free telephone line for taxpayers affected by the oil spill in the Gulf of Mexico.
Closing Date Deadline for Homebuyer Credit Extended to Sept. 30
The Homebuyer Assistance and Improvement Act of 2010 extends the closing date deadline to qualify for the first-time homebuyer credit under Sec. 36 to September 30, 2010.
President Signs Bill Providing Temporary Funding Relief for Pension Plans
President Barack Obama signed HR 3962, the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. The bill includes the so-called “doc fix,” increasing Medicare reimbursement to physicians by 2.2% through the end of November, in place of a scheduled 21% cut.
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.
