The IRS and Treasury Department issued proposed regulations further implementing provisions of the recent health care legislation concerning pre-existing conditions, annual benefit limits and coverage rescissions.
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Go Easy on E-File Mandate, Committee Suggests
The preparer e-filing mandate effective next year should instead be phased in over three years, the Electronic Tax Administration Advisory Committee recommends. The committee also offers in its annual report recommendations on new proposed preparer oversight regulations and IRS computer systems modernization.
Regulations Issued on Grandfathered Health Plans
The IRS, the Department of Labor, and the Department of Health and Human Services issued interim final regulations on June 14 regarding grandfathered health plans under the health reform legislation enacted in March
IRS Issues Regulations on New Indoor Tanning Tax
The IRS issued final, temporary and proposed regulations to provide guidance on the new 10% indoor tanning services excise tax
IRS Issues Partnership Anti-Abuse Rule Regulations
The IRS and Treasury issued final regulations to provide that the Sec. 704(c) anti-abuse rule takes into account the tax liabilities of both partners and certain owners of partners (T.D. 9485).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
