Tax News - The Tax Adviser

November 2, 2017

Details of tax reform legislation revealed

The Tax Cuts and Jobs Act released by the House Ways and Means Committee incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details.

November 1, 2017

E-filing for 2016 individual returns will shut down soon

The news especially affects taxpayers in recent disaster areas who have received extensions until Jan. 31, 2018, to file their 2016 returns.

October 27, 2017

IRS announces delay in re-launching e-Services

The IRS had planned to launch by the end of the month its updated Secure Access site, which will require using a two-factor authentication process.

October 26, 2017

David Kautter to be named acting IRS commissioner

President Donald Trump plans to name David Kautter as acting IRS commissioner when John Koskinen’s term expires in November.

October 19, 2017

IRS issues 2018 inflation-adjusted tax tables and many other tax provisions

The IRS issued the annual revenue procedure that updates the almost 60 tax provisions that must be adjusted for inflation each year.

October 19, 2017

2018 pension plan contribution limits are announced

The IRS released the inflation-adjusted amounts that apply to pension and 401(k) plans for 2018.

October 16, 2017

IRS will enforce health coverage reporting on 2017 returns

This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.

October 11, 2017

IRS permits partnership basis election without partner’s signature

To ease the regulatory burden on partnerships, the IRS announced that it is eliminating the requirement that partnership elections under Sec. 754 be signed by a partner.

October 4, 2017

Treasury to pull regulations after review of burdensome tax rules

Treasury said it intended to withdraw the Sec. 2704 valuation discount regulations and portions of the Sec. 385 corporate inversion regulations.

September 27, 2017

Republicans unveil tax reform framework

Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.

September 26, 2017

IRS updates special per-diem rates for business travel

The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.

September 22, 2017

IRS to rule on tax-free stock distributions

The IRS is introducing an 18-month pilot program under which it will once again issue letter rulings concerning the general income tax effects of stock distributions under Sec. 355.

September 19, 2017

Hurricane Irma victims get IRS reprieve

Acting quickly in the wake of Hurricane Irma, the IRS gave filing and payment extensions to hurricane victims in 16 counties in Florida, all of St. John and St. Thomas in the U.S. Virgin Islands, and four municipalities in Puerto Rico.

September 19, 2017

Rules would allow truncated taxpayer IDs on Forms W-2

In an effort to reduce identity theft, the IRS issued proposed regulations that would permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement.

August 31, 2017

Changes and outages coming to IRS e-Services

Various e-Services will be unavailable between Sept. 7 and Sept. 12, the IRS announced, as it moves to a new platform.

August 29, 2017

Hurricane Harvey victims have more time to file tax returns and pay tax

The relief includes an extension of time to file certain individual and business tax returns and make certain tax payments.

July 31, 2017

Treasury ends myRA retirement savings program

Due to “extremely low” demand and high costs, the Treasury Department announced that it is ending the myRA retirement savings program.

July 25, 2017

Final regs. address premium tax credit issues

The IRS issued final regulations that govern the relief available for victims of domestic abuse or abandonment from the requirement that married taxpayers must file joint income tax returns to qualify for the Sec. 36B premium tax credit.

July 25, 2017

IRS moves for stay of PTIN fee injunction

If granted, the stay would allow the IRS to charge the fees while it decides whether to appeal the district court decision that struck down the fees and, if it does appeal, during the appeal itself.

July 24, 2017

IRS pilots Appeals videoconference service

The IRS Office of Appeals announced that on Aug. 1 it will begin offering taxpayers and their representatives a new web-based virtual conference option for taxpayer conferences.