Tax News - The Tax Adviser

April 11, 2017

Micro-captive insurance disclosure statement deadline approaching

Taxpayers who have engaged in “micro-captive transactions,” which the Internal Revenue Service has designated as transactions of interest, have until May 1 to file the required disclosure statement.

March 31, 2017

IRS enforcement activities dropped in 2016

The IRS reported several large drops in its enforcement activities in fiscal year 2016, including a 16% drop in audits, a 40% drop in levies, and a 9% drop in liens compared to the prior year.

March 31, 2017

How small businesses can apply the research credit to payroll taxes

Eligible small businesses can apply a portion of their research and development credit against their payroll tax liability, starting with 2016 tax years, under a new provision enacted in 2015.

March 29, 2017

Rules proposed for accounting method changes to reflect FASB revenue recognition standards

The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB’s new revenue recognition standards.

March 24, 2017

IRS issues 2017 car and truck depreciation limits

The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.

March 23, 2017

Amazon wins multimillion dollar transfer-pricing dispute with IRS

The Tax Court held that Amazon.com had properly valued transfers of intangibles under a cost-sharing arrangement with its Luxembourg subsidiary.

March 23, 2017

Disbarred tax preparer not subject to IRS jurisdiction

The IRS Office of Professional Responsibility has no authority or jurisdiction over a disbarred attorney/tax preparer or his tax preparation practice and cannot regulate his provision of tax advice a federal district court in Nevada has held.

March 21, 2017

SB/SE Fast Track Settlement program made permanent

The IRS has formally established the Small Business/Self Employed Fast Track Settlement program (SB/SE FTS), formerly a pilot program, and modified the rules for the program.

March 20, 2017

No tax fraud for issuing Form 1099, Seventh Circuit holds

An insurance broker who issued a Form 1099 to a payee who never cashed the check for the payment reported on the 1099 did not commit tax fraud, the Seventh Circuit held, reversing a decision by an Illinois federal district court.

March 15, 2017

Taxpayers affected by winter storm get more time to file business return extensions

The IRS announced that it would grant “eligible taxpayers” who are affected by this week’s winter storm on the East Coast extra time to file their requests for filing extensions.

March 13, 2017

IRS takes down student financial aid data retrieval tool

The IRS announced that has taken down its tool for retrieving tax return data used to complete the Free Application for Federal Student Aid.

March 7, 2017

Proposed PPACA replacement bills contain many tax changes

The draft proposals to repeal the Affordable Care Act released by House Republicans evening would make many tax changes if enacted. Here’s a look at their impact on the tax code.

March 7, 2017

Some individuals mistakenly received the advance premium tax credit

Health care exchanges failed to properly verify the identity and eligibility of all individuals who received the advance premium tax credit, the Treasury Inspector General for Tax Administration reported.

February 17, 2017

Dirty Dozen top tax scams led by phishing schemes

The IRS issued its roundup of the 12 biggest tax scams that taxpayers should watch out for this filing season.

February 16, 2017

Failure to report health coverage will not cause tax return rejection

The IRS issued guidance on how it will treat individual income tax returns that do not indicate whether the taxpayers had health insurance coverage.

February 9, 2017

IRS confirms 6-month extensions for calendar-year C corps.

The IRS posted to its website confirmation that it is allowing calendar-year C corporations a six-month filing extension, despite statutory language that specifies a five-month extension for calendar-year C corporations.

February 7, 2017

IRS alerts practitioners of e-Services account suspensions

The IRS notified tax practitioners who did not re-register their e-Services accounts that their accounts are no longer active.

February 2, 2017

Tax practitioners’ information will soon be available at IRS website

The IRS announced that it will soon post online the registration information of practitioners who have preparer tax identification numbers, and the information will be available without charge to the public.

February 1, 2017

Driver’s license information now required on some state e-filed returns

Tax return preparers are discovering that some state income tax returns for 2016 require information from a taxpayer’s driver’s license or state-issued identification card information before the returns can be e-filed.

January 31, 2017