Tax News - The Tax Adviser

January 25, 2017

Seventh Circuit Holds That Taxpayer Filed Timely Tax Court Petition

The Seventh Circuit Court of Appeals reversed and remanded the taxpayer’s case back to the Tax Court after finding that the taxpayer, whose lawyers used a self-printed postal label, had met the timely mailing/timely filing requirement.

January 25, 2017

IRS Amends Form Instructions for AMT Depreciation Changes

The IRS announced that it has updated various 2016 form instructions to reflect changes to AMT adjustments made by the PATH Act.

January 19, 2017

Centralized Partnership Audit Rules Proposed

The IRS released a package of proposed provisions that will apply to the recently enacted centralized audit regime that generally assesses and collects tax at the partnership level.

January 19, 2017

IRS Proposes Changes to Rules for Dependents

The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.

January 18, 2017

IRS Permits Same-Sex Couples to Recalculate Marital Exclusion Amounts

The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.

January 9, 2017

Inflation Adjustments for 2017 Issued for Employer-Provided Vehicles

The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.

January 6, 2017

Account Transcripts Can Substitute for Estate Tax Closing Letters

Account transcripts that contain a specific transaction code and wording can serve as the equivalent of an estate tax closing letter.

January 4, 2017

Guidance Issued on De Minimis Safe Harbor for Information Returns/Payee Statements

The IRS issued a notice that provides the requirements for a payee to make an election to not have the safe harbor for de minimis errors on information returns below certain amounts apply to a payer.

December 21, 2016

Eligibility Rule Waiver Extended for Taxpayers Adopting Repair Regs.

The IRS extended for one year its waiver of the eligibility rule that generally prevents taxpayers from using the automatic accounting method change procedures to change the treatment of the same item more than once within a five-year period.

December 21, 2016

Law Allows Combat-Injured Veterans to Recover Improperly Withheld Taxes

Veterans with combat-related injuries will get relief from improperly withheld taxes under legislation signed into law by President Barack Obama.

December 19, 2016

FinCEN Grants Permanent Automatic Extensions for FBARs

Starting this year, FBARs have a new, April 15 due date, with extensions to Oct. 15.

December 16, 2016

Despite PATH Act, Some Tax Provisions Expire at End of 2016

The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.

December 15, 2016

Final Rules on Sec. 367 Transfers of Intangibles Apply Retroactively

The IRS issued regulations finalizing proposed rules issued in 2015 that govern certain transfers of goodwill and going concern value to foreign corporations in nonrecognition transactions under Sec. 367.

December 13, 2016

Congress Enacts Law Allowing HRAs Under the Affordable Care Act

The Senate passed the 21st Century Cures Act, which, among other things, permits certain employers to offer health reimbursement arrangements to employees without running afoul of the Patient Protection and Affordable Care Act’s market reform provisions.

December 13, 2016