Tax News - The Tax Adviser

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.

July 19, 2017

Regulations address new statutory due dates for many tax returns

Changes to the due dates and extensions of time to file various tax returns and information returns were implemented in a package of regulations the IRS issued on Wednesday.

July 13, 2017

Revised Senate health bill would retain taxes on higher-income individuals

The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.

July 12, 2017

IRS withdraws proposed net value requirement rule

The IRS withdrew rules it proposed in 2005 that would have required certain corporate formations and reorganizations to meet net value requirements before they would qualify for nonrecognition treatment.

July 7, 2017

Treasury identifies 8 regulations as burdensome

After reviewing all 105 Treasury regulations issued in 2016 and early 2017, the Treasury Department has identified eight that cost too much, are too complex or exceed the IRS’s statutory authority.

June 27, 2017

Boston Bruins can deduct full cost of meals for team’s away games

The Tax Court held that the owners of the Boston Bruins could deduct the full cost of their team’s pregame meals for away games as a de minimis fringe benefit.

June 22, 2017

Tax provisions in the Senate health care bill

The Senate Republicans’ bill to replace Obamacare would repeal many of the Affordable Care Act’s tax provisions. Here’s a look at the tax changes in the bill.

June 21, 2017

IRS reopens PTIN registration system

The system had been down since early June, after a federal court held that the IRS cannot charge a PTIN fee.

June 13, 2017

Centralized partnership audit rules are reissued in proposed form

The IRS reissued proposed regulations governing the centralized audit rules, which assess and collect tax at the partnership level.

June 9, 2017

IRS provides simplified method to request an extension of time to make a portability election

In a taxpayer-friendly development, the IRS issued guidance permitting certain estates to make a late portability election if they did not make a timely election.

June 5, 2017

Federal court strikes down PTIN fees, upholds PTINs

The D.C. District Court held that the IRS has the authority to require preparers to use preparer tax identification numbers (PTINs) but that it cannot charge fees for issuing PTINs.

June 1, 2017

IRS to accept only electronic payments for ruling requests

The IRS announced that it will no longer accept checks in payment for ruling requests beginning June 15.

May 24, 2017

President’s budget includes tax proposals and regulation of return preparers

President Donald Trump’s proposed FY 2018 budget includes a new proposal to give the IRS authority to regulate paid tax return preparers.

May 10, 2017

Leveraged spinoffs removed from IRS no-ruling list

The IRS says it will again issue rulings on corporate leveraged spinoff transactions.

May 4, 2017

2018 health savings account limits increase slightly

The IRS released the 2018 annual inflation-adjusted amounts that apply to health savings accounts.

May 4, 2017

New IRS rules, no increased funding in appropriations bill

The 2017 appropriations bill passed by Congress includes $11.2 billion for IRS operations and enforcement. But it also includes specific directives prohibiting certain IRS conduct.