Tax News - The Tax Adviser

September 23, 2016

New IRS e-Services Authentication Process Requires Re-Registration

The IRS announced that beginning in late October all e-services users will be subject to a strengthened identity protection process, which, for existing users, requires re-registering.

September 22, 2016

Tax Scammers Send Fake CP2000s, IRS Warns

The IRS issued an alert to taxpayers not to respond to the latest tax fraud scheme, an emailed CP2000 notice claiming to be related to an Affordable Care Act tax underpayment.

September 19, 2016

Nondiscrimination Relief for Closed Defined Benefit Plans Extended

The IRS extended a relief provision that allows sponsors of closed defined benefit plans to comply with the nondiscrimination rules of Sec. 401(a)(4).

September 15, 2016

IRS Restricts Foreign Tax Credit Splitter Arrangements

The IRS issued guidance prohibiting corporations from taking foreign tax credits for taxes without repatriating the earnings to the United States.

September 9, 2016

Defined Benefit Plan Participants Can Receive Lump Sum and Annuity Under New Rules

The Irs issued new rules giving retirement plan participants greater flexibility in choosing how to receive their pension benefits.

September 2, 2016

New Cyberattacks Threaten Tax Professionals

A new wave of cyberattacks could allow criminals to take control of tax practitioners’ computers and file fraudulent returns.

September 1, 2016

Final Regulations Amend Definitions of Marriage

The IRS finalized proposed rules issued last October amending the definitions of marriage and husband and wife after the Supreme Court’s decision in Obergefell v. Hodges, which legalized same-sex marriages.

August 31, 2016

IRS Fails to Notify Victims and Social Security Administration of Identity Theft Cases

A report from the TIGTA found that the IRS had not notified victims or the Social Security Administration of many cases it detected of employment-related identity theft.

August 26, 2016

New Procedures for Amending Returns to Claim PATH Act Depreciation Changes

To help taxpayers take advantage of retroactive changes enacted late last year affecting Sec. 179 property and bonus depreciation, the IRS issued rules for filing returns to take advantage of these deductions.

August 25, 2016

Due-Diligence Hazards for Tax Practitioners: The List Keeps Growing

The director of the IRS’ Office of Professional Responsibility and veteran practitioners recently gave advice on how to steer clear of the dangers.

August 24, 2016

IRS Allows Self-Certification for Late Rollovers of Retirement Plan Funds

The IRS issued a procedure permitting taxpayers, in certain circumstances, to give an IRA trustee or retirement plan administrator a certification statement to treat a rollover as timely even if the taxpayer failed to complete the rollover within 60 days after a distribution.

August 19, 2016

New User Fees Proposed for IRS Installment Agreements

The IRS is proposing to charge a variety of fees, based on whether the taxpayer uses the online application process and/or pays by direct debit.

August 18, 2016

Limitation Period Not Suspended Where Taxpayer Claims He Filed Hearing Request Late

The Tax Court rejected a taxpayer’s claim that, because he requested a collection due process hearing late, the 10-year collection period had expired.

August 4, 2016

IRS Issues Guidance on PATH Act ITIN Renewals

Individuals whose individual taxpayer identification numbers (ITINs) will expire this year under new Code provisions may renew them starting in October.

August 4, 2016

IRS Issues Temporary Regulations on Early Elections of New Partnership Audit Procedures

The IRS issued rules regarding the time, manner, and form for partnerships to make the election to apply the recently enacted unified partnership audit rules for certain years before Jan. 1, 2018.

August 3, 2016

Proposed Regulations Would Affect Estate Valuation Discounts

The IRS issued long-awaited proposed regulations designed to prevent taxpayers from lowering the estate and gift tax value of transferred assets.

August 2, 2016

Second Circuit Holds Taxpayer Not Subject to IRS Summons

The court held that the taxpayer was protected by the Fifth Amendment privilege against self-incrimination.

August 1, 2016

Proposed Regs. Govern Reporting and Claiming Qualified Tuition and Related Expenses

The IRS is proposing to amend the rules governing eligibility to claim a deduction or credit for eligible education expenses to conform them to recent legislative changes.

July 27, 2016

FASB Proposes Changing Income Tax Disclosure Requirements

FASB issued a proposal Tuesday that would modify disclosures about income taxes that organizations are required to report on their financial statements.

July 26, 2016

IRS No Longer Requires Additional Sec. 83(b) Statement With Tax Return

The IRS finalized proposed regulations issued last year intended to make it easier for taxpayers to file their returns electronically by no longer requiring taxpayers making a Sec. 83(b) election to include a copy of the election statement with their tax return.