Tax News - The Tax Adviser

May 17, 2016

IRS Future State Is Not a One Size Fits All

Nina Olson, the national taxpayer advocate, heard from tax practitioners and taxpayer groups on how the IRS can modernize its taxpayer services.

May 17, 2016

CPAs Helping Guide Tax Administration and Affecting Tax Policy

As it works through a long list of priorities and plans for its “future state,” the IRS should look to CPAs, who based on their experience can provide a unique viewpoint.

May 6, 2016

Prop. Regs. Would Impose Reporting Requirements on Foreign-Owned Disregarded Entities

Foreign-owned disregarded entities, such as LLCs, would be required to report transactions with their owner and keep records under rules proposed by the Internal Revenue Service.

May 5, 2016

New Revenue Procedure Updates List of Automatic Accounting Method Changes

The IRS updated the procedures taxpayers must use to make automatic changes in accounting method.

May 4, 2016

LB&I Expands Prefiling Agreement Program

This program is intended to resolve, before an LB&I taxpayer’s tax return is filed, issues that are likely to be disputed in post-filing audits.

May 3, 2016

Regulations Clarify: Partners Cannot Be Employees

The IRS issued temporary regulations clarifying that partners in a partnership that owns a disregarded entity cannot be treated as employees of the disregarded entity.

April 29, 2016

IRS Releases 2017 Health Savings Account Limits

The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.

April 27, 2016

Final Regulations Clarify $10,000-Per-Day Material Adviser Penalty

The IRS issued final rules on how to apply the $10,000-per-day penalty under Sec. 6708 when a material adviser fails to provide the Service a list of advisees with respect to reportable transactions.

April 27, 2016

Court Dismisses FATCA Challenges

In a case challenging the foreign reporting requirements under FATCA and the Report of Foreign Bank and Financial Accounts, a number of plaintiffs, including Sen. Rand Paul of Kentucky, had their claims dismissed by a federal court.

April 22, 2016

Final Regulations Illustrate Program-Related Investments Permitted by Private Foundations

The first changes to these rules since 1972 add many examples involving programs in foreign countries.

April 21, 2016

TIGTA Issues Preliminary Report on 2015 Tax Season

Just days after the end of the 2015 filing season, the TIGTA issued its preliminary report on what went well and what went badly for the IRS this year.

April 20, 2016

Full Faith and Credit Clause Prohibits Nevada Court’s Damage Award Against California

The state of Nevada cannot apply Nevada law to award damages against the California Franchise Tax Board that are greater than it could award against a Nevada state agency in similar circumstances, the U.S. Supreme Court held.

April 13, 2016

Ways to Make Tax Compliance Less of a Nightmare for Small Business

Troy Lewis, chair of the AICPA’s Tax Executive Committee, testified in favor or the Mobile Workforce State Income Tax Simplification Act.

April 12, 2016

FATCA Deemed Stock Distribution Reporting Rules Proposed

The IRS issued proposed regulations providing guidance that clarifies the amount, timing, and reporting of deemed distributions of stock and rights to acquire stock.

April 12, 2016

List of Designated Private Delivery Services Updated Again

The IRS updated its list of designated private delivery services that qualify under the timely mailing/timely filing rule to include certain DHL services.

April 6, 2016

Taxpayers Can Now Pay Federal Tax at Participating Retail Stores

A new program allows individuals who owe federal income taxes to pay in cash at 7-Eleven stores in 34 states.

April 5, 2016

IRS’s Inversion Rules Include Earnings-Stripping Provisions

These new rules aim to curtail an inverted company’s ability to access foreign subsidiaries’ earnings without paying U.S. tax.

April 4, 2016

Panama Papers Leak Provides Road Map for Tax Investigations

Tax authorities in various countries announced the launch of investigations after 11.5 million documents were leaked from a Panamanian law firm that specializes in setting up offshore entities.

April 1, 2016

IRS Issues 2016 and Revised 2015 Vehicle Depreciation Limits

The IRS issued guidance providing the depreciation limits for automobiles for 2016 and revised limits for 2015 reflecting the retroactive increase in the amount of bonus depreciation permitted under recent legislation.

March 25, 2016