The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.
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News
FASB Simplifies Financial Reporting for Income Taxes
FASB issued an accounting standard that is designed to simplify the financial reporting for the income tax consequences of intra-entity transfers other than inventory.
Social Security Administration Announces Large Increase in 2017 Wage Base
The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.
Earnings-Stripping Rules Make Many Changes From Proposed Regs.
The new rules are part of the Treasury Department’s larger effort to curb corporate inversions.
New Rules Allow More Time to Elect to Take Disaster Loss in Prior Year
The IRS issued regulations giving taxpayers in federally declared disaster areas more time to elect to take a disaster loss on their prior year’s federal income tax return.
PTIN Class Action Lawsuit Affects All Tax Return Preparers
A class action lawsuit currently pending in a federal district court includes in its class of plaintiffs all tax return preparers who obtained or renewed a PTIN after Sept. 30, 2010.
Olympic Tax Break Enacted
Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.
Disguised-Sale and Partnership Liability Allocation Rules Issued
The IRS issued three sets of regulations addressing issues of disguised sales of property by or to a partnership and allocations of excess nonrecourse liabilities to partners.
Final Rules Allow Credit for Development of Internal-Use Software in Some Cases
Software a taxpayer develops for its own general and administrative internal use can qualify for the research and development credit under regulations finalized by the IRS.
Guidance Allows QTIP Election Where Executor Elects Portability
The IRS removed a prohibition on making a qualified terminable interest property (QTIP) election when the election would have been null and void because the estate had a zero estate tax liability.
IRS Issues 2016–2017 Special Per-Diem Rates for Travel
The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.
Private Collection Agencies to Start Collecting Tax Debts in the Spring
Under legislation enacted last year, the IRS is required to use private debt collection agencies to collect outstanding inactive tax liabilities.
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.
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.
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).
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.
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.
New Cyberattacks Threaten Tax Professionals
A new wave of cyberattacks could allow criminals to take control of tax practitioners’ computers and file fraudulent returns.
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.
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.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
