The IRS issued long-awaited proposed regulations designed to prevent taxpayers from lowering the estate and gift tax value of transferred assets.
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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.
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.
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.
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.
Agencies Propose Amendments to Employee Benefit Plan Reporting
Employee benefit plans will face new reporting requirements under extensive changes to Form 5500, Annual Return/Report of Employee Benefit Plan, proposed by the federal government.
IRS Provides Safe Harbors for Acquisition of Control in Certain Corporate Transactions
The IRS issued guidance that provides safe harbors for corporations, under which the IRS will not assert that a distributing corporation lacks control of another corporation within the meaning of Sec. 355(a)(1)(A).
IRS Implements New Sec. 501(c)(4) Registration Requirement
Social welfare benefit organizations are now required to notify the Internal Revenue Service of their formation and intent to operate under Sec. 501(c)(4).
Taxpayer Advocate Raises Concerns About IRS Use of Private Debt Collectors
Nina Olson, the national taxpayer advocate, raised several concerns about the IRS’s use of private debt collection services in her annual report to Congress, saying the practice will hurt taxpayers and harm tax administration.
IRS Issues Rules for Money Market Fund Accounting Methods
The IRS finalized regulations that implement new SEC rules that change how gains and losses in money market funds are calculated.
Final Rules Govern U.S. Country-by-Country Reporting
The IRS issued final regulations requiring the ultimate parent entity of a multinational enterprise group with revenue of $850 million or more in the preceding accounting period to file Form 8975, Country-by-Country Report.
E-file PIN Program Shut Down in Response to Cyberattacks
The IRS announced that the electronic filing personal identification number (e-file PIN) tool is “no longer available” after it detected additional attacks on the system.
IRS Issues Sec. 409A Proposed Regulations
The IRS issued proposed regulations under Sec. 409A, which provides that if certain requirements are not met, amounts deferred under a nonqualified deferred compensation plan are currently includible in gross income.
FAQs Explain the Wrongful Incarceration Exclusion
A new law allows taxpayers to exclude from income money they receive to compensate them for being wrongfully incarcerated and to claim refunds for earlier tax years if they included such damages in income.
How to Calculate the Investment in the Contract for Phased Retirement Distributions
The IRS explained how to calculate the investment in the contract for retirement benefits distributed while the employee is still working part time and that nonqualifying contracts could not take advantage of the same rules.
IRS Rules on Qualified Real Property Indebtedness
The IRS issued a ruling explaining when a taxpayer can exclude cancellation-of-debt income for debt forgiven in connection with property held in a real property trade or business.
Final Regulations Clarify COD Rules for Grantor Trusts and Disregarded Entities
The IRS finalized regulations that provide rules for determining who is the “taxpayer” for purposes of applying the Sec. 108 discharge-of-indebtedness rules to a grantor trust or disregarded entity.
IRS Did Not Discover or Help All Get Transcript Data Breach Victims
The TIGTA criticized the IRS’s failure to identify and assist all taxpayers whose tax return and other data may have been accessed by cybercriminals in last year’s Get Transcript breach.
Taxpayers Can Get Tax Return Transcripts Online Once Again
Announcing increased security and authentication procedures, the IRS said that it had reinstated its Get Transcript Online service, which had been breached by cybercriminals last year.
Tax-Free REIT Spinoffs Are Curtailed
The IRS issued regulations restricting the ability of C corporations to use this method.
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