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.
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Loss Importation Rules Limit Built-In Losses
The Internal Revenue Service finalized rules that limit the ability of a taxpayer to transfer loss property to a corporation.
New Form 3115 Is Required, IRS Announces
The IRS alerted the public that a new Form 3115, Application for Change in Accounting Method, has been issued with a revision date of December 2015, the first revision since 2009.
Estates Have Until June 30 to File Estate Basis Form
The IRS announced one last postponement in the due date for filing under rules requiring reporting of the value of an estate’s assets to the IRS and beneficiaries.
Exempt Organizations’ Applications Do Not Contain Protected Return Information
A federal appeals court ordered the IRS to comply with a lower court’s order that it hand over the names of organizations that had been on its “Be on the lookout” list when it was mishandling applications for tax-exempt status.
IRS Launching Competition Intended to Redesign Taxpayer Experience
Aimed at “reimagining the taxpayer experience of the future,” the IRS asked for participants to design a new way of presenting information to taxpayers that is understandable and useful to them.
Regulations Finalize Coordination Rules for Outbound Reorganizations
The IRS issued regulations that eliminate an exception to the coordination rule between asset transfers and indirect stock transfers for certain outbound asset reorganizations and modify an exception to the coordination rule.
Guidance Extends Certification Deadlines for Reinstated Work Opportunity Tax Credit
Because of the recent retroactive reinstatement of the work opportunity tax credit to the beginning of 2015 and the addition of the long-term unemployed to the list of qualified employees beginning Jan. 1, 2016, the IRS has extended the due date for required certifications.
IRS Asks for Comments Before Issuing Partnership Audit Rules
The IRS requested comments on several issues to assist it in issuing regulations to implement the new rules for partnership audits that were passed by Congress last year to replace the long-standing TEFRA audit regime.
Estate Basis Consistency Reporting Rules Are Proposed
The regulations reiterate the delayed reporting deadline of March 31, 2016.
Phishing Scheme Requests Form W-2 and Other Confidential Employee Information
The IRS reiterated that everyone has a responsibility to confirm people’s identities before responding to such a request.
Rules Determine Attorneys’ Fees and Costs for Prevailing Parties in IRS Proceedings
Final regulations issued by the IRS govern the awarding of costs and attorneys’ fees to taxpayers who meet certain net worth requirements and who prevail in administrative or court proceedings against the IRS.
Still More Accounts Found Hacked in IRS “Get Transcript” Breach
A TIGTA investigation into the data breach first discovered last May brings the total number of taxpayers whose tax transcripts were potentially compromised to 724,000.
IRS LB&I Unveils New Audit Procedures
The new examination process, which will be effective May 1, 2016, includes new procedures for refund claims while an examination is underway.
Colorado’s Use Tax Notice and Reporting Law Is Constitutional, Tenth Circuit Holds
The court held that the law does not discriminate against out-of-state retailers.
Final Rules Govern Sec. 6038D Reporting by Specified Domestic Entities
The IRS finalized proposed regulations issued in 2011 that require reporting of specified foreign financial assets by specified domestic entities on Form 8938, Statement of Specified Foreign Financial Assets.
Amended Rules Govern FIRPTA Dispositions After PATH Act
Provisions of the Protecting Americans From Tax Hikes Act of 2015 changed the tax treatment of dispositions of investments in real property by foreign taxpayers.
2016’s Dirty Dozen Tax Scams
The IRS released its annual list of the “dirty dozen” worst tax scams, starting with identity theft and winding up with frivolous tax arguments.
Final Regulations Govern Sec. 6045 Reporting of Debt Instruments by Brokers
The IRS issued final regulations on the rules for brokers to report transactions involving debt instruments and options, including original issue discount.
Due Date for Estate Basis Reporting Postponed Once Again
The IRS further postponed the due date for the new reporting requirement, under which estates must report the value of estate assets to the IRS and to beneficiaries.
TAX PRACTICE MANAGEMENT
2025 tax software survey
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