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.
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
