To help taxpayers take advantage of retroactive changes enacted late last year affecting Sec. 179 property and bonus depreciation, the IRS issued rules for filing returns to take advantage of these deductions.
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Due-Diligence Hazards for Tax Practitioners: The List Keeps Growing
The director of the IRS’ Office of Professional Responsibility and veteran practitioners recently gave advice on how to steer clear of the dangers.
IRS Allows Self-Certification for Late Rollovers of Retirement Plan Funds
The IRS issued a procedure permitting taxpayers, in certain circumstances, to give an IRA trustee or retirement plan administrator a certification statement to treat a rollover as timely even if the taxpayer failed to complete the rollover within 60 days after a distribution.
New User Fees Proposed for IRS Installment Agreements
The IRS is proposing to charge a variety of fees, based on whether the taxpayer uses the online application process and/or pays by direct debit.
Limitation Period Not Suspended Where Taxpayer Claims He Filed Hearing Request Late
The Tax Court rejected a taxpayer’s claim that, because he requested a collection due process hearing late, the 10-year collection period had expired.
IRS Issues Guidance on PATH Act ITIN Renewals
Individuals whose individual taxpayer identification numbers (ITINs) will expire this year under new Code provisions may renew them starting in October.
IRS Issues Temporary Regulations on Early Elections of New Partnership Audit Procedures
The IRS issued rules regarding the time, manner, and form for partnerships to make the election to apply the recently enacted unified partnership audit rules for certain years before Jan. 1, 2018.
Proposed Regulations Would Affect Estate Valuation Discounts
The IRS issued long-awaited proposed regulations designed to prevent taxpayers from lowering the estate and gift tax value of transferred assets.
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.
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.
