The Federal Accounting Standards Advisory Board proposed a standard with the intention of providing the public more information about the U.S. government’s tax expenditures.
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IRS Slashes Application Fee for Small Exempt Organizations
The fee to use the popular Form 1023-EZ will be lowered, starting July 1.
AICPA Members Weigh In on IRS Service Levels
Problems included trouble getting through on the phone and trouble reaching IRS representatives who could answer their questions. Written communications with the agency were another source of frustrations.
Mary Kay Sales Consultant’s Retirement Payments Subject to Self-Employment Tax
The Eleventh Circuit Court of Appeals held that payments a retired Mary Kay sales consultant received from the cosmetics company were subject to self-employment taxes because they were payments of deferred compensation.
Final Regulations Change Allocation Rules for Roth IRA Rollovers
The regulations allow taxpayers to allocate pretax amounts to direct rollovers, rather than having to make pro rata allocations.
IRS Future State Is Not a One Size Fits All
Nina Olson, the national taxpayer advocate, heard from tax practitioners and taxpayer groups on how the IRS can modernize its taxpayer services.
CPAs Helping Guide Tax Administration and Affecting Tax Policy
As it works through a long list of priorities and plans for its “future state,” the IRS should look to CPAs, who based on their experience can provide a unique viewpoint.
Prop. Regs. Would Impose Reporting Requirements on Foreign-Owned Disregarded Entities
Foreign-owned disregarded entities, such as LLCs, would be required to report transactions with their owner and keep records under rules proposed by the Internal Revenue Service.
New Revenue Procedure Updates List of Automatic Accounting Method Changes
The IRS updated the procedures taxpayers must use to make automatic changes in accounting method.
LB&I Expands Prefiling Agreement Program
This program is intended to resolve, before an LB&I taxpayer’s tax return is filed, issues that are likely to be disputed in post-filing audits.
Regulations Clarify: Partners Cannot Be Employees
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.
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.
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.
