Twenty-six Q&As issued by the IRS provide further guidance on a wide variety of issues affecting employer-provided health coverage under the Patient Protection and Affordable Care Act.
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Tax Extender Legislation Introduced in Congress
The Consolidated Appropriations Act introduced in Congress on Wednesday would extend a large number of expired tax provisions.
IRS Guidance Explains Effect of Same-Sex Marriage on Health and Retirement Plans
The IRS released additional guidance on the effect of the Supreme Court’s same-sex marriage decision on qualified retirement plans and health and welfare benefit plans, including Sec. 125 cafeteria plans.
Criminal Tax Prosecutions Run the Gamut
In its annual business report for 2015, the IRS’s Criminal Investigation division discussed notable criminal tax prosecutions.
Bill with Passport and Third-Party Tax Collection Provisions Passes Congress
The highway funding bill passed by Congress includes provisions that will allow the government to revoke the passports of seriously delinquent tax debtors and will require the IRS to use third-party debt collectors.
Debt Discharge Tax Relief Announced for Corinthian Colleges Students
The IRS announced that students who attended schools owned by Corinthian Colleges Inc. and whose debt is discharged under certain Department of Education programs will not have to recognize income on the discharged debt.
Safe Harbor for Purchases of De Minimis Tangible Property Will Be Raised
The IRS announced that is raising the current de minimis limit for deducting expenses for purchases of items of tangible property from $500 to $2,500 for taxpayers without applicable financial statements.
IRS Warns Practitioners of an e-Services Phishing Scam
The IRS issued a QuickAlert to tax practitioners, warning of a phishing scam that is attempting to capture practitioners’ e-Services usernames and passwords.
New Corporate Anti-Inversion Rules Issued
The IRS announced additional rules designed to curtail the ability of an inverted company to access foreign subsidiaries’ earnings without paying U.S. tax.
Majority of Costs to Remodel or Refresh Retail Stores Are Deductible Under New Safe Harbor
The IRS announced a safe-harbor method that allows qualifying taxpayers to deduct 75% of these expenses.
Government Agencies Issue Final Health Care Regulations
The IRS, the Employee Benefits Security Administration, and the U.S. Department of Health and Human Services jointly issued final regulations governing many aspects of the Patient Protection and Affordable Care Act.
Proposed Regulations Provide More Detailed Rules Governing Innocent Spouse Relief
Among the changes are expanded rules on when the requesting spouse can be relieved of liability for penalties and interest.
Tax ID Theft Victims May Obtain Copies of Fraudulent Returns
In a change of policy, the IRS announced procedures for victims of tax ID theft or their authorized representative to request copies of bogus returns filed by identity thieves.
MyRAs Now Available Nationwide
Treasury said eligible individuals nationwide may now open a new retirement account for people with earned income who may lack access to an employer-sponsored retirement plan.
Demanding Tax Season Likely Ahead, IRS Commissioner Tells AICPA
IRS Commissioner John Koskinen told the AICPA that continuing cuts to the agency’s budget mean less enforcement revenue and continued challenges in properly serving taxpayers’ and practitioners’ needs during the crush of tax season.
Lower Tax Rates, Territorial Regime Are Still Priorities, Former Ways & Means Chair Tells AICPA
Former Rep. Dave Camp highlighted for the AICPA the key issues that should remain a major focus of broader tax reform efforts.
Congress Makes Changes to Partnership Audit and Adjustment Rules
The new rules would apply to partnership returns filed for tax years beginning after Dec. 31, 2017.
Should Some Frequent Flier Miles Be Exempt From Excise Tax?
The IRS on Thursday asked for feedback on whether frequent flier miles that are redeemed for anything other than taxable air transportation should be exempt from the Sec. 4261 excise tax.
PTIN User Fee Will Be Lowered
The IRS issued regulations lowering the fee for PTINs, effective for the coming filing season, from $50 to $33, effective Nov. 1, 2015.
Tax Regulations to Be Amended to Reflect Obergefell and Windsor Decisions
The IRS announced that it will amend the definitions of “spouse,” “husband and wife,” and “marriage” in regulations to reflect the Supreme Court’s holdings in Obergefell and Windsor.
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.
