Because of low inflation this year, many limits remain unchanged, but some are increasing.
Advertisement
News
IRS Issues 2016 Inflation Adjustments and Tax Tables
The IRS issued the annual inflation adjustments for 2016 for more than 50 tax provisions as well as the 2016 tax rate tables for individuals and estates and trusts.
IRS Announces Progress in Collaborative Fight Against Tax Return Identity Theft
Six months after announcing it was partnering with state tax authorities, tax preparation companies, and other interested parties, the IRS said it is making progress in the collaborative effort to fight identity theft.
2016 Social Security Wage Base Is Released
The good news for workers is that there will also be no increase in the amount of wages subject to Social Security taxes (old age, survivor, and disability insurance).
Updated Rules Would Govern Tax Court and Appeals Office Procedures
The new procedures are designed to facilitate consideration by the IRS Appeals office, while maintaining the independence of the appeals process as required under the law.
IRS Gives South Carolina Flood Victims Tax Relief
The IRS announced that taxpayers who live or have a business in the South Carolina counties that have been declared disaster areas will have extra time to file their returns and pay any taxes owed.
OECD Proposes Widespread Changes to International Tax Rules
The Organisation for Economic Co-operation and Development (OECD) issued proposals to address corporate international tax avoidance and harmonize global tax rules.
U.S. Enters First Agreements Implementing Automatic Information Exchange
The IRS announced that the United States has entered into agreements with Australia and the United Kingdom implementing procedures to automatically exchange financial account information pursuant to the Foreign Account Tax Compliance Act (FATCA).
Private Foundations Can Rely on More Practitioners When Making Good-Faith Determinations
The IRS has expanded the list of tax professionals who can be relied on when making a good-faith determination of a foreign grantee’s eligibility.
Final Rules Govern F Reorganizations
The final rules apply a concept called a potential F reorganization, allowing the many steps of a corporate reorganization to be examined together to see if the transaction qualifies to be an F reorganization.
IRS Issues Dividend-Equivalent Rules for Notional Principal Contracts and Equity-Linked Investments
The IRS issued regulations under Sec. 871(m) that govern withholding on dividend equivalents received by nonresident individuals and foreign corporations from sources within the United States.
Special Per-Diem Rates Issued for 2015–2016 Travel
The IRS issued per-diem rates for use in substantiating business expenses taxpayers incur while traveling away from home.
Charities Would Be Permitted to Issue Information Returns to Donors
Charities will be allowed to file information returns instead of providing contemporaneous written acknowledgment of charitable donations under proposed regulations issued by the IRS.
AICPA Expresses Concerns About Tax Return Preparer Legislation
The proposed grant of authority to the IRS to regulate all aspects of tax practice is overly broad, the AICPA said in a letter to the Senate Finance Committee.
Transfer-Pricing Arm’s-Length Standard and Transfers of Foreign Goodwill Clarified
Taxpayers will be required to consistently value transfer-pricing transactions for purposes of all Code sections under rules issued by the IRS.
Proposed Rules Govern Taxation of Gifts and Bequests From Covered Expatriates
Taxpayers who receive gifts or bequests from certain individuals who gave up their U.S. citizenship or residency will be subject to tax under rules proposed by the IRS on Wednesday.
IRS Final Rules Govern Required Minimum Contributions for Single-Employer Pension Plans
Rules issued by the IRS govern the determination of minimum funding requirements for single-employer pension plans and how to calculate the excise tax on underfunding these plans.
Rules Target Abuse of “Legging Out” of Foreign Currency Hedges
Final regulations issued on Friday clarify the tax treatment of certain terminations of qualified hedging transactions under Sec. 988.
Regulations Prevent CFCs From Using Partnerships to Avoid Sec. 956
The IRS issued temporary and proposed regulations governing the treatment of property held by a controlled foreign corporation in connection with certain transactions involving partnerships.
Employer Health Plans Must Cover Inpatient Hospital and Physician Services
The IRS added a requirement that employer-sponsored health plan benefits must include substantial coverage of inpatient hospital and physician services for the plan to count as providing minimum value.
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.
