Tax News - The Tax Adviser

November 20, 2015

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.

November 20, 2015

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.

November 19, 2015

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.

November 19, 2015

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.

November 13, 2015

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.

November 4, 2015

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.

November 3, 2015

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.

November 2, 2015

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.

October 30, 2015

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.

October 29, 2015

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.

October 29, 2015

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.

October 22, 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.

October 22, 2015

2016 Pension Contribution Limits Issued

Because of low inflation this year, many limits remain unchanged, but some are increasing.

October 21, 2015

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.

October 20, 2015

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.

October 15, 2015

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).

October 15, 2015

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.

October 7, 2015

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.

October 6, 2015

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.

September 24, 2015

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).