A new notice requirement recently enacted by Congress in the wake of the scandal regarding the IRS’s handling of Sec. 501(c)(4) applications will not be implemented immediately, the IRS announced.
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How Employers Should Handle Retroactive Reinstatement of Transit Benefits Parity
The IRS issued procedures for employers to use to handle the retroactive application of the increased amount of the 2015 income exclusion for monthly transit benefits.
Controversial Charitable Donation Rules Withdrawn
The IRS announced that it is withdrawing proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.
IRS IP PIN Notice Contains Wrong Tax Year for Filing
The IRS warned that identity protection personal identification number (IP PIN) notices it has recently sent to victims of identity theft refer to the wrong tax year.
IRS Extends Health Care Information Return Due Dates
In response to concerns by employers and insurers about meeting the current due dates for information returns required under the health care law, the IRS delayed the due dates for these returns for the upcoming filing season.
Guidance Explains the Reinstated Sec. 35 Health Coverage Tax Credit for 2014 and 2015
The law now allows taxpayers who receive coverage from a health insurance exchange to claim the Sec. 35 credit through 2015, but prohibits it after 2015.
Proposed Regulations Outline Country-by-Country Reporting Requirements
The much-anticipated rules, under which the US would adopt the Organisation for Economic Co-operation and Development’s country-by-country reporting regime, would require reporting by multinational enterprise groups with revenue of $850 million or more in the prior annual accounting period.
Congress Passes Extender and Other Tax Legislation
The omnibus spending bill passed by Congress on Friday, which extends a long list of expired tax provisions, also contains a large number of other tax items.
Guidance Contains Inflation Adjustments for 2015 Information Return Penalties
A recently enacted law requires penalties for failing to file certain information returns to be adjusted for inflation. The latest adjustments are announced in this guidance.
Standard Mileage Rates Will Go Down in 2016
The IRS issued the standard mileage rates for business use of an automobile and for driving for medical or moving purposes for 2016.
IRS Notice Fills in Many Gaps in Health Coverage Rules
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.
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.
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.
