The announcement applies to anyone whose personal information may have been compromised in a data breach, including customers, employees, and others.
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Temporary Regulations End Automatic Extension for Forms W-2
In a move designed to fight taxpayer identity theft and tax fraud, the IRS will eliminate automatic extensions of time to file forms in the W-2 series, starting in 2017.
Final Regulations Prevent Manipulation of Trust Uniform Basis Rules to Avoid Gain
The regulations are designed to prevent transactions in which trust grantors receive the value of their term interest without recognizing taxable gain.
Ninth Circuit Holds Mortgage-Interest Deduction Applies on a Per-Taxpayer Basis
Unmarried co-owners of two qualified residences each qualified for mortgage-interest deductions on up to $1.1 million of acquisition indebtedness the Ninth Circuit Court of Appeals held.
Notice Contains Rules on Gain Recognition for Property Transferred to Foreign Partnerships
The IRS intends to issue regulations under Sec. 721(c) to ensure that a U.S. person recognizes gain either immediately or periodically when it transfers certain property to a partnership that has foreign partners related to the transferor.
No Deduction for Unpaid Service Fees Related to Ponzi Scheme
The Tax Court disallowed a taxpayer’s claimed loss, which consisted of payments owed him for services he provided to a company that was part of a Ponzi scheme.
Regulations Determine Partnership Distributive Shares When Ownership Changes
The IRS issued final regulations on determining partners’ distributive shares of partnership items when a partner’s interest varies during the partnership’s tax year.
Return Due Dates Changed in Highway Funding Bill
The short-term highway funding extension passed by the Senate contains several important tax provisions.
New Safe Harbor Governs Accounting for Ratable Service Contracts
Qualifying accrual-basis taxpayers will be allowed to treat economic performance of certain service contracts as occurring on a ratable basis under a safe harbor introduced by the IRS.
Tax Court Invalidates Stock-Based Compensation Rule in Cost-Sharing Agreements
The Tax Court held that Regs. Sec. 1.482-7(d)(2), requiring entities to share stock-based compensation costs under qualified cost-sharing agreements, failed to meet the reasoned decision-making standard and was invalid.
Regulations Provide Guidance on Proper Place to File Refund Claims
The new rules generally require taxpayers filing claims for refund or credit to file their claim with the IRS service center at which the taxpayers currently would be required to file a tax return for the type of tax to which the claims relate.
Proposed Rules Define Disguised Payments for Services in Partnerships
The IRS will apply a six-factor test to determine whether payments to partners are disguised payments for services under proposed regulations.
Revised Form 3115 Issued in Draft Form
The IRS has posted a draft revised version of Form 3115, Application for Change in Accounting Method, on its website.
Majority of CPAs Polled Had Clients Victimized by Tax ID Theft This Year
Many CPAs reported it was difficult or very difficult to resolve the issue with the IRS, echoing recent findings by the Taxpayer Advocate Service.
National Taxpayer Advocate: IRS Falling Down on the Job of Helping Identity Theft Victims
During some of the busiest weeks of tax season, less than one caller in 10 to the IRS’s Taxpayer Protection Program phone line was able to reach IRS staff for assistance, according to Nina Olson, the national taxpayer advocate.
Emerging Tax Issues Cause Due-Diligence Problems
From foreign accounts to health care, from marijuana businesses to captive insurance, emerging tax issues are presenting practitioners with thorny due-diligence problems.
Defined Benefit Plans to Be Prohibited From Replacing Annuities With Lump-Sum Payments
The IRS announced that it will amend the Sec. 401(a)(9) required minimum distribution regulations to prohibit the use of lump-sum payments to replace annuity payments in defined benefit plans.
Notice Clarifies Provider List Rules for Charitable Hospital Financial Assistance Policies
The IRS clarified the requirement in Regs. Sec. 1.501(r)-4(b)(1)(iii)(F) that a charitable hospital organization include a provider list in its financial assistance policy.
Congress Makes Changes to Tax Code in Trade Preferences Act
The Trade Preferences Extension Act of 2015 contains tax provisions in addition to the trade measures that were the focus of the bill.
Supreme Court Upholds Health Insurance Subsidies in Federal Exchanges
The Supreme Court upheld the availability of premium tax credits under Sec. 36B when they are provided through health exchanges run by the federal government.
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.
