The IRS issued proposed regulations implementing Sec. 529A, which authorizes states to offer specially designed tax-favored accounts for the disabled (ABLE accounts).
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IRS Issues Guidance for Multiemployer Plans to Apply For Benefit Suspension Approval
The IRS issued temporary and proposed regulations that provide guidance for multiemployer pension plans that are in critical and declining status and therefore may be permitted to suspend benefits under the Multiemployer Pension Reform Act of 2014.
IRS Issues Final Portability Rules for Estate Tax Exemptions
The IRS issued final rules governing the requirements for electing portability of a deceased spousal unused exclusion amount to the surviving spouse and the rules for the surviving spouse’s use of the amount.
Tax Industry and IRS Team Up to Fight Identity Theft Refund Fraud
Tax software vendors will share analytical information about their customers’ tax filings with the IRS under new agreement announced by the IRS.
IRS: Corporations Cannot Circumvent Gain on Appreciated Property Using Partnerships
The IRS issued regulations that take aim at transactions that attempt to avoid the repeal of the General Utilities doctrine.
Bright-Line Test Determines Substantial Business Activities Under Inversion Rules
Final regulations were issued for determining when an expanded affiliated group will be considered to have substantial business activities in a foreign country, which allows a foreign corporation to escape application of the inversion rules.
Expanded IRS Online Services Put Taxpayer Information at Risk, Senate Committee Told
By expanding its online services, the IRS is putting taxpayers’ data at greater risk, the Treasury Inspector General for Tax Administration told Congress.
New Accounting Method Change Procedures Give More Time to File Form 3115
Taxpayers affected by the tangible property regulations will have more time to file Form 3115 under Rev. Proc. 2011-14 according to revised procedures issued by the IRS.
IRS Asks for Comments on Accounting Method Changes for Proposed Revenue Recognition Standards
The IRS asked for comments on what effect the new proposed financial accounting revenue recognition standards should have on taxpayers’ methods of accounting
Thieves Access IRS Get Transcript App, 100,000 Accounts Compromised
The IRS announced on Tuesday that criminals have used taxpayer-specific information to gain access to approximately 100,000 taxpayers’ accounts through the IRS’s Get Transcript online application and steal those taxpayers’ data.
Tax Reform, Lower Rates Among Top Legislative Goals, Ryan Tells AICPA
Rep. Paul D. Ryan, R-Wis., outlined his priorities since taking over House Ways and Means Committee leadership to members of the AICPA’s spring Council meeting in Washington.
Supreme Court Invalidates Maryland’s Personal Income Tax Structure
The Supreme Court held that the personal income tax system imposed by the state of Maryland, which did not give taxpayers a credit against their county income tax for taxes paid to other states, violates the dormant Commerce Clause
Basis Rules for Estates of 2010 Decedents Proposed
Proposed regulations would apply to decedents who died in 2010 and whose executors elected under Sec. 1022 to not have the retroactively reinstated estate tax apply to the decedents’ estates.
List of Designated Private Delivery Services Is Updated, Postmark Rules Revised
The IRS updated the list of designated private delivery services (PDSs) that taxpayers can use to take advantage of Sec. 7502’s timely mailing equals timely filing/paying rule.
Regs. on Notional Principal Contracts Change Treatment of Nonperiodic Payments
The IRS issued temporary and proposed rules under Secs. 446 and 956 amending how nonperiodic payments made or received under certain notional principal contracts are treated.
Rulings Illustrate Transactions That Qualify as D Reorganizations
The IRS issued two rulings on transactions that qualify as D reorganizations and revoked Rev. Rul. 78-130.
2016 Inflation Adjustments for HSAs Released
The IRS issued the inflation-adjusted figures for calendar-year 2016 for the annual contribution limits for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
“Be on the Lookout” Lists Gone From IRS Reviews of Sec. 501(c)(4) Applications
Two years after the scandal involving IRS reviews of applications for tax-exempt status, TIGTA issued a follow-up report.
IRS Intends to Amend Rules So Refunds Match Foreign Withholding Payments
The IRS proposed that taxpayers that are subject to withholding under Ch. 3 or 4 and that make claims for refunds or credits of the withheld tax be prevented from obtaining them where a withholding agent failed to deposit the required amounts.
CHIP Buy-in Programs May Qualify as Minimum Essential Coverage
An individual who may enroll in a CHIP buy-in program that has been recognized as minimum essential coverage by HHS will be treated as eligible for minimum essential coverage under the program for purposes of the premium tax credit only for the period the individual is enrolled.
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.
