President Barack Obama used Tuesday’s State of the Union address to announce that he will propose tax increases for higher-income individuals and provide tax relief for middle-class taxpayers.
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Proposed Rules Would Govern Sec. 41 Credit for Software
The IRS issued long-awaited proposed rules on what type of internal-use software qualifies for the Sec. 41 research credit.
IRS Updates Accounting Method Change Procedures
The IRS issued new procedures taxpayers should use to make accounting method changes.
Budget Cuts May Force IRS Furlough Days Again
IRS Commissioner John Koskinen issued a message to IRS employees outlining the steps the Service will have to take to deal with the budget cuts Congress enacted late last year.
U.S. Government Opens Secure Portal for FATCA Reporting
Financial institutions and tax administrators that have an obligation under U.S. tax law to report account information to the U.S. government now have a secure online site where they can transmit that information.
Government to Reach Out, Provide Resources to Ease Health Care Tax Filing Burden
Taxpayers who are faced for the first time this tax season with complying with the health care law provisions will be able to get help from the government, the secretaries of the Treasury and of Health and Human Services announced.
IRS Issues Procedures for Reinstated Transit Benefits Parity
The IRS issued procedures for employers to use to handle the retroactive application of the increased amount of the 2014 income exclusion for monthly transit benefits.
IRS: Tax Season to Start on Time
The IRS announced that tax season will start on time this year and it will begin accepting e-filed and paper returns on Jan. 20, as originally planned.
Regulations Tightening Form 5472 Filing Requirements Are Finalized
Final regulations remove the provision allowing Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, to be timely filed separately from the corporation’s tax return if that return is filed late.
Transfers of Installment Obligations Would Trigger Gain or Loss Under Proposed Rules
The IRS issued proposed regulations relating to the nonrecognition of gain or loss on certain dispositions of an installment obligation.
President Signs Tax Extenders Into Law
President Barack Obama on Friday signed into law the Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014.
New Law Creates Tax-Favored Savings Accounts for Disabled Taxpayers
Congress approved the Achieving a Better Life Experience (ABLE) Act of 2014, which will allow disabled individuals to save money to pay for their disability expenses in tax-favored accounts, called ABLE accounts.
Congress Passes Tax Extender Legislation
The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76–16 on Tuesday evening. The extender bill passed the House of Representatives on Dec. 3, and it now goes to President Barack Obama for his signature.
Final Rules Govern Reporting of Specified Foreign Financial Assets
Individuals who are required to report interests in foreign financial assets to the IRS got guidance on the process in the form of final regulations.
Standard Mileage Rates Will Change Slightly in 2015
Optional standard mileage rates for use of a vehicle will change a little for 2015, the IRS announced, with the business use rate going up and the medical and moving rate going down.
Minimum Essential Coverage, Other Health Care Reform Guidance Issued
The IRS released health care guidance, including final regulations on minimum essential coverage, a list of hardship exemptions from individual shared-responsibility penalty, and indexed adjustments for certain calculations under the premium tax credit.
Rules Updated for Transit Fare Smart Cards and Qualified Transportation Fringe Benefits
The IRS announced that, beginning after Dec. 31, 2015, employers will no longer be permitted to provide qualified transportation fringe benefits in the form of cash reimbursement in geographic areas where a terminal-restricted debit card is readily available.
IRS Finalizes Rules on Relief From Failure to File GRAs
The IRS finalized proposed regulations to update the rules that apply to U.S. taxpayers that fail to file gain recognition agreements when they transfer certain property to foreign corporations in nonrecognition transactions.
G-20 Leaders Commit to Automatic Exchange of Tax Information
Leaders of the G-20 major economies endorsed the OECD’s global standard for automatic exchange of tax information at the G-20 summit in Brisbane, Australia.
IRS Fills in Details of One-a-Year IRA Rollover Rule
The IRS clarified how the recently announced change in how it interprets the statutory one-rollover-per-year rule for IRAs will affect 2014 rollovers and how the rules will apply starting in 2015.
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.
