The IRS announced transition relief from the application of the Sec. 4980D excise tax, which applies to health plans that do not meet the market reform requirements of the Patient Protection and Affordable Care Act.
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Employee Consent to Employment Tax Refunds Could Be Obtained Electronically
The IRS issued a proposed revenue procedure that would permit employers who file refund claims for overpaid FICA and RRTA taxes to obtain their employees’ consent to the refund claims electronically.
Small Businesses Won’t Have to File Form 3115 to Comply with Repair Regs.
Small business taxpayers will be allowed to make certain accounting method changes under the tangible property (or “repair”) regulations without filing Form 3115, Application for Change in Accounting Method, the IRS announced.
Most Outstanding Claims for FICA Tax Refunds Will Be Denied, IRS Announces
The IRS announced that it will disallow all refund claims filed while resolution of the issue of whether severance payments to employees are subject to FICA tax was pending, as well as the appeals filed in response to the denial of refund claims.
Final Rules Govern Foreign Tax Credit Splitter Arrangements
The IRS issued regulations that prohibit taxpayers from taking a foreign tax into account for federal foreign tax credit purposes before the tax year in which the taxpayer takes the related income into account.
2015’s Dirty Dozen Tax Scams
Phone scams, phishing, and identity theft topped this year’s IRS list of the “dirty dozen” tax scams.
IRS Issues Revised 2014 and 2015 Passenger Automobile Depreciation Limits
The IRS issued revised numbers for the amount of depreciation taxpayers can take for the first year they use a passenger automobile (including a truck or van) for business in 2014 and the figures for 2015.
Offshore Voluntary Disclosure Program to Remain Open Indefinitely
The IRS stated that it intends to keep its Offshore Voluntary Disclosure Program open until it announces otherwise.
Taxpayers Get Penalty Relief for Incorrect Premium Tax Credit Advance Payments
The IRS will provide automatic penalty relief for taxpayers who, when they reconcile advance payments of the premium tax credit they received for 2014 to the amount of the credit they are entitled to on their income tax returns, find they owe additional tax.
Charter Schools to Be Allowed to Participate in Government Retirement Plans
The IRS announced that it will develop regulations under Sec. 414(d) that would permit a state or local retirement system that qualifies as a governmental plan to cover employees of charter schools.
Details of the President’s State of the Union Tax Proposals
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.
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.
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