The IRS Criminal Investigation division’s annual report reviewing its accomplishments in 2013 reveals the wide range of criminal tax activities it investigated in the past year.
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News
Final FATCA Rules Are Issued
The IRS released a large package of regulations needed to implement the Foreign Account Tax Compliance Act.
“Dirty Dozen” Tax Scam List Now Includes Telephone Scams
Identity theft and telephone scams top this year’s list of the “Dirty Dozen” fraudulent tax schemes released by the IRS.
D.C. Circuit Affirms Decision Striking Down Tax Return Preparer Regs.
The IRS’s attempt to regulate unenrolled tax return preparers was dealt another blow when the D.C. Circuit Court of Appeals held that the agency exceeded its statutory authority when it issued regulations imposing various requirements on tax return preparers.
IRS Announces Additional One-Year Delay in Health Coverage Penalty for Midsize Employers
The IRS announced that it is delaying the so-called shared-responsibility requirement under Sec. 4980H for employers who have 50 to 99 full-time equivalent employees in 2014.
New IDR Procedures Postponed Until March 3
The IRS announced in an email to practitioners that it is pushing back the effective date for its new information document request (IDR) procedures.
New Proposed Rules Determine UBTI of Certain Exempt Employee Benefit Organizations
The IRS issued proposed regulations to implement Sec. 512(a)(3)(E), which limits the amount of exempt function income that can be set aside when calculating the UBTI of VEBAs and SUBs.
Details of New MyRA Retirement Savings Vehicle Revealed
The White House released details of a new retirement savings account to be made available to employees through their employers.
Proposed Rules Address Disguised Sales and Partnership Liabilities
The IRS issued proposed regulations on disguised sales of property to or by a partnership under Sec. 707 and the treatment of partnership liabilities under Sec. 752.
Final Version of Net Investment Income Tax Form Released
Just in time for the start of tax season, the IRS has released the final version of Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, which will be used by individuals and trusts and estates to compute the new 3.8% tax.
Simplified Method Offered for Requesting Extended Time to Make Portability Election
The IRS offered certain executors a simplified way to request an extension of time to make the “portability” election to transfer a deceased spouse’s unused estate tax exclusion to the surviving spouse.
Minimum Essential Coverage and Shared-Responsibility Penalty Rules Provide Transitional Relief for Individuals
Proposed regulations issued by the IRS answer a number of questions regarding the Sec. 5000A “individual mandate” under 2010’s health care reform legislation.
Guidance Issued on Accounting Method Changes Under Repair Regs.
The IRS issued long-awaited guidance on accounting method changes under the so-called repair regulations, which govern the treatment of expenditures incurred in acquiring, producing, or improving tangible assets.
District Court Says Premium Tax Credits Are Available in Federal Health Care Exchanges
The federal district court for the District of Columbia held that the Sec. 36B premium tax credit is available to taxpayers who purchase health insurance through the 34 state health care exchanges that are run by the federal government.
Partnership Basis Rules Proposed
The IRS issued proposed regulations providing guidance on the application of Sec. 704(c)(1)(C) added by the American Jobs Creation Act and the amendments to the mandatory basis adjustment rules of Sec. 743 in the AJCA.
Final Regs. Prescribe Treatment of Bond Premium Carryforward
The IRS issued final regulations on the tax treatment of debt instruments with bond premium carryforward in the holder’s final accrual period.
IRS Issues Final Rules on Sales-Based Royalties and Vendor Allowances
The IRS issued final regulations on sales-based royalties and vendor allowance rules under Sec. 263A and Sec. 471.
Swiss Court Stops Handover of Tax Information to United States
A Swiss court has prevented the handover of information on U.S. account holders to the IRS by the Julius Baer Group Ltd.
New Procedures for Reinstatement of Tax-Exempt Status Are Introduced
Tax-exempt organizations that have had their tax-exempt status automatically revoked because they failed to file required annual returns for three consecutive years have new procedures for getting their exempt status reinstated.
Procedures for IRS Rulings, Technical Advice, Etc., Updated for 2014
The IRS issued its annual updates to the revenue procedures that govern its operations and interactions with taxpayers. These include the list of “no ruling” areas in which the IRS will not issue letter rulings.
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.
