Tax News - The Tax Adviser

March 27, 2014

Abuse Victims Who File Separate Returns Are Eligible for Premium Tax Credit

Victims of domestic violence who are afraid or unable to contact their spouse to file a joint return may be able to claim the Sec. 36B premium tax credit using procedures announced by the IRS.

March 26, 2014

Gambler’s Luck Turns in Second Trip to Tax Court

A taxpayer who consistently lost money playing the slots at two casinos in California was found not to have an actual and honest profit objective and could not deduct her gambling losses on Schedule C.

March 25, 2014

Supreme Court Rules Severance Payments Are Subject to FICA

The Supreme Court held in an 8–0 decision that severance payments to terminated employees are taxable wages for FICA tax purposes.

March 25, 2014

New Guidance Clarifies Tax Treatment of Bitcoin and Other Virtual Currencies

The IRS issued its first guidance on the tax rules that apply to virtual currencies, in the form of 16 questions and answers.

March 21, 2014

IRS Clarifies: Electronic Signatures Permitted for Form 8879

The IRS updated the online version of Publication 1345, Handbook for Authorized IRS e-File Providers of Individual Income Tax Returns, to clarify that electronic signatures are permitted for Form 8879 as well as Form 8878.

March 20, 2014

IRA Rollover Guidance Issued: IRS Will Follow the Tax Court

The IRS announced it will follow the recent decision in Bobrow, meaning no matter how many IRAs a taxpayer has, the taxpayer is limited to one IRA rollover per year.

March 13, 2014

IRS Expands Use of Electronic Signatures

The IRS provided new methods for taxpayers to electronically sign Form 8878.

March 10, 2014

New Procedure Permits Automatic Recognition of Consolidated Return Filing Status

The IRS announced that it will permit an affiliated group of corporations that did not file the required Form 1122 for all of its subsidiaries to be treated as if its subsidiaries had filed Form 1122.

March 5, 2014

Simplified Employer Health Care Coverage Reporting Announced

The IRS released final regulations to implement simplified reporting requirements under the Patient Protection and Affordable Care Act.

February 28, 2014

Guidance on Repair Regs. Updates Accounting Method Change Procedures

The IRS issued the second part of the 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.

February 27, 2014

IRS Issues Final Instructions for Net Investment Income Tax Form

The IRS finally released its eagerly awaited final instructions for Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts.

February 26, 2014

2014 Car, Truck Depreciation Limits Issued

The IRS issued the 2014 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.

February 25, 2014

Final Substantial-Risk-of-Forfeiture Rules Are Released

The IRS finalized regulations that clarify when a substantial risk of forfeiture exists on the transfer of stock to an employee that is treated as compensation under Sec. 83 (T.D. 9659).

February 25, 2014

Report Reveals Breadth of Criminal Tax Activities

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.

February 20, 2014

Final FATCA Rules Are Issued

The IRS released a large package of regulations needed to implement the Foreign Account Tax Compliance Act.

February 19, 2014

“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.

February 11, 2014

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.

February 10, 2014