The White House released details of a new retirement savings account to be made available to employees through their employers.
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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.
Top Tax News Developments in 2013
The past year featured a large number of tax developments, some of which got extensive coverage in the media, and many of which got less coverage but affect almost all taxpayers and practitioners. As we get ready to welcome a new year, here’s a look back at the most important
IRS Announces Automation of Taxpayer Resources, Start of Business Filing Season
The IRS announced on its website that, beginning in 2014, it will stop providing a number of taxpayer assistance services in person or over the phone and will shift those services online.
Senate Confirms John Koskinen as IRS Commissioner
The Senate on Friday voted 59–36 to confirm the nomination of John Koskinen to be the next IRS commissioner.
Guidance Issued on Tax Treatment of National Mortgage Settlement Payments
The IRS issued guidance on the correct tax treatment of payments taxpayers receive under the National Mortgage Settlement when their house is foreclosed on.
Six More Countries Sign FATCA Agreements with U.S.
The Treasury Department announced that the United States has signed six more bilateral agreements to implement the reporting and withholding provisions of FATCA.
2014 Filing Season to Start Jan. 31
The IRS has finally announced an official start date for the 2014 filing season: It will start accepting returns on Jan. 31. This date is 10 days later than the originally planned starting date of Jan. 21.
Notice Answers Many Post-Windsor Questions on Cafeteria Plans, FSAs
The IRS continues to consider the effects of the Supreme Court’s Windsor decision on federal tax law, and its most recent guidance deals with elections and reimbursements for cafeteria plans, HSAs, and health, adoption, and dependent care FSAs.
TAX PRACTICE MANAGEMENT
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