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.
Advertisement
News
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.
Immediate Year-End Planning Opportunity for Existing CRTs
The immediate planning opportunity for CRTs is to harvest short-term and long-term capital losses. Here is how it works and what changed from earlier years.
IRS Releases Rules for In-Plan Rollovers of Roth Accounts
The IRS released rules in question and answer format for in-plan rollovers to designated Roth accounts in retirement plans.
Final Rules Permit Agents to Withhold FUTA for Home Care Service Recipients
The IRS issued final regulations permitting an agent authorized by the IRS under Sec. 3504 to perform certain acts normally required of employers to withhold FUTA taxes owed by home care service recipients.
Standard Mileage Rates Go Down Slightly in 2014
The optional standard mileage rates for use of a vehicle will go down by one-half cent per mile for 2014, the IRS announced.
Proposed Rules Would Require Terminating Partnerships to Amortize Startup Expenditures
The IRS issued proposed regulations aimed at preventing partnerships from using technical terminations to accelerate their deductions of startup and organizational expenses.
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.
