The IRS issued the annual inflation adjustments for 2014 for more than 40 tax provisions and the tax tables for 2014.
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Social Security Wage Base Rises to $117,000 for 2014
The Social Security Administration announced that the wage base above which taxes for old age, survivors, and disability insurance (OASDI) are not due will increase from $113,700 to $117,000 in 2014.
Guidance Issued for FFIs with FATCA Agreements
The IRS issued its latest guidance in preparation for the implementation of the FATCA reporting and withholding requirements.
Ineffective Income and Withholding Verification Hinder IRS in Detecting Fraudulent Returns
A TIGTA report concluding that inadequate income and withholding verification results in the IRS’s missing many fraudulent returns.
Filing Season Will Be Delayed, IRS Says
The IRS announced a delay of one or two weeks in the start of the 2014 filing season as a result of the 16-day government shutdown to allow adequate time for the IRS to prepare and test systems.
Internet Tax Freedom Act Preempts Illinois Click-Through Nexus Law
The Illinois Supreme Court held that Illinois’s click-through nexus law is expressly preempted by the federal Internet Tax Freedom Act, which prohibits states from imposing discriminatory taxes on electronic commerce.
IRS and Tax Court Reopen After Government Shutdown; PTIN Renewals Delayed
After the president signed the bill reopening the federal government, the IRS and Tax Court announced that they are back open for business. But the IRS also announced a delay in 2014 PTIN renewals.
Government Shutdown, Debt Ceiling Deal Includes One Tax Provision
Wednesday’s deal to fund the federal government through Jan. 15 and to extend the federal government’s borrowing authority through Feb. 7 in the end contained only one tax provision, making a minor change to 2010’s health care legislation.
Federal Courts to Stay Open Through Oct. 17
The federal judiciary announced on Thursday that federal courts will remain open through Thursday, Oct. 17, unless the government shutdown is resolved and court funding is restored before then.
IRS Not Issuing Liens or Levies, Enforcement Actions Limited, During Shutdown
The IRS updated its website to notify taxpayers that, during the current government shutdown, the IRS is not sending out liens or levies either generated automatically or sent by personnel.
Orthodontist Sues to Reinstate Employer Mandate in Health Care Law
An orthodontics practice in Florida filed suit to force the federal government to reinstate the original effective date of the Sec. 4980H shared-responsibility penalty that was passed as part of the Patient Protection and Affordable Care Act.
Tax Court Holds Assumption of Estate Tax Liability May Reduce Value of Gift
The Tax Court denied an IRS motion for summary judgment in an estate and gift tax case where the taxpayer made gifts to her daughters while requiring them to pay any tax liability that would have been due if the taxpayer had died within three years of making the gifts.
Tax Court Closed During Government Shutdown; IRS Announces No Refunds
With the federal government shutting down at midnight on Sept. 30, the Tax Court announced that, unlike other federal courts, it is closing during the shutdown.
How the Government Shutdown Affects Taxpayers and Tax Practitioners
The shutdown of the federal government on Oct. 1 involves a large number of federal government functions, including many affecting taxpayers and tax practitioners.
IRS Releases Government Shutdown Contingency Plan
The IRS released its contingency plan for what it will do if the federal government shuts down Oct. 1.
IRS Updates Special Per Diem Rates for 2013–2014 Travel Expenses
The IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2013 and 2014.
Streamlined Procedures for Post-Windsor FICA Refunds Are Released
The IRS announced the procedures employers should follow for filing refund claims for overpaid FICA and income taxes paid on employer-provided benefits for same-sex spouses that, because of the Supreme Court’s Windsor decision, are now tax free.
New York State Proposes to Regulate Tax Return Preparers
The New York State Department of Taxation and Finance has proposed amendments to its Personal Income Tax Regulations and Procedural Regulations to regulate tax return preparers.
New Procedures for Equitable Innocent Spouse Relief
The IRS provided rules under which taxpayers can obtain equitable innocent spouse relief from joint liability under Sec. 66(c) or 6015(f).
Repair Regulations Are Finally Issued
The IRS issued long-awaited final and proposed regulations regarding the treatment of expenditures incurred in acquiring, producing, or improving tangible assets.
TAX PRACTICE MANAGEMENT
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