The IRS issued long-awaited final and proposed regulations regarding the treatment of expenditures incurred in acquiring, producing, or improving tangible assets.
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IRS Explains Sec. 179 Qualified Real Property Allocations and Procedures for Filing Amended Returns
The explained how the retroactive extension of the Sec. 179 rules operates when applied to qualified real property and how to allocate the portion of gain attributable to the qualified real property upon disposition or to calculate any carryover.
Preventive Health Services With No Deductible Qualify as High-Deductible Health Plans
The IRS issued a notice clarifying that preventive health services that are provided without a deductible under a health insurance plan will not disqualify a high-deductible health plan.
Health Coverage Information Reporting Requirements Guidance Issued
The IRS provided guidance to providers of minimum essential health coverage that are subject to the information-reporting requirements of Sec. 6055 to employers subject to the information-reporting requirements of Sec. 6056.
Final Rules Remove “Credit Ratings” from Regulations
The IRS issued Dodd-Frank mandated regulations that remove all references to and all requirements of reliance on “credit ratings” from Treasury regulations.
Proposed Regulations Change Definition of R&D Expenditures
In proposed regulations , the IRS provided guidance on the treatment under Sec. 174 of R&D expenditures incurred in connection with the development of tangible property, including pilot models.
Regulations Clarify Treatment of a Debt Instrument Under Straddle Rules
The IRS issued regulations to clarify the treatment of debt instruments that are part of a straddle.
Final Regulations Attack Artificially Generated Foreign Tax Credits
The IRS issued final regulations on determining the amount of taxes paid for purposes of the foreign tax credit.
IRS Proposes Increased User Fees for Installment Agreements, Offers in Compromise
The IRS issued proposed regulations to raise user fees for installment agreements and for offers in compromise.
All Legal Same-Sex Marriages to Be Recognized for Tax Purposes, IRS Says
The IRS announced that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.
Final Rules Issued on Individual Health Care Mandate
The IRS released final regulations on the penalty or tax imposed on individual taxpayers who do not obtain minimum essential health care coverage beginning in 2014.
Final Regs. Adopt Differential Income Stream Method for Cost-Sharing Agreements
The IRS issued regulations that govern the application of the differential income stream approach to cost-sharing arrangements.
Proposed Small Employers’ Health Insurance Premium Tax Credit Rules Issued
The IRS issued proposed regulations governing the Sec. 45R credit for small employers that offer health insurance coverage for employees.
Tenth Circuit Throws Out Decision Striking Down Colorado’s Amazon Law
The permanent injunction that a federal district court issued enjoining Colorado from enforcing its Amazon law requiring remote sellers to report sales in the state has been dismissed by an appeals court.
Online FATCA Registration System Launched
The IRS on Monday announced the launch of an online system that foreign financial institutions can use to register with the agency to meet their obligations under FATCA.
Amounts on Late-Filed S Corporation Return Were Not Disclosed on Taxpayer’s Return
For purposes of determining whether there had been a substantial understatement of gross income on a taxpayer’s return, the IRS determined that amounts on a Form 1120S filed after the three-year statute of limitation expired, were not considered to be disclosed on a taxpayer’s Form 1040.
IRS Issues Draft FATCA Report Form
The IRS released a draft Form 8966, FATCA Report, which will be used by foreign financial institutions and withholding agents to comply with their FATCA reporting and withholding requirements.
Revenue Procedure Provides Liberal Relief for Late S Corp. Elections
The IRS provided a simplified method for taxpayers to apply for relief for various late S elections
Final Rules Issued on IRS Disclosure of Tax Return Information Under Health Care Law
The IRS issued final regulations about how it will release certain tax return information to the Department of Health and Human Services, as required by 2010’s health care legislation.
Disclosure Authorization and Electronic Account Resolution E-Services Get Three-Week Reprieve
The IRS announced that it is delaying the retirement of the Disclosure Authorization (DA) and Electronic Account Resolution (EAR) electronic services for three weeks.
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