The IRS issued proposed regulations under Secs. 6015(f) and 66(c) changing the deadline for taxpayers to request innocent spouse relief from joint liability.
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“Private Attorney General” Can Deduct His Lawyers’ Fees as Trade or Business Expenses
A taxpayer who zealously and single-mindedly pursued False Claims Act lawsuits against his former employer was engaged in the trade or business of prosecuting those lawsuits and could deduct legal related expenses business expenses.
Aug. 30 IRS Furlough Day Canceled
The IRS announced that it will remain open on Aug. 30, canceling a previously scheduled furlough day.
IRS Releases Draft Net Investment Income Tax Form
The IRS released a draft of Form 8960, a new dual-purpose form that will be used by individuals and trusts and estates to compute the new 3.8% net investment income tax.
White House Announces Nominee for IRS Commissioner
The White House announced that President Barack Obama will nominate John Koskinen as the new IRS commissioner.
IRS Issues Final Rules on Exceptions From REIT or RIC Built-in Gain Recognition
The IRS issued final regulations that provide guidance on the recognition of built-in gain in certain transfers of property from a C corporation to a RIC or REIT.
Final Regs. Clarify Who Is Subject to 50% Limit on Meal and Entertainment Expenses
The IRS issued final regulations clarifying which party is subject to the 50% limit on deductible meal and entertainment expenses under Sec. 274(n).
Comments Requested on Proposed Net Investment Income Tax Form
The IRS published a notice and request for comments from taxpayers on a new dual-purpose form that will be used by individuals and trusts and estates to compute the new 3.8% tax and then to report the tax.
New Method for Determining Who Gets Sec. 199 Deduction Under Contract Manufacturing Arrangements
The IRS issued new guidance regarding how to determine which taxpayer is entitled to claim the Sec. 199 domestic production activities deduction in a contract manufacturing arrangement.
Rules for Deferral of Income From Gift Card Sales Clarified
The IRS issued guidance clarifying that taxpayers that sell gift cards can defer recognizing income from the sale of gift cards redeemable by an unrelated third party until the year after the payment is received.
Identity Theft Protection Process at IRS Needs Improvements, TIGTA Says
TIGTA recently audited the IRS’s Taxpayer Protection Program to assess how the Service is handling the explosive growth in tax return identity theft in recent years.
July 22 IRS Furlough Day Canceled
The IRS has canceled its scheduled furlough day for Monday, July 22, acting IRS chief Danny Werfel announced.
FATCA Deadlines Are Postponed for Six Months
The IRS said it was delaying for six months some of the deadlines for implementing FATCA.
IRS Provides Details About Postponed Employer Health Care Penalty and Information Reporting
The IRS made official the postponement of the large-employer health care penalty and certain information reporting rules that had been informally announced July 2.
Professional Poker Player Goes Bust in Tax Court
A professional poker player who was also a civil and geotechnical engineer and a laundromat owner lost in Tax Court.
Final Rules on Acceleration of COD Income Deferral Are Issued
The IRS issued final regulations on the rules to accelerate COD income that taxpayers elected to defer over a five-year period when an applicable debt instrument was reacquired by the issuer or a related party in 2009 or 2010.
Treasury Postpones Employer Health Care Penalty, Information Reporting for One Year
Large employers who fail to provide minimum health coverage for employees will not be subject to the shared-responsibility penalty until 2015 after Treasury announced that it would delay certain provisions of 2010’s health care legislation.
IRS Issues Guidance on Minimum Essential Health Coverage, Shared-Responsibility Penalty
The IRS issued two notices defining minimum essential coverage for purposes of the Sec. 36B premium tax credit and providing relief from the shared-responsibility penalty under Sec. 5000A for individuals covered by non-calendar year plans.
Supreme Court Strikes Down Defense of Marriage Act in Estate Tax Case
The Supreme Court held that the Defense of Marriage Act (DOMA) is unconstitutional because it violates the Fifth Amendment’s Due Process Clause
Interim IRS Chief Issues Initial Report on Sec. 501(c)(4) Controversy
Acting IRS commissioner Daniel Werfel issued a report on the plans to reform the IRS to avoid inappropriate targeting of taxpayers applying for Sec. 501(c)(4) social welfare organization status.
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