The IRS announced that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.
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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.
Proposed Rules Reset Limitation for Pursuing Equitable Innocent Spouse Relief
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.
“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.
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.
