The IRS announced that it will waive the penalty normally assessed for late payment of income tax, for taxpayers who have requested an extension of time to file their return and who are filing one of the 31 forms that were delayed until March.
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Tax Reform Prospects Good, Say Veterans of 1986 Reform
Developments since the 1986 Tax Reform Act was signed favor a successful outcome for the current reform effort, said two experts who worked for congressional committees producing the earlier legislation.
Regs. Issued on Asset Transfers to Foreign Corporations
The IRS issued final, temporary, and proposed regulations governing outbound asset transfers under Sec. 361.
Tax Court Stops Taxpayers from Avoiding 40% Penalty by Conceding on Alternative Grounds
The Tax Court refused to grant partial summary judgment to a partner who had conceded his tax shelter case on grounds other than valuation in an attempt to avoid the 40% gross valuation misstatement penalty.
Flight Attendant Cannot Claim Foreign Earned Income Exclusion for Wages Earned in International Airspace and U.S.
The Tax Court held that a flight attendant who was a resident of Hong Kong and a U.S. citizen could not claim 100% of her wages were excludable under the foreign earned income exclusion.
Employers Have Additional Time to Claim Work Opportunity Tax Credit
The IRS announced that it is extending the time employers who want to claim the WOTC have to file the prescreening notice and certification request.
Sec. 6708 Regs. Permit Material Advisers to Request Extension
The IRS issued proposed regulations governing the penalty for failure of material advisers to provide lists of advisees in reportable transactions, which applies if the advisers do not supply the lists to the IRS within 20 business days after a written request.
Sequestration Will Lead to IRS Cuts in Services, Enforcement, and Tax-Related Payments
The IRS announced the reductions in tax-related payments and other cuts as a result of the federal government’s sequestration.
All 2012 Tax Returns Can Now Be Filed With IRS
The IRS announced that it finished updating its processing systems and is now accepting all returns that include the 29 delayed forms.
Acting Commissioner Outlines IRS Plans for Sequestration
Acting IRS Commissioner Steven Miller sent a memo to all IRS employees outlining the agency’s plans in the event sequestration occurs as planned on Friday.
Stockpiled Delayed Returns to Be Accepted on Sunday, Online Filing to Start Next Week
The IRS announced that it will begin accepting from e-file transmitters stockpiled returns containing the 29 forms for which acceptance was delayed beginning on Sunday, March 3, at 7 a.m. ET.
IRS Appeals Decision Striking Down Tax Return Preparer Registration Program
The IRS filed an appeal of the decision that struck down the IRS’s registered tax return preparer program and enjoined it from enforcing the regulations.
2013 Automobile Depreciation Limits Released
The IRS on Monday issued the 2013 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
AICPA Raises Concerns About Delayed, Compressed Tax Season
The AICPA sent a letter to the IRS raising concerns about the “very compressed and difficult filing season” AICPA members and their clients are facing, due to the ongoing delays in the IRS’s acceptance of certain tax forms.
U.S. and Switzerland Sign FATCA Agreement
The United States and Switzerland have signed a bilateral agreement to implement provisions of FATCA.
IRS Issues Annual Whistleblower Report to Congress
The IRS issued its annual report on the whistleblower program, reporting the program’s results for FY 2012.
Depreciation and Education Credit Forms Can Soon Be Filed with the IRS
The IRS announced on Friday that it will soon be able to accept tax returns that include Form 4562, Depreciation and Amortization, and/or Form 8863, Education Credits (IR-2013-18).
IRS Postpones Effective Date of New Procedures for Consents to Disclose
The IRS Rev. delayed the date that taxpayer consents to disclose and consents to use tax return information must contain the mandatory language recently issued in Rev. Proc. 2013-14.
Long-Awaited Final Regs. Issued on Noncompensatory Partnership Options
The IRS issued regulations on the treatment of certain call options, warrants, convertible debt, and convertible equity that are not issued in connection with the performance of services, i.e., noncompensatory partnership options.
Court Upholds Injunction; IRS Reopens PTIN System
The IRS announced that has reopened its PTIN system for new applications and renewals.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
