The IRS released the final version of Form 8938, Statement of Specified Foreign Financial Assets, and its instructions.
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Final Regs on EITC Due Diligence Issued
The IRS issued final regulations governing the due-diligence requirements imposed on tax return preparers who prepare tax returns on which taxpayers claim the earned income tax credit.
Some Form 990 Filers Have Extension to March 30
The IRS extended the filing deadline for Form 990 until March 30, 2012, for many tax-exempt organizations with a filing due date during the first two months of the new year.
Regulations Issued on Continuity of Interest Rule for Corporate Reorganizations
The IRS issued final and proposed regulations on the continuity of interest (COI) requirement in Sec. 368 corporate reorganizations.
Regulations Issued for Specified Foreign Financial Assets Reporting
The IRS issued temporary and proposed regulations on the requirement that certain foreign financial assets be reported to the IRS for tax years beginning after March 18, 2010.
Recurring-Item Exception Clarified
The IRS issued a revenue ruling to clarify the application of the all-events test’s recurring-item exception under Sec. 461(h)(3) to certain fact patterns. The ruling addresses questions that arise when a liability accrues over more than one year or under a service contract.
Transit Pass and Vanpool Benefits to Shrink in 2012
The monthly tax exclusion for employer provided transit pass and vanpool benefits will shrink to $125 in 2012, from the current $230, when the provision providing for parity with employer-provided parking benefits expires at the end of this year.
IRS Reminds Dual Citizens and Americans Living Abroad of FBAR, Other Filing Requirements
In a fact sheet, the IRS reminded U.S. citizens and dual citizens of the United States and foreign countries who live abroad about U.S. filing requirements.
Standard Mileage Rates for 2012 Released
The IRS released standard mileage rates for use in 2012.
IRS Holds First Hearing on Real-Time Tax System
The IRS held a public hearing to gather feedback on how to implement a system in which the IRS would match information on tax returns with data from third-party information returns during the processing of the return.
Final Regs. Issued on Low-Income Community Businesses and New Markets Tax Credit
The IRS issued final regulations on how entities serving certain targeted populations can qualify as active low-income community businesses for purposes of the Sec. 45D new markets tax credit
IRS Proposes New Treatment of LLC Members, Limited Partners Under Passive Loss Rules
The IRS issued proposed regulations that would redefine “interest in a limited partnership as a limited partner” for purposes of determining material participation under the Sec. 469 passive loss rules.
IRS Launches New Round of Preparer Office Visits
The IRS has sent letters to tax return preparers whom the IRS has identified as at high risk of not complying with their responsibilities as return preparers. The IRS will follow up with office visits to some of these preparers who appear to have serious compliance issues.
Competency Testing for Registered Tax Return Preparers Set to Start
As part of its ongoing initiative to regulate previously unenrolled tax return preparers, the IRS announced on November 22 that competency testing for registered tax return preparers will start next week.
President Signs Government Contractor Withholding Repeal, Veterans Job Credits
The president signed into law the Three Percent Withholding Repeal and Job Creation Act.
Temporary Regs. on All-Cash D Reorgs Issued
The IRS issued temporary and proposed regulations governing the determination of the basis of stock or securities in a corporate reorganization when the issuing corporation does not distribute any stock or securities in the reorganization.
IRS Reissues Alternative Valuation Date Proposed Regulations
The IRS issued new proposed regulations on electing an alternate valuation date for an estate and withdrew earlier ones released in 2008.
Congress Sends Repeal of 3% Government Contractor Withholding to President
The House of Representatives passed a bill that will repeal a 3% government contractor withholding requirement. The bill now goes to President Barack Obama for his signature.
Witnesses Tell Congressional Subcommittee Small Business Health Tax Credit Is Too Complicated
A tax credit enacted to encourage small businesses and tax-exempt organizations to provide health insurance coverage for employees is too complicated and is not meeting its goal, witnesses told a congressional panel on November 15.
Final Regs Issued on Debt Satisfied by a Partnership Interest
The IRS issued final regulations on the application of Sec. 108(e)(8) to partners and partnerships.
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