The IRS and Treasury, along with two other federal departments, further described planned guidance on provisions for employer-sponsored health coverage mandated by the Patient Protection and Affordable Care Act.
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Guidance Issued on Work Opportunity Credit for Veterans
The IRS issued a notice that gives employers guidance on two new tax credits for qualified veterans and provides extra time to comply with some of the credits’ requirements.
Proposed FATCA Regs. Take Comprehensive Approach
The IRS issued proposed regulations providing rules on information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities.
TIGTA: Revise Form 1099-R to Improve Taxpayer Compliance
TIGTA recommended the IRS change its Form 1099-R to improve taxpayer compliance with reporting and paying tax on retirement income
Couples Who Filed Joint Returns Must Now File Separate Powers of Attorney
The new version of the IRS power of attorney form requires a husband and wife who filed a joint tax return to each file a separate power of attorney on separate forms to designate the representative he or she chooses, even if it is the same person.
IRS, Labor Department Proposals Aim to Increase Retirement Options and Transparency
Federal initiatives designed to broaden options and increase transparency in retirement plans were announced February 2.
Prop. Regs. Would Ease Required Minimum Distribution Rules for Older Retirees Who Purchase Certain Annuities
The IRS issued proposed rules that would permit IRA participants to enter into contracts for annuities that begin at an advanced age, using a certain amount of their account balances without having these amounts count for calculating required minimum distributions from the IRAs .
Individuals Who Are Eligible for Medical Services at IHS Facilities May Still Participate in HSAs
The IRS explained that people who are eligible to receive medical services at Indian Health Service facilities are not automatically disqualified from making tax-free contributions to HSAs.
Tax Court Rules on Homebuyer Credit When Former Residence Is Being Sold
The Tax Court held that a married couple’s old house, which they continued to use while trying to sell it, qualified as a principal residence, and therefore they did not meet the timing requirement to qualify for a first-time homebuyer credit when they purchased a new house.
Streamlined Installment Agreement Program Modified
The IRS Small Business/Self-Employed Division modified the maximum unpaid balance of assessment taxpayers must meet to qualify for its streamlined installment agreement program and extended the time for payment.
New Form 990 Has a Few Significant Changes for 2011
The IRS posted the final 2011 Form 990 and instructions on its website.
IRS: Tax Preparers Who Want to Prepare 2011 Returns Must Renew PTINs
The IRS is sending information letters to tax return preparers who have not yet renewed their preparer tax identification numbers (PTINs) for the 2012 filing season.
Statutory Definition of Specified Notional Principal Contract Extended Through 2012
The IRS issued temporary and proposed regulations on dividend equivalents for purposes of Sec. 871(m).
Final Regs. Issued on Exclusion of Damages for Personal Physical Injury
The IRS on Friday issued final regulations relating to the exclusion from gross income for damages received on account of physical injuries or sickness.
Annual Update on Adequate Disclosure of Return Positions Issued
The IRS released updated guidance identifying when a taxpayer’s disclosure of an item or position in an income tax return is adequate for purposes of reducing the understatement of tax penalty and the tax return preparer penalty for understatement due to unreasonable positions.
IRS Issues Regs. on Interest Expense Allocation and Apportionment for Partners
The IRS has issued temporary and proposed regulations that make four changes to the rules for allocating and apportioning interest expense for partners in partnerships.
IRS Gives Transitional Relief to Form 8937 Filers
The IRS announced that, due to its late release of the required form, it will not impose penalties on issuers of stock who report incorrect 2011 information required under Sec. 6045B, as long as they make a good-faith effort to timely comply with the requirements.
Form Debuts for January 17 Stock Basis Change Reporting Deadline
The IRS released new Form 8937, Report of Organizational Actions Affecting Basis of Securities, and its instructions. The deadline for filing the form for 2011 is next Tuesday, January 17.
Taxpayer Advocate Cites Underfunding as Cause of IRS’ Most Serious Problems
The National Taxpayer Advocate in her annual report to Congress for 2011, cited the IRS’ lack of adequate funding, expanding workload and overreliance on automation as the most serious problems facing taxpayers.
PTIN System Continues to Accept 2011 Renewals
The IRS online system to apply for a PTIN is back up and running after a two-week hiatus for maintenance. The system is continuing to accept 2011 PTIN renewals even though the renewal deadline has passed.
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.
