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.
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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.
Final Regulations Govern Listed Transactions for GST Tax
The IRS issued final regulations on Thursday that add transactions that reduce or eliminate the generation-skipping transfer (GST) tax as listed transactions or transactions of interest and require the disclosure of those transactions under Sec. 6011.
Senate Passes Amended Bill Repealing 3% Withholding on Government Contracts
The U.S. Senate on November 10 approved a bill to repeal 3% income tax withholding on payments to vendors by federal, state and local governments.
Shulman Announces Delay in Fingerprinting Requirement
The IRS will delay and reconsider its fingerprinting requirement for tax return preparers, IRS Commissioner Doug Shulman told the AICPA National Tax Conference on November 8.
Final Regs Clarify Estate Tax Treatment of Grantor Retained Interests
The IRS issued final regulations providing guidance on the portion of property includible in the grantor’s gross estate if the grantor has retained the use of the property or the right to A graduated retained interest.
Regs. Extend Religious and Family Member FICA, FUTA Exceptions to Disregarded Entities
Temporary and proposed regulations extend the religious and family member FICA and FUTA tax exceptions to disregarded entities.
IRS Gives Penalty Relief, Delays Backup Withholding for Payment Card Reporting
The IRS postponed for a year the effective date of the backup withholding requirement for payments in settlement of payment card and third-party network transactions.
AICPA Expresses Concerns and Requests Review of Procedure Regarding Release of PTIN Holder Information
The AICPA’s Tax team has had, and continues to have, numerous conversations with IRS regarding its recent release of PTIN holder information.
House Passes Repeal of 3% Withholding on Government Contracts
The House of Representatives passed a bill October 27 to repeal a law that beginning in 2013 requires tax withholding of 3% of payments to vendors and contractors providing services to federal, state and local governments and their agencies.
Final Regs Clarify Excise, Employment Tax Treatment of Disregarded Entities
The IRS issued final regulations clarifying the treatment of disregarded entities with respect to employment and certain excise taxes.
IRS Proposes Eliminating De Minimis Partner Rule
The IRS issued proposed regulations on October 24 that, if finalized, would remove the de minimis partner rule in Regs. Sec. 1.704-1(b)(2)(iii)(e) (REG-109564-10).
President Signs Bill Increasing EITC Due Diligence Penalty
President Barack Obama signed into law a bill that increases from $100 to $500 the penalty for failure by preparers to exercise due diligence with respect to the EITC.
Inflation Adjustments Made to Many Tax Items for 2012
The IRS released its annual revenue procedure making inflation adjustments to the income tax tables and many tax credits and other items for tax years beginning in 2012.
PTIN System Opens for 2012 Renewals
The IRS on October 20 announced that it has opened its preparer tax identification number (PTIN) registration system to accept renewals for the 2012 filing season
Final Regs. Eliminate Hot Stock Rule for Certain Reorganizations
The IRS issued final regulations that generally hold that the so-called hot stock rule is inapplicable in reorganizations where a subsidiary is a member of the distributing corporation’s separate affiliated group
Estate Tax Protective Claim Procedures Detailed
The IRS issued guidance on filing a protective claim for refund of estate tax and notifying the IRS that the claim is ready for consideration.
Trade Bills Pass Congress with Tax Provisions
The EITC due diligence penalty will increase to $500 under a bill passed by Congress Oct. 12.
TIGTA Finds Problems with IRS Purchase Cards, Network Security
TIGTA released a pair of reports finding problems with the security of the IRS Windows environment and a lack of control over IRS purchase cards.
Practitioners Raise Concerns About Fingerprinting Proposal at IRS Hearing
The IRS heard a consistent chorus at an October 7 hearing on proposed fees for fingerprinting of registered tax return preparers and nonsigning staff at CPA firms: The IRS’ proposal is duplicative, expensive, and can be done in a better way.
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.
