The AICPA encouraged the IRS to collaborate with external stakeholders in revising Schedule M-3, Net Income (Loss) Reconciliation, and suggested some revisions to reduce taxpayers’ compliance burdens.
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IRS Issues Proposed Regulations on Controlled Group Deferred Losses
The IRS issued proposed regulations on the time for taking into account deferred losses on the sale or exchange of property between members of a controlled group.
IRS Extends, Modifies Program Allowing Truncated Social Security Numbers on Information Returns
The IRS announced that it is extending and modifying a pilot program designed to deter identity theft that allows filers of certain paper information returns to truncate the payee’s Social Security number on the payee statement.
President Signs Repeal of Expanded 1099 Requirements
The president signed into law repeal of both the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation and also the 1099 reporting requirements imposed on taxpayers who receive rental income enacted as part of last year’s Small Business Jobs Act.
AICPA’s Call for AMT Repeal, Simplification Strikes Chord with Lawmakers
Annette Nellen, chair of the AICPA Individual Income Taxation Technical Resource Panel, pleased some members of Congress when she repeated the AICPA’s support for repeal of the alternative minimum tax (AMT) in testimony before the House Ways and Means Committee on April 13.
IRS Extends Guidance on Trustee Fees
The IRS announced that it is extending interim guidance on the treatment of investment advisory fees and other costs subject to the 2% floor under Sec. 67(a).
Discharge of Indebtedness Rules Clarified for Grantor Trusts and Disregarded Entities
The IRS issued proposed regulations that provide rules regarding who is the “taxpayer” for purposes of applying the Sec. 108 discharge of indebtedness rules to a grantor trust or disregarded entity.
IRS Issues Foreign Financial Account Reporting Guidance
The IRS issued a second notice giving guidance on various reporting requirements under the Foreign Account Tax Compliance Act.
Federal Budget Deal Avoids Tax Season Disruptions
White House and congressional negotiators reached an agreement on funding the federal government ahead of a midnight April 8 deadline and averted a shutdown of all nonessential government functions.
IRS Prepared to Process Returns If Government Shuts Down
IRS Commissioner Doug Shulman answered questions at the National Press Club regarding the IRS’ preparations for a possible shutdown of the federal government, which could happen Friday.
Senate Approves 1099 Repeal, Sends Bill to President
The Senate April 5 passed legislation to repeal both the expanded Form 1099 information-reporting requirements mandated by last year’s health care legislation and also new 1099 reporting requirements imposed on taxpayers who receive rental income.
Final Regulations Issued on Validity, Priority of Federal Tax Liens
The IRS published final regulations that govern the validity and priority of federal tax liens under Sec. 6323.
IRS Delays Due Date for Choosing Basis Allocation for Decedents Dying in 2010
The IRS announced that it is delaying the due date for Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, past its original April 18 due date, but did not announce what the new due date will be.
Taxpayer Assistance Order Regulations Issued
The IRS issued final regulations governing National Taxpayer Advocate taxpayer assistance orders when a taxpayer is suffering hardship because of the way the IRS is administering the tax laws.
Guidance Issued on 100% Bonus Depreciation Rules
The IRS issued guidance on how taxpayers can deduct 100% of the cost of qualified business property placed in service in 2011 under rules enacted last year.
IRS Issues Final Regs and Guidance on Mandatory E-Filing Requirements
The IRS issued final regulations and several pieces of guidance relating to the requirement that return preparers e-file tax returns, starting this year.
Unfair Lending Practice Settlement Does Not Result in Income to Borrower
The IRS advised that adjustments to loan principal amounts under a settlement to reform unfair lending practices do not result in income to the borrower, even though the adjustments result in a reduction in the amount the borrower will pay under the loan
Free File Program Expanded to Include Returns Filed from Overseas
The IRS announced that taxpayers who live in foreign countries can now use the Free File program to prepare and e-file their federal tax returns.
Uncertain Tax Position FAQs Posted
The IRS has posted a series of questions and answers (FAQs) about the new requirement for large corporations to report their uncertain tax positions.
First-Time Homebuyer Credit Recapture Causing IRS Processing Problems
The IRS announced that it is having problems processing tax returns that involve repayment of the Sec. 36 first-time homebuyer credit for 2008 home purchases.
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.
