The IRS issued final regulations, governing the Sec. 6707A penalty regime for failure to report reportable transactions, to reflect changes made by the Small Business Jobs Act.
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IRS Expands Hurricane Irene Relief
The IRS expanded its Hurricane Irene relief to include four counties in Vermont, after the president declared those counties federal disaster areas.
Taxpayers Hit by Irene Get Postponement
Taxpayers in certain areas affected by Hurricane Irene have until October 31 to file certain returns and make payments normally due before then, the IRS announced September 1.
IRS Clarifies September 9 Extension for Offshore Reporting
The IRS clarified that its postponement of deadlines under the 2011 OVDI also applies to taxpayers filing FBARs and other information returns pursuant to FAQs 17 and 18.
Hurricane Postpones IRS’s Offshore Voluntary Disclosure Deadline
The IRS announced it had postponed the deadline for its 2011 Offshore Voluntary Disclosure Initiative (OVDI). The new due date for requests is September 9, 2011.
TIGTA: IRS Does Not Timely Resolve Math Error Disputes
TIGTA released a report in which it recommended that the IRS develop processes to ensure that math error disputes with taxpayers are resolved more quickly and accurately.
Final Regulations Govern Establishing Evidence of Delivery to the IRS
The IRS issued final regulations providing guidance on how taxpayers can prove the timely delivery of physical documents to the IRS or the Tax Court, absent direct proof of delivery.
Election to Deduct Business Startup Expenses Gets Final Rules
The IRS issued final regulations governing elections by individual taxpayers, corporations and partnerships to deduct startup expenses or organizational expenditures.
Health Care Premium Credit Rules Proposed
The IRS released proposed regulations implementing the health insurance premium tax credit, which is effective starting in 2014.
IRS Revises Actuarial Tables
The IRS issued final regulations relating to the use of actuarial tables for valuing annuities, interests for life or a term of years, or remainder or reversionary interests.
IRS Issues Guidance on Carryover Basis Rules for 2010 Decedents’ Estates
The IRS issued guidance on the time and manner for making the election not to have estate tax apply to estates of decedents who died in 2010.
Final Regulations Simplify Accounting Rules in Corporate Reorganizations
The IRS issued final regulations intended to clarify and simplify rules concerning continuity of accounting methods and inventory methods in certain tax-free corporate reorganizations and liquidations.
Congressional Committee Checks In on Registered Tax Preparer Program
While tax professional communities offered diverging opinions of the registered tax return preparer (RTRP) program to a congressional subcommittee, all agreed on one thing—the IRS made a significant effort to listen.
Final Regulations Simplify Reduced Research Credit Election
The IRS released final regulations on July 26 further simplifying an election method by which taxpayers may use a standard rate to reduce a research credit under Sec. 41 in lieu of reducing their research expense deductions.
Practitioners, Policymakers Welcome IRS Change on Innocent Spouse Relief
Tax practitioners, legislators, and taxpayer advocates said the IRS’ announcement that it would no longer require taxpayer requests for innocent spouse equitable relief under Sec. 6015(f) to be made within two years of the beginning of collection activity was a long overdue change.
IRS Relents on Two-Year Limit on Innocent Spouse Equitable Relief
After winning appeals in three federal circuit courts of its two-year limit for requesting equitable innocent spouse relief, the IRS said on July 25 it will no longer observe that deadline.
IRS Discontinues High-Low Method for Substantiating Travel Expenses
The IRS announced that it is discontinuing the high-low method for substantiating lodging, meal and incidental expenses incurred in traveling away from home.
Comments Sought on IRS Continuing Education Provider Standards and Process
The IRS on July 18 invited public comments on its process for approving continuing education providers and on the standards that should apply to such providers.
FinCEN Creates FBAR E-Filing System
FinCEN announced that it has developed an electronic filing system for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
Economic Substance Guidance Issued to IRS Examiners
The IRS Large Business and International (LB&I) Division issued guidance to examiners on the newly codified economic substance doctrine limiting the application of penalties relating to the doctrine.
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.
