IRS regulations and revisions provide state or local housing credit agencies with additional flexibility in implementing monitoring duties.
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TOPICS / PROCEDURE
Tax Planning; Tax Minimization
CPAs Helping Guide Tax Administration and Affecting Tax Policy
As it works through a long list of priorities and plans for its “future state,” the IRS should look to CPAs, who based on their experience can provide a unique viewpoint.
A Look at the Impact of New Federal Filing Deadlines
Taxing authorities have sought to incorporate adequate lead time into the tax filing process.
AICPA Tax Advocacy Members Go to Washington to Urge IRS Improvements
Meeting intended to urge IRS to provide more responsive and modern service to taxpayers and practitioners.
Legislation Permanently Bans Internet Taxes, Increases Failure-to-File Penalty
Congress passed the Trade Facilitation and Trade Enforcement Act of 2015, making permanent the moratorium on states and
localities taxing Internet access.
Ways to Make Tax Compliance Less of a Nightmare for Small Business
Troy Lewis, chair of the AICPA’s Tax Executive Committee, testified in favor or the Mobile Workforce State Income Tax Simplification Act.
Recent Guidance Affecting Research Credit Carryforwards From Closed Years
The IRS recently promulgated final regulations that prohibit a taxpayer from increasing research credit carryforwards from closed years by electing the ASC method.
Change in Form 1099-B Cost Basis Reporting Can Result in Double-Counting of Income
Since the compensatory income is already included in the employee’s Form W-2, the failure to report it in the Form 1099-B cost basis results in double-counting the income unless an adjustment is entered on Form 8949.
Ramifications of Removing the Sec. 199 Benefits-and-Burdens Test
Manufacturers could be unduly disadvantaged by the removal of the ownership test from present regulations.
Changes in Tax Legislation in 2015: Lots of Them!
This column provides a summary of the bills enacted last year that included tax changes.
Guidance Extends Certification Deadlines for Reinstated Work Opportunity Tax Credit
Because of the recent retroactive reinstatement of the work opportunity tax credit to the beginning of 2015 and the addition of the long-term unemployed to the list of qualified employees beginning Jan. 1, 2016, the IRS has extended the due date for required certifications.
IRS Withdraws Controversial Charitable Donation Rules
The IRS withdrew proposed regulations that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.
IRS Foreshadows New Energy Credit Regulations
This item describes the evolution of the ITC, information about the timing and scope of potential future regulations, and potential issues that the IRS may attempt to address in the guidance.
Tax Extenders Are Enacted
The Consolidated Appropriations Act extends an extensive list of expired tax provisions, some permanently, some for five years, and many for two years, through 2016.
Final Regulations Govern Sec. 6045 Reporting of Debt Instruments by Brokers
The IRS issued final regulations on the rules for brokers to report transactions involving debt instruments and options, including original issue discount.
Passport Revocation and Third-Party Debt Collection Provisions Enacted
Passports can be denied to any person whom the IRS certifies as having seriously delinquent tax debt.
Proposed and Temporary Sec. 199 Regulations Address a Wide Variety of Issues
The Treasury Department and the IRS proposed regulations that address a variety of issues and reflect guidance on statutory changes, provide clarifications of existing guidance,
and address issues generating controversy regarding IRS and taxpayers.
IRS Temporary Regulations Eliminate the Automatic 30-Day Filing Extension for Forms W-2
Employers will be allowed only a single, nonautomatic 30-day extension of the filing due date for the Form W-2 series.
2015 Budget Act Makes Big Changes to Partnership Audit Procedures
The act replaces the current TEFRA partnership audit rules and repeals the current special rules for electing large partnerships.
Definitions Would Be Amended to Implement Supreme Court’s Same-Sex Marriage Decisions
The IRS issued proposed regulations amending the definitions of “spouse” and “husband and wife” to reflect U.S. Supreme Court decisions.
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.
