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    Definitions of R&E Expenditures Are Amended Under Final Rules

    News The IRS issued final regulations on which amounts paid or incurred in connection with the development of tangible property, including pilot models, qualify for the Sec. 174 deduction (or amortization) for research and experimental expenditures.
    Published on July 21, 2014

    Court Halts IRS Regulation of Contingent Fees for Refund Claims

    News A federal court granted summary judgment and issued an injunction to prevent the IRS from regulating contingent fee arrangements for the preparation and filing of ordinary refund claims under Circular 230.
    Published on July 21, 2014

    Effective Date of Fiduciary Fee Unbundling Rules Delayed Until 2015

    News The new rules governing which costs of trusts and estates are subject to the 2% floor on miscellaneous deductions now apply to tax years beginning after Dec. 31, 2014, rather than to tax years beginning on or after May 9, 2014.
    Published on July 21, 2014

    Partnership Interest Expense Allocation Rules Are Finalized

    News Final regulations make permanent four changes to the rules for allocating and apportioning interest expense for partners in partnerships.
    Published on July 17, 2014

    AICPA Sues IRS to Stop Return Preparer Program

    News The AICPA filed suit in the U.S. District Court for the District of Columbia, asking the court to halt the IRS’s recently introduced Annual Filing Season Program.
    Published on July 16, 2014

    Fighting Identity Theft, IRS Issues Final Rules on Truncated Identification Numbers

    News Final regulations allow the use of truncated taxpayer identification numbers on payee statements and certain other documents where not prohibited by the Code, applicable regulations, or other guidance published in the Internal Revenue Bulletin, forms, or instructions.
    Published on July 16, 2014

    E-filing of Amended Returns, Elimination of Form 1040X Among TIGTA Recommendations

    News Taxpayers should be allowed to use Form 1040 to amend their returns and should be able to e-file amended returns, according to recommendations made by the Treasury Inspector General for Tax Administration.
    Published on July 11, 2014

    One-IRA-Rollover-a-Year Rule Will Be Effective in 2015, IRS Says

    News The IRS withdrew proposed regulations that provided that the one-rollover-per-year rule for IRAs applies on an IRA-by-IRA basis.
    Published on July 11, 2014

    Limit on Direct Deposit of Refunds Will Go Into Effect in 2015

    News Beginning in January 2015, the IRS will impose a limit of three electronic direct deposits of tax refunds into a single financial account or prepaid debit card.
    Published on July 07, 2014

    Streamlined Tax-Exempt Application Process Introduced

    News The IRS introduced a streamlined application process for small organizations that want tax-exempt status under Sec. 501(c)(3).
    Published on July 02, 2014

    Unused ITINs Will Expire After Five Years Under New IRS Policy

    News The IRS announced a new: ITINs that are not being used will expire after five years. The policy will go into effect in 2016.
    Published on July 02, 2014

    IRA, Qualified Plan Participants Can Purchase Longevity Annuities

    News Final regulations issued permit IRA and qualified plan participants to enter into longevity annuities, using a certain amount of their account balances, without having these amounts count for calculating required minimum distributions.
    Published on July 02, 2014

    Regulations Provide Guidance for Small-Employer Premium Tax Credit

    News The IRS issued final regulations on the Sec. 45R credit for small employers that offer health insurance coverage for employees.
    Published on July 01, 2014

    Complete Rules for the IRSs Voluntary Return Preparer Certification Program Are Released

    News The IRS published guidance introducing its new, voluntary Annual Filing Season Program, which permits tax preparers who are not CPAs, attorneys, or enrolled agents to complete tax education requirements and receive a certificate
    Published on July 01, 2014

    IRS Reveals Details of Voluntary Preparer Certification Program

    News The IRS announced that it will soon introduce a voluntary program for tax return preparers called the Annual Filing Season Program.
    Published on June 27, 2014

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