Tax News

    Tax News 

    The Tax News page provides quick access links to recent news and articles regarding hot topics and trending issues. To view full monthly editions visit The Tax Adviser and the Journal of Accountancy.

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    PFIC Reporting Rules Do Not Apply to Certain Marked-to-Market Stock

    News The IRS announced that it will amend the regulations governing the reporting requirements for U.S. persons who hold stock in passive foreign investment companies.
    Published on September 12, 2014

    IRS Explains Power-of-Attorney Requirements for Corporate Taxpayers

    News The IRS issued a bulletin clarifying when corporate officers or employees must have a valid power of attorney in order to represent the company before the IRS.
    Published on September 10, 2014

    CPA Practitioners Sue to Stop PTIN Fees

    News Two CPAs have filed suit in the federal district court, asking the court to stop the IRS from charging fees for issuing PTINs, to obtain refunds of fees paid in the past, and to enjoin the IRS from asking for more information than needed to issue PTINs.
    Published on September 09, 2014

    Final Rules Clarify When Issuers Obligation Under a Debt Instrument Is Part of a Straddle

    News The IRS provided guidance on when an issuer’s obligation under a debt instrument may be a position in actively traded personal property, in which case it can be part of a straddle.
    Published on September 08, 2014

    Capital Gain, Not Amount Realized, Determines Application of Six-Year Collection Statute

    News The Tax Court held that gross income for purposes of Sec. 6501(e) statute of limitation calculations includes only the gain from the sale of investments and not the amount realized from their sale.
    Published on September 08, 2014

    New IRS Appeals Process Starts Sept. 2

    News The IRS Office of Appeals is changing the way it handles appeals to examination decisions.
    Published on August 25, 2014

    Final Rules Clarify Retailers Treatment of Vendor Discounts in Inventory Valuation

    News Final regulations restate and clarify retailers’ computation of ending inventory value, including the application of common vendor discounts.
    Published on August 18, 2014

    Regs. Govern Dispositions of Depreciable Property

    News The IRS issued final regulations providing rules for how to determine gain or loss when property subject to depreciation is disposed of, how to determine the asset disposed of, and how to account for partial dispositions of depreciated property.
    Published on August 18, 2014

    Tax News

    News Tax news links from the tax adviser
    Published on August 11, 2014

    Whistleblower Final Rules Expand Definition of Collected Proceeds

    News Comprehensive final regulations provide rules for whistleblower awards under Secs. 7623(a) and (b), as well as rules governing the disclosure of return information under Sec. 6103(h) to pursue these claims.
    Published on August 08, 2014

    Regulations Provide Guidance on Sec. 6707 Material Adviser Penalty

    News The IRS issued final regulations under Sec. 6707, which imposes a large penalty on any material adviser who fails to file a return required under Sec. 6111(a) disclosing a reportable transaction or who files a false or incomplete return.
    Published on July 31, 2014

    IRS Issues Guidance on Health Insurance Premium Tax Credits

    News The IRS issued regulations and revenue procedures addressing how to calculate the Sec. 36B premium tax credit.
    Published on July 29, 2014

    New IRS Rules Simplify Compliance for Money Market Fund Shares

    News The IRS issued guidance that allows a simplified method for calculating gain or loss on shares in MMFs subject to the new rules and exempts redemptions of shares in these MMFs from the wash sale rules
    Published on July 29, 2014

    New Rules on Covered Asset Acquisitions Will Shut Down Transactions to Avoid Sec. 901(m)

    News The IRS will issue regulations to prevent taxpayers from misapplying the statutory disposition rule in cases where the gain or loss from the disposition of the relevant foreign asset is recognized for U.S. income tax purposes but not for foreign income tax purposes.
    Published on July 29, 2014

    Final Rules Issued on Bona Fide Indebtedness and Terminating Partnerships Startup Expenses

    News Final regulations were issued on S corporation shareholder basis of indebtedness of the S corporation to the shareholder only if the indebtedness is bona fide and on the deductibility of startup expenditures and organizational expenses for partnerships following a termination of a partnership.
    Published on July 23, 2014

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