Minimum Essential Coverage, Other Health Care Reform Guidance Issued
The IRS released health care guidance, including final regulations on minimum essential coverage, a list of hardship exemptions from individual shared-responsibility penalty, and indexed adjustments for certain calculations under the premium tax credit.
Published on November 24, 2014
Rules Updated for Transit Fare Smart Cards and Qualified Transportation Fringe Benefits
The IRS announced that, beginning after Dec. 31, 2015, employers will no longer be permitted to provide qualified transportation fringe benefits in the form of cash reimbursement in geographic areas where a terminal-restricted debit card is readily available.
Published on November 21, 2014
IRS Finalizes Rules on Relief From Failure to File GRAs
The IRS finalized proposed regulations to update the rules that apply to U.S. taxpayers that fail to file gain recognition agreements when they transfer certain property to foreign corporations in nonrecognition transactions.
Published on November 18, 2014
G-20 Leaders Commit to Automatic Exchange of Tax Information
Leaders of the G-20 major economies endorsed the OECD’s global standard for automatic exchange of tax information at the G-20 summit in Brisbane, Australia.
Published on November 17, 2014
IRS Fills in Details of One-a-Year IRA Rollover Rule
The IRS clarified how the recently announced change in how it interprets the statutory one-rollover-per-year rule for IRAs will affect 2014 rollovers and how the rules will apply starting in 2015.
Published on November 11, 2014
Regulations Finalize Rules on All-Cash D Reorganizations
The IRS finalized temporary regulations regarding the determination of the basis of stock or securities in all-cash D reorganizations where no stock or securities of the issuing corporation is issued and distributed in the transaction.
Published on November 10, 2014
Final Rules Determine How E&P Is Treated in Corporate Reorganizations
New rules under Sec. 381 will change which corporation succeeds to the tax attributes, including the earnings and profits (E&P), of the transferor or distributor corporation in certain acquisitions.
Published on November 07, 2014
Filing Season Complications Loom, IRS Commissioner Tells AICPA
The 2015 tax filing season “will be one of the most complicated filing seasons we’ve ever had,” IRS Commissioner John Koskinen said in a keynote address Tuesday to hundreds of attendees at the AICPA National Tax Conference in Washington.
Published on November 04, 2014
Proposed Rules Would Change Partners Treatment of Unrealized Receivables and Inventory Items
The IRS issued proposed regulations under Sec. 751 that would amend the rules governing how a partner measures its interest in a partnership’s unrealized receivables and inventory items and the tax consequences of a distribution to a partner reducing that interest.
Published on October 31, 2014
2015 Inflation-Adjusted Items and Tax Tables Issued
The IRS issued the annual inflation adjustments for 2015 for more than 40 tax provisions as well as the 2015 tax rate tables for individuals and estates and trusts.
Published on October 30, 2014
Defined Contribution Plans Can Offer Deferred Annuities to Older Participants
Qualified defined contribution plans will be allowed to provide lifetime income to plan participants by offering funds including deferred annuities among their assets, even if some of the funds are available only to older plan participants.
Published on October 24, 2014
Pension Plan Limitations Are Increased for Inflation
Taxpayers will be allowed to contribute more money to their retirement savings in 2015 under new pension plan limits announced by the IRS.
Published on October 23, 2014
Social Security Administration Announces 2015 Wage Base
The Social Security Administration announced that the wage base above which OASDI taxes are not due will increase from $117,000 to $118,500 in 2015.
Published on October 22, 2014
Proposed Regs. Would Eliminate 36-Month Testing Period from COD Reporting Requirements
Because the IRS believes that requiring the filing of Form 1099-C at the expiration of a 36-month nonpayment of debt testing period “creates confusion for taxpayers” and does not increase tax compliance, the Service proposes to eliminate the rule.
Published on October 14, 2014
Certain FATCA Deadlines Are Postponed
The IRS announced its intention to modify the effective dates of the FATCA standards of knowledge that apply to a withholding certificate or documentary evidence to document a payee and other rules.
Published on October 13, 2014