Be on the Lookout Lists Gone From IRS Reviews of Sec. 501(c)(4) Applications
Two years after the scandal involving IRS reviews of applications for tax-exempt status, TIGTA issued a follow-up report.
Published on April 30, 2015
IRS Intends to Amend Rules So Refunds Match Foreign Withholding Payments
The IRS proposed that taxpayers that are subject to withholding under Ch. 3 or 4 and that make claims for refunds or credits of the withheld tax be prevented from obtaining them where a withholding agent failed to deposit the required amounts.
Published on April 28, 2015
CHIP Buy-in Programs May Qualify as Minimum Essential Coverage
An individual who may enroll in a CHIP buy-in program that has been recognized as minimum essential coverage by HHS will be treated as eligible for minimum essential coverage under the program for purposes of the premium tax credit only for the period the individual is enrolled.
Published on April 27, 2015
Proposed PFIC Rules Would Define Active Conduct of an Insurance Business
Proposed regulations would clarify the circumstances under which investment income earned by a foreign insurance company is derived in the active conduct of an insurance business for purposes of determining whether the income is passive income.
Published on April 23, 2015
Millions of Taxpayer Phone Calls Went Unanswered by IRS This Tax Season
The number of taxpayer phone calls answered by the IRS dropped significantly during this tax season and call wait times were up.
Published on April 16, 2015
IRS Grants Penalty Relief to Taxpayers Who Received Incorrect Health Care Forms
To ease the filing burden for taxpayers who received late or incorrect Forms 1095-A, the IRS announced that it will provide penalty relief for taxpayers.
Published on April 13, 2015
Wife of Anti-Tax Author Sentenced to Prison
A taxpayer was sentenced to 18 months in prison followed by one year of supervised release after being convicted of criminal contempt for failing to file amended tax returns as ordered by a judge and for filing a false income tax return.
Published on April 10, 2015
Qualified Performance-Based Compensation Rules Are Finalized
The IRS issued final regulations regarding the exception under Sec. 162(m)(4)(c) to the $1 million deduction limitation for compensation paid by publicly held corporations to covered employees.
Published on March 31, 2015
Final Regs. Provide Rules for Assessment Limitation Period for Undisclosed Listed Transactions
The IRS issued final regulations regarding the exception to the general three-year assessment limitation period for listed transactions that a taxpayer did not disclose as required under Sec. 6011.
Published on March 30, 2015
Former Partner Liable for Trust Fund Penalty
A taxpayer who asserted he was no longer a partner in a business during the periods at issue was nevertheless held to be a responsible person and liable for the 100% penalty for failure to pay over withheld employment taxes.
Published on March 27, 2015
AICPA Asks IRS for Portability Relief for Surviving Spouses
The AICPA requested that the IRS provide relief to surviving spouses who want to elect portability of the deceased spouse’s unused estate tax exemption amount.
Published on March 20, 2015
Wraparound Coverage Must Meet Five Requirements to Qualify as an Excepted Benefit
Final regulations permit employers to offer limited wraparound coverage for health care if they meet five requirements.
Published on March 17, 2015
Treasury Will Not Have to Tell PTIN Holders That They Are Under Investigation
The Treasury Department issued a final rule on Monday that exempts it from having to reveal to PTIN holders the names of agencies or individuals that have asked for their files.
Published on March 16, 2015
Final Regulations Amend Broker Basis Reporting Requirements
The IRS issued final and temporary regulations that provide rules for brokers to report bond premium and acquisition premium as well as govern information reporting of transactions involving debt instruments and options.
Published on March 12, 2015
Long-Haul Truck Driver Has No Tax Home
A long-haul truck driver who spent most of the time on the road did not have a tax home that would allow him to deduct his unreimbursed travel expenses because he was not away from home, the Tax Court held.
Published on March 10, 2015