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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    IRS Announces Proposed Changes to Cafeteria Plan Elections and Lookback Period

    News Proposed changes to the rules for when a taxpayer can revoke health care coverage in a cafeteria plan and how to measure the lookback period for determining who is a full-time employee when an employee moves positions within the same employer group.
    Published on September 19, 2014

    Special Per Diem Rates Issued for 20142015 Travel Expenses

    News The IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2014 and 2015.
    Published on September 19, 2014

    Regulations Update Hybrid Defined Benefit Plan Rules

    News The IRS released final and proposed regulations providing guidance on so-called hybrid defined benefit pension plans.
    Published on September 19, 2014

    Changes Proposed to Allocation Rules for Rollovers

    News The IRS provided rules on how to allocate pre- and after-tax amounts distributed from IRAs, including Roth IRAs, to multiple destinations.
    Published on September 19, 2014

    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

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