Tax Reform, Lower Rates Among Top Legislative Goals, Ryan Tells AICPA
Rep. Paul D. Ryan, R-Wis., outlined his priorities since taking over House Ways and Means Committee leadership to members of the AICPA’s spring Council meeting in Washington.
Published on May 19, 2015
Supreme Court Invalidates Marylands Personal Income Tax Structure
The Supreme Court held that the personal income tax system imposed by the state of Maryland, which did not give taxpayers a credit against their county income tax for taxes paid to other states, violates the dormant Commerce Clause
Published on May 18, 2015
Basis Rules for Estates of 2010 Decedents Proposed
Proposed regulations would apply to decedents who died in 2010 and whose executors elected under Sec. 1022 to not have the retroactively reinstated estate tax apply to the decedents’ estates.
Published on May 08, 2015
Regs. on Notional Principal Contracts Change Treatment of Nonperiodic Payments
The IRS issued temporary and proposed rules under Secs. 446 and 956 amending how nonperiodic payments made or received under certain notional principal contracts are treated.
Published on May 07, 2015
List of Designated Private Delivery Services Is Updated, Postmark Rules Revised
The IRS updated the list of designated private delivery services (PDSs) that taxpayers can use to take advantage of Sec. 7502’s timely mailing equals timely filing/paying rule.
Published on May 07, 2015
Rulings Illustrate Transactions That Qualify as D Reorganizations
The IRS issued two rulings on transactions that qualify as D reorganizations and revoked Rev. Rul. 78-130.
Published on May 06, 2015
2016 Inflation Adjustments for HSAs Released
The IRS issued the inflation-adjusted figures for calendar-year 2016 for the annual contribution limits for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
Published on May 05, 2015
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