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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    Congress Passes Tax Extender Legislation

    News The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76–16 on Tuesday evening. The extender bill passed the House of Representatives on Dec. 3, and it now goes to President Barack Obama for his signature.
    Published on December 17, 2014

    New Law Creates Tax-Favored Savings Accounts for Disabled Taxpayers

    News Congress approved the Achieving a Better Life Experience (ABLE) Act of 2014, which will allow disabled individuals to save money to pay for their disability expenses in tax-favored accounts, called ABLE accounts.
    Published on December 17, 2014

    Final Rules Govern Reporting of Specified Foreign Financial Assets

    News Individuals who are required to report interests in foreign financial assets to the IRS got guidance on the process in the form of final regulations.
    Published on December 11, 2014

    Standard Mileage Rates Will Change Slightly in 2015

    News Optional standard mileage rates for use of a vehicle will change a little for 2015, the IRS announced, with the business use rate going up and the medical and moving rate going down.
    Published on December 10, 2014

    Minimum Essential Coverage, Other Health Care Reform Guidance Issued

    Article 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

    News 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

    News 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

    News 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

    News 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

    News 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

    News 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

    News 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

    News 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

    News 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

    News 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

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