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    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

    IRS Issues Guidance on Health Insurance Premium Tax Credits

    News The IRS issued regulations and revenue procedures addressing how to calculate the Sec. 36B premium tax credit.
    Published on July 29, 2014

    New IRS Rules Simplify Compliance for Money Market Fund Shares

    News The IRS issued guidance that allows a simplified method for calculating gain or loss on shares in MMFs subject to the new rules and exempts redemptions of shares in these MMFs from the wash sale rules
    Published on July 29, 2014

    New Rules on Covered Asset Acquisitions Will Shut Down Transactions to Avoid Sec. 901(m)

    News The IRS will issue regulations to prevent taxpayers from misapplying the statutory disposition rule in cases where the gain or loss from the disposition of the relevant foreign asset is recognized for U.S. income tax purposes but not for foreign income tax purposes.
    Published on July 29, 2014

    Final Rules Issued on Bona Fide Indebtedness and Terminating Partnerships Startup Expenses

    News Final regulations were issued on S corporation shareholder basis of indebtedness of the S corporation to the shareholder only if the indebtedness is bona fide and on the deductibility of startup expenditures and organizational expenses for partnerships following a termination of a partnership.
    Published on July 23, 2014

    Federal Courts Disagree on Health Care Credits for Federal Exchanges

    News Two federal appellate courts issued conflicting decisions regarding the availability of the Sec. 36B premium tax credit for taxpayers who purchase health insurance on exchanges set up by the federal government.
    Published on July 23, 2014

    Definitions of R&E Expenditures Are Amended Under Final Rules

    News The IRS issued final regulations on which amounts paid or incurred in connection with the development of tangible property, including pilot models, qualify for the Sec. 174 deduction (or amortization) for research and experimental expenditures.
    Published on July 21, 2014

    Court Halts IRS Regulation of Contingent Fees for Refund Claims

    News A federal court granted summary judgment and issued an injunction to prevent the IRS from regulating contingent fee arrangements for the preparation and filing of ordinary refund claims under Circular 230.
    Published on July 21, 2014

    Effective Date of Fiduciary Fee Unbundling Rules Delayed Until 2015

    News The new rules governing which costs of trusts and estates are subject to the 2% floor on miscellaneous deductions now apply to tax years beginning after Dec. 31, 2014, rather than to tax years beginning on or after May 9, 2014.
    Published on July 21, 2014

    Partnership Interest Expense Allocation Rules Are Finalized

    News Final regulations make permanent four changes to the rules for allocating and apportioning interest expense for partners in partnerships.
    Published on July 17, 2014

    AICPA Sues IRS to Stop Return Preparer Program

    News The AICPA filed suit in the U.S. District Court for the District of Columbia, asking the court to halt the IRS’s recently introduced Annual Filing Season Program.
    Published on July 16, 2014

    Fighting Identity Theft, IRS Issues Final Rules on Truncated Identification Numbers

    News Final regulations allow the use of truncated taxpayer identification numbers on payee statements and certain other documents where not prohibited by the Code, applicable regulations, or other guidance published in the Internal Revenue Bulletin, forms, or instructions.
    Published on July 16, 2014

    E-filing of Amended Returns, Elimination of Form 1040X Among TIGTA Recommendations

    News Taxpayers should be allowed to use Form 1040 to amend their returns and should be able to e-file amended returns, according to recommendations made by the Treasury Inspector General for Tax Administration.
    Published on July 11, 2014

    One-IRA-Rollover-a-Year Rule Will Be Effective in 2015, IRS Says

    News The IRS withdrew proposed regulations that provided that the one-rollover-per-year rule for IRAs applies on an IRA-by-IRA basis.
    Published on July 11, 2014

    Limit on Direct Deposit of Refunds Will Go Into Effect in 2015

    News Beginning in January 2015, the IRS will impose a limit of three electronic direct deposits of tax refunds into a single financial account or prepaid debit card.
    Published on July 07, 2014

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