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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    Millions of Taxpayer Phone Calls Went Unanswered by IRS This Tax Season

    News 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

    News 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

    News 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

    News 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

    News 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

    News 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

    News 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

    News 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

    News 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

    News 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

    News 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

    Sec. 529A ABLE Accounts May Be Set up Before the IRS Issues Guidance

    News The IRS announced on Tuesday that state ABLE programs that are established before the Service issues guidance under Sec. 529A will be deemed to comply with the rules when they are issued.
    Published on March 10, 2015

    IRS Considering Free E-Filing for Employment Tax Returns

    News The IRS announced that it is considering opening a free e-file program for businesses to e-file employment tax returns.
    Published on March 04, 2015

    Supreme Court Holds Trade Association Can Challenge Colorados Amazon Law

    News The federal Tax Injunction Act does not prevent the Direct Marketing Association from challenging a Colorado law imposing notification and reporting requirements on out-of-state retailers the U.S. Supreme Court held on Tuesday.
    Published on March 03, 2015

    Safe Harbor Proposed for Calculating Slot Machine Gains and Losses

    News A proposed revenue procedure would permit gamblers engaging in electronically tracked slot machine play an optional safe harbor method to determine a wagering gain or loss from their slot machine play based on day-long play sessions.
    Published on March 03, 2015

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