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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    Details of the Presidents State of the Union Tax Proposals

    News President Barack Obama used Tuesday’s State of the Union address to announce that he will propose tax increases for higher-income individuals and provide tax relief for middle-class taxpayers.
    Published on January 21, 2015

    Proposed Rules Would Govern Sec. 41 Credit for Software

    News The IRS issued long-awaited proposed rules on what type of internal-use software qualifies for the Sec. 41 research credit.
    Published on January 20, 2015

    IRS Updates Accounting Method Change Procedures

    News The IRS issued new procedures taxpayers should use to make accounting method changes.
    Published on January 16, 2015

    Budget Cuts May Force IRS Furlough Days Again

    News IRS Commissioner John Koskinen issued a message to IRS employees outlining the steps the Service will have to take to deal with the budget cuts Congress enacted late last year.
    Published on January 13, 2015

    U.S. Government Opens Secure Portal for FATCA Reporting

    News Financial institutions and tax administrators that have an obligation under U.S. tax law to report account information to the U.S. government now have a secure online site where they can transmit that information.
    Published on January 12, 2015

    Government to Reach Out, Provide Resources to Ease Health Care Tax Filing Burden

    News Taxpayers who are faced for the first time this tax season with complying with the health care law provisions will be able to get help from the government, the secretaries of the Treasury and of Health and Human Services announced.
    Published on January 08, 2015

    IRS Issues Procedures for Reinstated Transit Benefits Parity

    News The IRS issued procedures for employers to use to handle the retroactive application of the increased amount of the 2014 income exclusion for monthly transit benefits.
    Published on January 08, 2015

    IRS Tax Season to Start on Time

    News The IRS announced that tax season will start on time this year and it will begin accepting e-filed and paper returns on Jan. 20, as originally planned.
    Published on January 05, 2015

    Regulations Tightening Form 5472 Filing Requirements Are Finalized

    News Final regulations remove the provision allowing Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, to be timely filed separately from the corporation’s tax return if that return is filed late.
    Published on December 24, 2014

    Transfers of Installment Obligations Would Trigger Gain or Loss Under Proposed Rules

    Article The IRS issued proposed regulations relating to the nonrecognition of gain or loss on certain dispositions of an installment obligation.
    Published on December 23, 2014

    President Signs Tax Extenders Into Law

    News President Barack Obama on Friday signed into law the Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014.
    Published on December 22, 2014

    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

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