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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    Proposed Regs. Would Eliminate 36-Month Testing Period from COD Reporting Requirements

    News Because the IRS believes that requiring the filing of Form 1099-C at the expiration of a 36-month nonpayment of debt testing period “creates confusion for taxpayers” and does not increase tax compliance, the Service proposes to eliminate the rule.
    Published on October 17, 2014

    Certain FATCA Deadlines Are Postponed

    News The IRS announced its intention to modify the effective dates of the FATCA standards of knowledge that apply to a withholding certificate or documentary evidence to document a payee and other rules.
    Published on October 14, 2014

    Changes Made to IRS Streamlined Offshore Compliance Procedures

    News The IRS updated its streamlined offshore compliance program to provide procedures taxpayers residing both inside and outside the United States should use to participate in the program.
    Published on October 14, 2014

    Notice Defines Terms for Economic Substance Doctrine

    News The IRS provided guidance defining "transaction" for purposes of applying the codified economic substance doctrine and "similar rule of law" for purposes of the accuracy-related penalty.
    Published on October 13, 2014

    AICPA Asks for Raise in Repair Regulations De Minimis Safe Harbor Threshold

    News The AICPA raised concerns about the low amount of the de minimis safe harbor threshold in the tangible property regulations and about the retrospective application of the new rules.
    Published on October 13, 2014

    Final Regs. Allow Deduction for Local Lodging Expenses

    News Regulations finalize rules the IRS put into effect in 2012 allowing employees to deduct certain expenses paid or incurred for local lodging as business expenses.
    Published on September 30, 2014

    Vision, Dental, and Long-Term-Care Benefits Qualify as Limited Excepted Benefits Under New IRS Rules

    News Dental, vision, and long-term-care benefits will qualify as excepted benefits under final regulations issued by the IRS.
    Published on September 30, 2014

    IRS Signals PPACA Compliance Issues for 2015

    News This month, the IRS made several updates to the Internal Revenue Manual that provide insight on the notices and enforcement methods the Service will use next tax season to ensure taxpayers comply with the health care law.
    Published on September 26, 2014

    AICPA Identifies Problems with IRSs Electronic Signature Rules

    News The AICPA raised concerns about the IRS’s recently issued guidance on electronic signatures, especially the standards that apply when a taxpayer does not appear in person before the tax return preparer to present a valid form of identification.
    Published on September 26, 2014

    Doctors Lack Standing to Challenge Delay of Employer Mandate

    News The Seventh Circuit affirmed the dismissal of a suit objecting to the IRS’s decision to delay imposing the Sec. 4980H employer mandate penalty until 2015.
    Published on September 24, 2014

    Details of Proposed Anti-Inversion Rules Are Revealed

    News The IRS followed up on the Treasury Department’s announcement that it is cracking down on corporate tax inversions by providing more detail on how the crackdown will work.
    Published on September 24, 2014

    Treasury Moves to Curb Tax Inversions

    News The Treasury Department announced that it will take steps to curb corporate tax inversions, a growing tax minimization strategy that has been the subject of many headlines recently.
    Published on September 23, 2014

    Dispositions of Property Get Automatic Accounting Method Change Procedures

    News The IRS issued procedures for taxpayers to obtain automatic consent to accounting method changes involving dispositions of tangible depreciable property.
    Published on September 23, 2014

    IRS Announces Proposed Changes to Cafeteria Plan Elections and Lookback Period

    News Proposed changes to the rules for when a taxpayer can revoke health care coverage in a cafeteria plan and how to measure the lookback period for determining who is a full-time employee when an employee moves positions within the same employer group.
    Published on September 19, 2014

    Special Per Diem Rates Issued for 20142015 Travel Expenses

    News The IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2014 and 2015.
    Published on September 19, 2014

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