Search

The Consolidated Appropriations Act, 2021, P.L. 116-260, the omnibus spending and coronavirus relief bill enacted in December, included many tax provisions, including the extension of various expiring provisions, extensions and [...]

Legislative and administrative responses to the COV1D-19 pandemic have given America's taxpayers many short-term--and a few longer-term--tax breaks. From tax credits to filing postponements, here is a breakdown of the [...]

The Tax Cuts and Jobs Act, P.L. 115-97, which President Donald Trump signed into law on Dec. 22, enacted a large overhaul of many parts of the Internal Revenue Code. [...]

The Tax Cuts and Jobs Act, P.L. 115-97, which President Donald Trump signed into law on Dec. 22, enacted a large overhaul of many parts of the Internal Revenue Code. [...]

The $1.9 trillion spending bill expands child and dependent care credits for 2021, changes unemployment taxability for 2020, and adds a third round of recovery rebates. April/May 2021 The American [...]

The Ninth Circuit, in a 2-1 decision, held that the IRS had properly obtained written managerial approval of a penalty imposed on the taxpayer, reversing a Tax Court decision. Facts: [...]

The Fifth Circuit affirmed a district court decision that an IRS levy against a decedent's estate for unpaid taxes took precedence over his children's claims to the money, which the [...]

The Consolidated Appropriations Act, 2016, P.L. 113-114, which was enacted Dec. 18, 2015, extends an extensive list of expired tax provisions-some permanently, some for five years, and many for two [...]

A large number of expired tax provisions were extended--some permanently--as part of the omnibus spending bill, the Consolidated Appropriations Act, 2016, P.L. 114-113, signed into law by President Barack Obama [...]

The employee retention credit (ERC) was terminated early and broker reporting of cryptoasset transfers will be required as a result of the Infrastructure Investment and Jobs Act, P.L. 117-58, that [...]

The IRS announced in October that if a taxpayer relies in good faith on frequently asked questions (FAQs) that the Service posts to its website, and if that reliance is [...]

The IRS issued final regulations on Oct. 1 providing guidance to eligible individuals with a disability who are the owners and designated beneficiaries of ABLE accounts on a wide variety [...]

The IRS issued guidance to employers regarding the amount of federal income tax to withhold from employees' wages (TD. 9924). The final regulations implement changes enacted in the law known [...]

Certain health care taxes are repealed, IRAs are revamped, and disaster relief and other provisions are extended. The federal government spending bill passed by Congress in December repealed three health [...]

EXECUTIVE SUMMARY * The IRS is taking a closer look at returns that claim the earned income tax credit (EITC), and before tax season it sent letters to tax return [...]

In 2014, the IRS introduced a streamlined process to allow small organizations to more easily apply for tax-exempt status. A recent IRS survey of organizations that have been through the [...]

Pulling back from the "fiscal cliff" at the 13th hour, Congress on New Year's Day preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax [...]

You can't pick up a newspaper or go online this fall without seeing stories about the coming "tax cliff" or "taxmageddon"--the time at the end of this year when the [...]

Individuals who invest in partnerships need to be aware of the rules that limit the ability of a partner to deduct losses. Individual partners who have been allocated a distributive [...]

The Small Business Jobs Act of 2010 (PL 111-240), which Congress passed and President Barack Obama signed in September, expands loan programs through the U.S. Small Business Administration (SBA), strengthens [...]

The IRS unveiled a number of significant changes to its plan to require certain business taxpayers to report uncertain tax positions on their tax returns (see Announcement 2010-75 at tinyurl.com/33h3sdu [...]

The law revamps the appeals process, requests for innocent spouse claims, and private debt collection rules, among other revisions. The Taxpayer First Act of 2019, P.L. 116-25, became law on [...]

In March, Congress passed two pieces of legislation designed to reform the U.S. health care system. The Patient Protection and Affordable Care Act (PL 111-148) was enacted on March 23, [...]

With the enactment of the American Recovery and Reinvestment Act of 2009 on Feb. 17, Congress delivered a smorgasbord of tax relief items to individual taxpayers and small businesses. While [...]

In final regulations posted to the IRS website, taxpayers received guidance on how to allocate and apportion deductions and creditable foreign taxes and on other issues relating to foreign tax [...]

The IRS issued long-awaited final regulations (T.D. 9636) regarding the treatment of expenditures incurred in acquiring, producing, or improving tangible assets, including rules on determining whether costs related to tangible [...]

The "fiscal cliff" legislation enacted on Jan. 2--the American Taxpayer Relief Act, PL. 112-240--contains a large number of tax provisions. With some modifications, the act permanently extends provisions of the [...]

The IRS issued final regulations under Sec. 7216 that govern the circumstances in which tax return preparers can disclose or use certain limited tax return information (T.D. 9608). The regulations [...]

In a much-anticipated decision, the U.S. Supreme Court declared the mandate in IRC Sec. 5000A, requiring U.S. citizens and legal residents to maintain minimum essential health coverage, to be a [...]

When a foreign multinational operates in the United States through a U.S. group that has underlying foreign operations--known as a "U.S. sandwich structure" -- repatriating the U.S. group's foreign earnings [...]

The IRS Office of Chief Counsel in October issued an action on decision (AOD-2011-02) and a chief counsel notice (CC-2012-001) that both address the application of the valuation misstatement penalties [...]

The IRS has issued final regulations regarding the new information reporting requirement under Sec. 6050W for payment card and third-party network transactions (T.D. 9496). Starting January 1, 2011, banks and [...]

The American Recovery and Reinvestment Act of 2009, P.L. 111-5, was signed by President Obama on February 17, 2009. In addition to various spending programs intended to stimulate the economy, [...]

On October 3, 2008, President Bush signed into law the Emergency Economic Stabilization Act, P.L. 110-343. Included in this act were the Energy Improvement and Extension Act of 2008 (Energy [...]

On July 30, 2008, the president signed into law the Housing Assistance Tax Act of 2008, P.L. 110-289. Although most of the act deals with larger housing slump issues, such [...]

The Service has issued proposed regulations that implement changes made by the Small Business and Work Opportunity Tax Act of 2007, P.L. 110-28, to the return preparer penalties in Secs. [...]

On September 26, 2007, the IRS released final and proposed regulations (TD 9359 and REG-138637-07) amending Circular 230, Regulations Governing the Practice of Attorneys, Certified Public Accountants, Enrolled Agents, Enrolled [...]

Taxpayers that develop software for their own internal use will be able to claim a credit for research and development expenditures in some cases under final regulations issued by the [...]

On Oct. 4, the IRS issued final, temporary, and proposed regulations providing guidance on partnership disguised sales and allocation of liabilities. The final regulations (T.D. 9787) address disguised sales of [...]

Temporary and proposed regulations implement the amendments to the real estate investment trust (REIT) spinoff rules enacted in the Protecting Americans From Tax Hikes (PATH) Act of 2015 (enacted as [...]

Provisions that revoke passports for taxpayers with unpaid tax debts and require the IRS to use third-party debt collectors were included in the Fixing America's Surface Transportation Act, PL. 11494, [...]

The article offers information on tax relief in the U.S. due to COVID-19. Topics discussed include postpone of many federal tax payment and return filing deadlines to July 15, 2020 by Internal Revenue Service (IRS); information on Families First Coronavirus Response Act, which provide paid leave for employees who miss work for various coronavirus-related reasons; and information on Coronavirus Aid, Relief, and Economic Security (CARES) Act which provides for payments to taxpayers.

Tax provisions in the highway funding act also overturn the Supreme Court's Home Concrete holding that an overstatement of basis does not cause a substantial omission of gross income triggering [...]

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, RL. 114-41, enacted on July 31 contains several important tax provisions. The bill modifies the due dates for [...]

President Barack Obama used his 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. The White [...]

In December, President Barack Obama signed legislation that retroactively extended more than 50 expired tax provisions for 2014, allowing taxpayers to take advantage of a host of tax incentives during [...]

Jeffrey Porter, CPA, then-chair of the AICPA Tax Executive Committee, wrote to Andrew Keyso, IRS associate chief counsel, in October, raising the AICPA's concerns about the low amount of the [...]

For many years, the IRS has promised to issue regulations for Sec. 457(f) plans, largely because detailed guidance addressing certain issues was sorely needed. Finally, proposed regulations (REG-147196-07) were issued [...]

Although the increased estate tax exemption has minimized the number of taxable estates, numerous tax issues still must be addressed when a taxpayer dies. One of those is dealing with [...]

Coming regulations will reduce tax benefits of inversions by preventing certain uses of controlled foreign corporations and closing loopholes in the Sec. 7874 anti-inversion provisions. The IRS and Treasury Department [...]