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1. Minimum essential coverage, other health care reform guidance issued   WebExclusive

BY Sally P. Schreiber, J.D.
The IRS released a package of guidance on 2010’s health care reform legislation, finalizing proposed regulations on minimum essential coverage (T.D. 9705), identifying the hardship exemptions from the Sec. 5000A individual shared-responsibility penalty for which individuals are not required to provide exemption certificates (Notice 2014-76), and providing indexing adjustments for certain calculations under the Sec.

2. IRS finalizes rules on relief from failure to file GRAs   WebExclusive

BY Sally P. Schreiber, J.D.
The IRS finalized proposed regulations to update the rules that apply to U.S. taxpayers that fail to file gain recognition agreements (GRAs) when they transfer certain property to foreign corporations in nonrecognition transactions (T.D. 9704). The rules change the standards under which transferors are required to recognize gain on the transfer of stock or securities.Under Sec.

3. G-20 leaders commit to automatic exchange of tax information   WebExclusive

BY Alistair M. Nevius, J.D.
“Profits should be taxed where economic activities deriving the profits are performed and where value is created”—so said the leaders of the G-20 major economies as they endorsed the Organisation for Economic Co-operation and Development’s (OECD’s) global standard for automatic exchange of tax information at the G-20 summit in Brisbane, Australia, on Sunday.

4. IRS fills in details of one-a-year IRA rollover rule   WebExclusive

BY Sally P. Schreiber, J.D.
The IRS clarified how the recently announced change in how it interprets the statutory one-rollover-per-year rule for individual retirement arrangements (IRAs) will affect 2014 rollovers and how the rules will apply starting in 2015 (Announcement 2014-32).Sec. 408(d)(3)(A)(i) permits a tax-free rollover of funds in a taxpayer’s IRA as long as the amount distributed to the taxpayer is paid into an IRA for the taxpayer’s benefit within 60 days, subject to the one-rollover-per-year limit of Sec.

5. Regulations finalize rules on all-cash D reorganizations   WebExclusive

BY Sally P. Schreiber, J.D.
On Monday, the IRS finalized temporary regulations regarding the determination of the basis of stock or securities in all-cash D reorganizations where no stock or securities of the issuing corporation is issued and distributed in the transaction (T.D. 9702). The regulations clarify that in these transactions, only a shareholder that owns actual shares of the issuing corporation will be able to designate the issuing corporation’s share of stock to which the basis (if any) of the stock or securities surrendered will attach.

6. Final rules determine how E&P is treated in corporate reorganizations   WebExclusive

BY Sally P. Schreiber, J.D.
New rules under Sec. 381 will change which corporation succeeds to the tax attributes, including the earnings and profits (E&P), of the transferor or distributor corporation in certain acquisitions. T.D. 9700, issued on Friday by the IRS, also finalizes other related proposed regulations under Sec. 312 clarifying that, in certain corporate reorganizations, the “acquiring corporation” succeeds to the full E&P account of the transferor corporation.

7. Filing season complications loom, IRS commissioner tells AICPA   WebExclusive

BY Paul Bonner
The 2015 tax filing season “will be one of the most complicated filing seasons we’ve ever had,” IRS Commissioner John Koskinen said in a keynote address Tuesday to hundreds of attendees at the AICPA National Tax Conference in Washington. He also held out hope of penalty relief for taxpayers affected by the IRS’s shutdown of its e-services over the Columbus Day weekend.Two new provisions for tax year 2014 introduced by the Patient Protection and Affordable Care Act of 2010 (PPACA), P.L.

8. Research and experimentation expenditures clarified  

BY Alistair M. Nevius
With enhanced definitions and numerous additional examples, final regulations issued in July (T.D. 9680) clarify research and experimentation (R&E) expenditures under Sec. 174 that may be deducted currently or capitalized and amortized. Under the final regulations, the ultimate success, failure, sale, or use of a product is not relevant to a determination of eligibility under Sec.

9. Aircraft rental is passive activity  

BY Raymond C. Speciale, Esq., CPA and Ronald D. Golden, Esq.
Failure to properly document material participation prompts a Tax Court ruling that an aircraft rental activity is passive. The Tax Court held that losses from an aircraft rental activity were passive and could not be used to offset income from other business sources. The ruling was based on the taxpayer’s failure to produce documentary evidence of material participation in the activity.Facts: Scott Wesley Williams, a part-time lawyer, maintained several businesses during 2007.

10. New IRS appeals process launched  

BY Ann Marie Maloney
Cases lacking documentation or adherence to procedural requirements or that have new taxpayer information will be returned to Examination.In September, the IRS Office of Appeals began a policy of hearing only cases that are fully developed; hearing officers will not do their own investigations and will send any new issues raised or evidence submitted by the taxpayer during the appeal back to the originating function for consideration.Under this new Appeals Judicial Approach and Culture (AJAC) project, appeals officers are “no longer going to be examiners or investigators,” Appeals Team Manager Philip A.
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