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1. 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.

2. 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.

3. 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.

4. Effective filing dates of returns are disputable issues of fact  

BY Charles J. Reichert, CPA
The IRS’s motion for dismissal was denied in a case where determining the timeliness of a taxpayer’s refund claims depended on determining the effective filing date of the taxpayer’s returns.The Court of Federal Claims denied a motion by the IRS to dismiss a taxpayer’s refund claim for two prior tax years, holding that a trial is required to resolve a genuine factual dispute concerning whether the refund claims had been filed before the statute of limitation expired.Facts: Maria Montiel, a citizen and resident of Mexico, filed Form 1040, U.S.

5. 2015 inflation-adjusted items and tax tables issued   WebExclusive

BY Sally P. Schreiber, J.D.
The IRS issued the annual inflation adjustments for 2015 for more than 40 tax provisions as well as the 2015 tax rate tables for individuals and estates and trusts (Rev. Proc. 2014-61).Among the inflation-adjusted amounts that have increased are the personal exemption, which increases from $3,950 in 2014 to $4,000 for 2015, and the standard deduction, which for married taxpayers filing joint returns increases from $12,400 in 2014 to $12,600 in 2015.

6. Pension plan limitations are increased for inflation   WebExclusive

BY Sally P. Schreiber, J.D.
Taxpayers will be allowed to contribute more money to their retirement savings in 2015 under new pension plan limits announced by the IRS on Thursday. The IRS annually adjusts the limitations on pension plan contributions in cases where cost-of-living increases meet the statutory requirements for inflation adjustment. A list of the more significant items that are increased for 2015 includes:The elective deferral limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $17,500 in 2014 to $18,000 in 2015.The catch-up contribution limit for employees age 50

7. Asset protection of retirement funds after Clark   CPEDirect

BY Daniel S. Rubin, Esq.
What’s in a name? According to the U.S. Supreme Court, nothing.In June, the Supreme Court in Clark v. Rameker, No. 13-299 (U.S. 6/12/14), said that just because funds are held in an account called an individual retirement account (IRA), it doesn’t necessarily mean that they are retirement funds.

8. Final regs. allow deduction for local lodging expenses   WebExclusive

BY Alistair M. Nevius, J.D.
Regulations issued on Tuesday finalize rules the IRS put into effect in 2012 allowing employees to deduct certain expenses paid or incurred for local lodging as business expenses (T.D. 9696). Normally, lodging expenses a taxpayer incurs while not traveling away from home are considered personal expenses under Sec.

9. IRS signals PPACA compliance issues for 2015   WebExclusive

BY Andrew Phillips, J.D., Lindsey Buchholz, J.D., Jennifer Villarino, J.D. and Jim Buttonow, CPA/CITP
This month, the IRS made several updates to the Internal Revenue Manual (IRM) that provide insight on the notices and enforcement methods the Service will use next tax season to ensure taxpayers comply with the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148. Most compliance efforts focus on the premium tax credit and the individual shared-responsibility payment.

10. Gain exclusion lost upon reacquisition of former principal residence   CPEDirect

BY Charles J. Reichert, CPA
A repossession of a former principal residence pursuant to default on a contract for deed results in the partial recognition of gain previously excluded under Sec. 121.The Tax Court held that the portion of a taxpayer’s gain excluded under Sec. 121 was properly recognized when he repossessed his former principal residence, under the general rule of Sec.
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