Tax Patents Reportable Transactions

The IRS and Treasury Department issued proposed regulations that add patented transactions to Treas. Reg. § 1.6011-4 on reportable transactions. REG-129916-07 also makes conforming changes to IRC section 6111 on disclosure of reportable transactions by material advisers. Comments and public hearing requests are due by Dec. 26. The AICPA and others have sought a legislative solution to what they say are problems caused by patents granted for tax strategies (see “ Tax Patents Considered ,” JofA , July 07, page 40, and “Washington Report ,” this issue, page 27). At their urging, the House of Representatives included a prohibition of tax strategy patents in a patent reform bill that passed that chamber in early September. However, the Institute and others have advised against classifying patented transactions as reportable transactions for all taxpayers, after the IRS and Treasury floated the idea last November in a preamble to other proposed regulations.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.