Line items

New estate basis reporting postponed

In Notice 2015-57, the IRS delayed until Feb. 29, 2016, the due date for statements otherwise due earlier that report the value of estate assets as required by Sec. 6035, which was enacted by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, P.L. 114-41, on July 31. Sec. 6035 requires estates to furnish a statement to the IRS and any person acquiring any interest in property included in the decedent's gross estate for federal estate tax purposes, identifying the value of the interest in the property as reported on the estate tax return. The postponement is intended to allow the IRS time to develop a reporting form and issue additional guidance.

ID protection services nontaxable

In Announcement 2015-22, the IRS stated it will not require employees or other persons to whom identity protection services are provided by an employer or other organization as the result of a data breach to include the value of those services in gross income. Nor will the IRS require the value of such services to be reported on an information return with respect to such individuals. The announcement does not apply to identity protection services provided for any other reason or to cash received in lieu of such services. It also does not apply to proceeds from an identity theft insurance policy, the IRS said.

The IRS is itself providing free credit monitoring and other protections to the more than 300,000 taxpayers whose identities were stolen in a breach of the Service's Get Transcript service.

Tuition statement TIN penalties waived

The IRS stated on its website ( that it will waive penalties for tax years 2012 through 2014 against colleges, universities, or other educational institutions for failing to provide a correct taxpayer identification number (TIN) on Form 1098-T, Tuition Statement, where the institution certifies under penalty of perjury that it properly requested TINs from students as required under Treasury regulations. The waiver is prompted by amendments to Sec. 6724(f) made by Section 805 of the Trade Preferences Extension Act of 2015, P.L. 114-27, enacted June 29, that provides the same relief for Forms 1098-T required to be filed, and statements required to be furnished, after Dec. 31, 2015.


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.