IRS gives limited transition relief for employer payment plans and 2% S corporation shareholder arrangements.
IRS provides relief requested by AICPA and numerous others for accounting method changes.
The IRS offers a test and safe harbor for qualifying dual-function internal-use software.
New figures for 2014 reflect the retroactive extension of bonus depreciation.
A taxpayer couldn’t prove his CPA had responded to an IRS letter assessing the 100% penalty for failure to pay payroll tax.
The IRS issued final and temporary regulations that clarify and simplify rules regarding broker basis reporting issued in 2013.
A long-haul truck driver who spent 358 days on the road during 2009 did not have a tax home that would permit him to deduct his travel expenses as unreimbursed business expenses.
The IRS asked for comments on a proposal to establish a free e-filing program for employment tax returns in an attempt to increase electronic filing of these returns by businesses.
The U.S. Supreme Court held that federal law does not prevent a trade association from suing Colorado to prevent enforcement of a law that requires out-of-state retailers to report sales to Colorado purchasers.
A bank does not have domestic production gross receipts for purposes of the Sec. 199 domestic production activities deduction when customers download its free mobile phone app.
Know how to apply the rules to this fast-changing industry.
Qualifying employers must file a certification that the employee being hired is a member of a targeted group, no later than the 28th day after the employee begins work.
The IRS said that small employers will not be subject to the Sec. 4980D excise tax for health insurance employer payment plans that do not comply with the market reforms required under the health care law.
The IRS issued a proposed revenue procedure that would permit employers who file refund claims for overpaid Federal Insurance Contributions Act and Railroad Retirement Tax Act taxes to obtain their employees’ consent to the refund claims electronically.
Small business taxpayers will be allowed to make certain accounting method changes under the tangible property (or “repair”) regulations without filing Form 3115, Application for Change in Accounting Method, the IRS announced.
The IRS announced that it would disallow all claims for refund that were filed for Federal Insurance Contributions Act taxes withheld on severance payments in light of the Supreme Court’s decision in Quality Stores, Inc., that those payments were subject to tax.
The IRS issued new figures for depreciation deductions allowed for business use of passenger automobiles for 2014 to take into account the 50% additional depreciation that can be taken for vehicles during the 2014 tax year.
FASB proposed two standards changes that are designed to reduce complexity in accounting for income taxes.
The Tax Court held that a merger of a family’s two businesses resulted in a $29.6 million transfer from the parents to their three sons and a gift tax deficiency. However, the court denied failure-to-file penalties on the gift due to the taxpayers’ reliance on a “competent professional.”
New rules under Sec. 381 change which corporation succeeds to the tax attributes, including the earnings and profits (E&P), of the transferor or distributor corporation in certain acquisitions.