The IRS issued revenue rulings on whether two transactions, one involving domestic entities and another involving both domestic and foreign entities, qualified as Section 351 exchanges followed by D reorganizations.
Proposed rules would define when investment income earned by a foreign insurance company would not be considered passive income in the determination of whether the company is a passive foreign investment company (PFIC).
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.
New figures for 2014 reflect the retroactive extension of bonus depreciation.
The IRS offers a test and safe harbor for qualifying dual-function internal-use software.
The need to file Schedule UTP, Uncertain Tax Position Statement, may have taken many corporate taxpayers by surprise in 2014, since the asset threshold for compliance was lowered from $50 million to $10 million.
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.