In a speech to the AICPA’s spring Council meeting, Rep. Paul Ryan, chair of the House Ways and Means Committee, laid out his goals for tax reform and lower tax rates. He also called for the United States to adopt a territorial tax system.
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TOPICS / TAX
Business tax
Rulings illustrate transactions that qualify as D reorganizations
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 PFIC rules would define “active conduct” of an insurance business
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).
Tax practice responsibilities involved in Schedule UTP
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.
Proposed rules would govern Sec. 41 credit for software
The IRS offers a test and safe harbor for qualifying dual-function internal-use software.
Small businesses excused from filing Form 3115 to comply with repair regs.
IRS provides relief requested by AICPA and numerous others for accounting method changes.
IRS issues new and revised passenger automobile depreciation limits
New figures for 2014 reflect the retroactive extension of bonus depreciation.
Sec. 4980D excise tax relief is available for certain small employers
IRS gives limited transition relief for employer payment plans and 2% S corporation shareholder arrangements.
Former partner liable for trust fund penalty
A taxpayer couldn’t prove his CPA had responded to an IRS letter assessing the 100% penalty for failure to pay payroll tax.
Final regulations amend broker basis reporting requirements
The IRS issued final and temporary regulations that clarify and simplify rules regarding broker basis reporting issued in 2013.
Long-haul truck driver has no tax home
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.
IRS considering free e-filing for employment tax returns
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.
Supreme Court holds trade association can challenge Colorado’s Amazon law
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.
Domestic production gross receipts not derived from free phone app
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.
The domestic production activities deduction for computer software
Know how to apply the rules to this fast-changing industry.
Employers have more time to claim work opportunity tax credit
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.
Sec. 4980D excise tax relief is available for certain small employers
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.
Employee consent to employment tax refunds could be obtained electronically
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 businesses won’t have to file Form 3115 to comply with repair regs.
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.
Most outstanding claims for FICA tax refunds will be denied, IRS announces
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.
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