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.
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TOPICS / TAX
Business tax
FASB proposes two changes to simplify accounting for income taxes
FASB proposed two standards changes that are designed to reduce complexity in accounting for income taxes.
Merger of family businesses results in gift tax
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.”
Final regs. prescribe E&P treatment in corporate reorganizations
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.
Expired tax provisions extended for 2014
Congress acted at the end of its lame-duck session to retroactively extend a host of expired tax provisions affecting the 2015 filing season.
Affiliated group with QPSC allowed graduated tax rates
Regulations do not support the IRS’s “two baskets” approach of separating qualified personal service corporation income, the Tax Court holds.
Merged corporations can offset tax interest
The surviving corporation and acquired corporations in a merger are considered the same taxpayer for purposes of interest offsetting.
Proposed rules would govern Sec. 41 credit for software
The IRS issued proposed rules to provide guidance on what types of internal-use software qualify for the Sec. 41 research credit, an area of considerable controversy over the years.
Getting into the swing of tax season
The 2015 tax filing season could be delayed and features several new health carerelated provisions for 2014 returns. Plus: The JofA’s annual Quick Guide, a printable card that contains dollar thresholds, tax tables, standard amounts, credits, and deductions to keep at your fingertips during tax season.
IRS: Tax season to start on time
The IRS announced that it will begin accepting e-filed and paper tax returns on time this filing season. The late passage of tax extender legislation had threatened to delay the start of tax season.
AICPA: Repair regulations’ de minimis safe harbor is set too low
The Institute asks the IRS for an increase in the threshold.
Notice defines terms for economic substance doctrine
“Similar rule of law” is limited to the same factors and analysis as under the codified economic substance doctrine for an accuracy-related penalty.
Regulations tightening Form 5472 filing requirements are finalized
The IRS finalized proposed regulations issued last June requiring corporations to file Form 5472 with their timely filed tax returns or pay a large penalty.
Transfers of installment obligations would trigger gain or loss under proposed rules
The IRS issued proposed regulations that govern the tax treatment of transfers of installment obligations in exchange for equity interests in corporations or partnerships.
President signs tax extenders into law
President Barack Obama signed into law the Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014.
Congress passes tax extender legislation
Included in the extended provisions are the research and development credit, bonus depreciation and higher limits under Sec. 179. The bill now goes to the president for his signature.
Standard mileage rates will change slightly in 2015
The IRS issued the standard mileage rates for business use of an automobile, and for driving for medical or moving purposes, for 2015.
Final regs. include safe harbor for local lodging costs
Employer-required lodging expenses may now be deductible as an employee business expense or, if paid or reimbursed by the employer, excluded under an accountable plan, even if the employee is not away from home.
Regulations finalize rules on all-cash D reorganizations
On Monday, the IRS finalized temporary regulations regarding the determination of the basis of stock or securities in all-cash D reorganizations where no stock or securities of the issuing corporation is issued and distributed in the transaction (T.D. 9702). The regulations clarify that in these transactions, only a shareholder that
Final rules determine how E&P is treated in corporate reorganizations
New rules under Sec. 381 will change which corporation succeeds to the tax attributes, including the earnings and profits (E&P), of the transferor or distributor corporation in certain acquisitions. T.D. 9700, issued on Friday by the IRS, also finalizes other related proposed regulations under Sec. 312 clarifying that, in certain
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From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
