U.S. companies holding earnings overseas in cash could be bringing it back in response to tax reform proposed by the new administration in Washington.
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Tax
Seventh Circuit holds that taxpayer filed timely Tax Court petition
A taxpayer whose lawyer used print-at-home postage when mailing a Tax Court petition timely filed that petition, the Seventh Circuit Court of Appeals held, reversing and remanding the case to the Tax Court for consideration on the merits.
How a major beer importer is planning for tax reform
Constellation Brands, the third-largest beer seller in the United States, for instance, is modeling several scenarios related to a possible increase in taxes on imported goods.
Centralized partnership audit rules proposed
The IRS released a package of proposed provisions that will apply to the recently enacted centralized audit regime that generally assesses and collects tax at the partnership level.
IRS proposes changes to rules for dependents
The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.
IRS permits same-sex couples to recalculate marital exclusion amounts
The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.,
600 GE tax professionals moving to PwC
The transfer of 600 General Electric workers helps the Big Four firm grow its international expertise at a time when global tax strategy is growing in importance.
Inflation adjustments for 2017 issued for employer-provided vehicles
The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.
Guidance issued on de minimis safe harbor for information returns/payee statements
The IRS issued a notice that provides the requirements for a payee to make an election to not have the safe harbor for de minimis errors on information returns below certain amounts apply to a payer.
LLC’s sole member is held liable for employment taxes
An LLC is treated by default as a disregarded entity, the Tax Court holds.
Estate allowed deduction for theft loss suffered by an LLC in which it held an interest
The Tax Court finds a sufficient nexus between the Ponzi scheme theft loss suffered by an LLC and the value of the estate’s interest in the LLC.
Abating IRS penalties
Follow these recommendations for reducing or eliminating common tax penalties.
Nellen named Tax Executive Committee chair
Annette Nellen, director of San José State University’s graduate tax program and a professor in the program, was named chair of the AICPA Tax Executive Committee.
Earnings-stripping rules make many changes from proposed regs.
Bifurcation is delayed indefinitely, some entities are excepted, and the effective dates are delayed.
New rules allow more time to elect to take disaster loss in prior year
Hurricane and flooding prompt the relief measure.
Dealing with tax carryovers when a spouse dies
Proper allocation of tax carryovers is critical in the year one spouse dies.
Line items
Olympians win a tax break … Dozens charged in IRS impersonation ring … Voluntary offshore disclosure collections reach $10 billion
Getting in shape for tax season
The annual marathon of forms, schedules, and worksheets is beginning once more. As CPAs and their staffs train and ready their equipment, they might add these reminders of what’s new and notable for 2016 returns.
Eligibility rule waiver extended for taxpayers adopting repair regs.
The IRS extended for one year its waiver of the eligibility rule that generally prevents taxpayers from using the automatic accounting method change procedures to change the treatment of the same item more than once within a five-year period.
FinCEN grants permanent automatic extensions for FBARs
Starting this year, FBARs have a new, April 15 due date, with extensions to Oct. 15.
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