The websites had no financial purpose beyond gambling and were not financial agencies within the scope of the reporting requirement, the Ninth Circuit holds.
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TOPICS
Tax
Deduction allowed for unredeemed ‘fuelperks!’
The Third Circuit reverses the Tax Court on accrual-basis retailer’s customer reward program.
Damage from collapsed retaining wall is not deductible to co-op stockholder
The collapse was caused by progressive deterioration, not an identifiable event of a sudden, unexpected, or unusual nature, the Tax Court holds.
Proposed rules issued on higher education credits and deduction
The regulations conform with recent law changes on qualified tuition and related expenses for schools and taxpayers.
IRS implements new Sec. 501(c)(4) notice requirement
Form 8976 notifying of intent to operate must be filed within 60 days of an organization’s formation.
CPAs lukewarm to IRS hotline
Despite shorter average wait times this year, using the Practitioner Priority Service can still be an ordeal, surveys suggest.
Bookkeeper/office manager’s innocent spouse claim is denied
The taxpayer’s involvement in her husband’s company gave her knowledge or reason to know of tax underpayments, the Tax Court holds.
Line items
Sec. 83(b) election statement is no longer required with return … IRS acquiesces to full mortgage interest deduction per individual co-owner
Tax issues for professional gamblers
Professional status allows deduction of ordinary and necessary business expenses.
Guidance allows QTIP election where executor elects portability
The IRS removed a prohibition on making a qualified terminable interest property (QTIP) election when the election would have been null and void because the estate had a zero estate tax liability.
IRS issues 2016–2017 special per-diem rates for travel
The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.
Private collection agencies to start collecting tax debts in the spring
Under legislation enacted last year, the IRS is required to use private debt collection agencies to collect outstanding inactive tax liabilities.
New IRS e-Services authentication process requires re-registration
The IRS announced that beginning in late October all e-services users will be subject to a strengthened identity protection process, which, for existing users, requires re-registering.
Tax scammers send fake CP2000s, IRS warns
The IRS issued an alert to taxpayers not to respond to the latest tax fraud scheme, an emailed CP2000 notice claiming to be related to an Affordable Care Act tax underpayment.
IRS restricts foreign tax credit splitter arrangements
The IRS issued guidance prohibiting corporations from taking foreign tax credits for taxes without repatriating the earnings to the United States.
Defined benefit plan participants can receive lump sum and annuity under new rules
The IRS issued new rules giving retirement plan participants greater flexibility in choosing how to receive their pension benefits.
New cyberattacks threaten tax professionals
A new wave of cyberattacks could allow criminals to take control of tax practitioners’ computers and file fraudulent returns.
Final regulations amend definitions of marriage
The IRS finalized proposed rules issued last October amending the definitions of marriage and husband and wife after the Supreme Court’s decision in Obergefell v. Hodges, which legalized same-sex marriages.
Anthony Nitti, CPA
Anthony Nitti, CPA, has pursued his passion for writing while serving tax clients as a partner with WithumSmith+Brown in Aspen, Colo.
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