The Tax Court upholds a 2008 law’s retroactive application and denies a treaty exemption.
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TOPICS
Tax
Amended rules govern FIRPTA dispositions
Guidance is issued on PATH Act amendments.
IP PINs: Fraud protection places duties on preparers
Identity protection personal identification numbers pose additional filing and recordkeeping considerations.
IRS gives more guidance on like-kind aircraft exchanges
A memorandum addresses the “held for” requirement of Sec. 1031 when a relinquished aircraft is used for both business and personal purposes.
Foreign earned income exclusion denied for State Department employee
The Tax Court’s application of common law factors overrules a taxpayer’s belief he was an independent contractor.
New product or different presentation?
Courts and the IRS differ over a key qualification for the domestic production activities deduction.
IRS releases 2017 health savings account limits
The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.
Ways to make tax compliance less of a nightmare for small business
Troy Lewis, chair of the AICPA’s Tax Executive Committee, testified in favor or the Mobile Workforce State Income Tax Simplification Act.
Taxpayers can now pay federal tax at participating retail stores
A new program allows individuals who owe federal income taxes to pay in cash at 7-Eleven stores in 34 states.
IRS’s inversion rules include earnings-stripping provisions
These new rules aim to curtail an inverted company’s ability to access foreign subsidiaries’ earnings without paying U.S. tax.
Panama papers leak provides road map for tax investigations
Tax authorities in various countries announced the launch of investigations after 11.5 million documents were leaked from a Panamanian law firm that specializes in setting up offshore entities.
How clients can protect their tax data from hackers
Tax-related identity theft occurs when stolen Social Security numbers are used to file tax returns claiming fraudulent refunds.
IRS issues 2016 and revised 2015 vehicle depreciation limits
The IRS issued guidance providing the depreciation limits for automobiles for 2016 and revised limits for 2015 reflecting the retroactive increase in the amount of bonus depreciation permitted under recent legislation.
IRS withdraws controversial charitable donation information-reporting rules
After receiving tens of thousands of negative comment letters, the Service makes an about-face.
IRS provides guidance on like-kind exchanges of aircraft
Memorandum clarifies whether aircraft are “held for productive use in a trade or business” when held by a special-purpose entity.
AICPA meetings in D.C. seek path toward a 21st century IRS
AICPA tax advocacy committee members held two days of meetings with key members of Congress and IRS Commissioner John Koskinen in February.
Damages awarded to taxpayers for IRS violation of bankruptcy stay
Sovereign immunity is not a protection, a bankruptcy court holds.
Shooting wild hogs counts toward a lawyer’s material participation in a farming activity
The Tax Court allows a taxpayer’s passive losses despite his lack of contemporary logs of hours spent.
FBAR compliance
Heightened tax compliance efforts worldwide make this a good time to review the complicated rules that apply to reporting foreign accounts on FinCEN Form 114, Report of Foreign Bank and Financial Accounts, commonly known as FBAR.
$50,000 in tax debt can ground travelers
New law denies or revokes passports for “seriously delinquent” accounts over $50,000.
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