Charitable deductions stand a much better chance of being upheld when taxpayers closely follow the qualified appraiser rules.
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TOPICS
Tax
Tax debts from late-filed returns held dischargeable in bankruptcy
Ninth Circuit BAP rejects a literal application of a Bankruptcy Code provision, splitting from 3 other circuits.
Line items
Tangible property de minimis safe-harbor amount is higher … Tax Court proposes petition e-filing … One-fourth of advance premium tax credits paid went unreported on returns
A closer look at sales and use taxation of the cloud
The growth of cloud technology means that what used to be clearly the sale of tangible personal property is now digital and challenging to classify for sales and use tax purposes.
New Form 3115 is required, IRS announces
The IRS alerted the public that a new Form 3115, Application for Change in Accounting Method, has been issued with a revision date of December 2015, the first revision since 2009.
Estates have until June 30 to file estate basis form
The IRS announced one last postponement in the due date for filing under rules requiring reporting of the value of an estate’s assets to the IRS and beneficiaries.
Exempt organizations’ applications do not contain protected return information
A federal appeals court ordered the IRS to comply with a lower court’s order that it hand over the names of organizations that had been on its “Be on the lookout” list when it was mishandling applications for tax-exempt status.
IRS launching competition to redesign taxpayer experience
Aimed at “reimagining the taxpayer experience of the future,” the IRS asked for participants to design a new way of presenting information to taxpayers that is understandable and useful to them.
Guidance extends certification deadlines for reinstated work opportunity tax credit
Because of the recent retroactive reinstatement of the work opportunity tax credit to the beginning of 2015 and the addition of the long-term unemployed to the list of qualified employees beginning Jan. 1, 2016, the IRS has extended the due date for required certifications.
What to do when a client wants to give an LLC or limited partnership unit to charity
Many charitable organizations will not accept a gift of an LLC or limited partnership units because the entity’s business is not part of their charitable mission.
Estate basis consistency reporting rules are proposed
The regulations reiterate the delayed reporting deadline of March 31, 2016.
Phishing scheme requests Form W-2 and other confidential employee information
The IRS reiterated that everyone has a responsibility to confirm people’s identities before responding to such a request.
Social Security changes affect retirement planning
The latest federal budget law restricts the use of the file-and-suspend and lump-sum options.
Trusts prevail in transferee liability case
State law theories of liability were not proved, the Tax Court holds.
Line items
IRS to contact late payroll tax remitters … PPACA employer issues addressed … Standard mileage rates lower in 2016
Form 1023-EZ: First-year results are in
A year after introducing a streamlined application process for tax-exempt organizations, the IRS reports on customer satisfaction and what worked and what didn’t.
Form 1099-C and COD income: Key timing issues
Issuance of Form 1099-C does not necessarily require income inclusion in the same year.
Basis of stock received in insurance demutualization is zero
The Ninth Circuit reverses a 2013 district court holding in Dorrance, creating a circuit split.
Practitioner-client and work product doctrines preclude IRS summons
The Second Circuit overrules a district court’s restrictive interpretations of a “common legal interest” with a third party and documents prepared “in anticipation of litigation.”
Family stock transfer 44 years ago was a taxable gift
Sumner Redstone’s 1972 transfer to children’s trusts, unlike his brother’s, was voluntary and nonbusiness-related.
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