Tax news and information - Journal of Accountancy

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June 25, 2015

Congress makes changes to tax code in trade preferences act

The bill modifies the Sec. 35 health coverage tax credit and the Sec. 24 child tax credit, requires payee statements for the education credits, changes the time for payment of certain corporate estimated taxes, and increases information return and payee statement penalties.

June 25, 2015

Supreme Court upholds health insurance subsidies in federal exchanges

In a 6–3 decision, the U.S. Supreme Court held that Sec. 36B premium tax credits are available to taxpayers who purchase health insurance on exchanges run by the federal government under the Patient Protection and Affordable Care Act.

June 19, 2015

Proposed rules for ABLE accounts for the disabled are issued

Proposed regulations under Sec. 529A were issued providing guidance on ABLE accounts, special tax-favored accounts designed to help disabled individuals and their families save for and pay disability related expenses.

June 17, 2015

IRS issues guidance for multiemployer plans to apply for benefit suspension approval

The IRS released regulations and a revenue procedure containing guidance for sponsors of multiemployer plans that have insufficient funds to pay benefits, to apply for approval of a suspension of benefits.

June 15, 2015

IRS issues final portability rules for estate tax exemptions

The IRS issued final regulations on the portability of deceased spouses’ unused estate tax exemption amounts, which allows surviving spouses to use unused amounts of exemption from the estate tax in addition to their own exemptions.

June 12, 2015

Tax industry and IRS team up to fight identity theft refund fraud

the IRS announced that it agreed to partner with a number of tax preparation firms, state tax administrators, and other interested parties to fight identity theft refund fraud.

June 11, 2015

IRS: Corporations cannot circumvent gain on appreciated property using partnerships

The IRS issued temporary regulations designed to prevent corporations from avoiding gain on the distribution of appreciated property through the use of partnerships.

June 3, 2015

Bright-line test determines substantial business activities under inversion rules

The bright-line test introduced in 2012 amended the existing rules that applied a facts-and-circumstances test.

June 2, 2015

Expanded IRS online services put taxpayer information at risk, Senate committee told

IRS Commissioner John Koskinen revealed more details about the theft of 100,000 taxpayers’ data through the Get Transcript system.

June 1, 2015

New accounting method change procedures give more time to file Form 3115

The IRS updated its recently amended procedures for requesting approval for accounting method changes.

June 1, 2015

Retail buildings placed in service before being open for business

Building materials and supplies stores were ready and available to perform their assigned function.

June 1, 2015

No Sec. 199 deduction for these activities

The IRS Large Business & International (LB&I) Division issued guidance to its employees listing activities performed “at the retail level” that it said do not produce property that is “manufactured, produced, grown, or extracted,” as defined by Regs. Sec. 1.199-3(e).

June 1, 2015