The IRS stated that it intends to keep its Offshore Voluntary Disclosure Program open until it announces otherwise.
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Tax
Taxpayers get penalty relief for incorrect premium tax credit advance payments
The IRS announced penalty relief for taxpayers who find they owe tax when they reconcile the advance payments of the premium tax credit they received with the amount they were entitled to when they file their 2014 tax returns.
Charter schools can participate in government retirement plans
The IRS announced that it will develop regulations that would permit a state or local retirement system that qualifies as a governmental plan to cover employees of charter schools.
Details of the president’s State of the Union tax proposals
The president aims to increase capital gains taxes for higher-income taxpayers in order to pay for various education, child care, and retirement benefits for middle-income taxpayers.
Proposed rules would govern Sec. 41 credit for software
The IRS issued proposed rules to provide guidance on what types of internal-use software qualify for the Sec. 41 research credit, an area of considerable controversy over the years.
IRS updates accounting method change procedures
The new rules apply to automatic and nonautomatic accounting method changes and include a list of automatic changes that do not require IRS consent.
Budget cuts may force IRS furlough days again
The IRS warned its employees that budget cuts may require it to furlough employees for two days sometime during this fiscal year.
AICPA provides feedback on tax reform proposals
The AICPA urged Rep. Paul Ryan, the new chair of the House Ways and Means Committee, to follow the AICPA’s principles of good tax policy to guide tax reform.
Government to reach out, provide resources to ease health care tax filing burden
The government announced today that, in the next few weeks, it will introduce “consumer-friendly” resources for taxpayers to use to comply with the new rules.
IRS issues procedures for reinstated transit benefits parity
As part of the Tax Increase Prevention Act of 2014, Congress retroactively reinstated the parity between transportation benefits for parking and for transit passes and vanpools to the beginning of 2014.
Getting into the swing of tax season
The 2015 tax filing season could be delayed and features several new health carerelated provisions for 2014 returns. Plus: The JofA’s annual Quick Guide, a printable card that contains dollar thresholds, tax tables, standard amounts, credits, and deductions to keep at your fingertips during tax season.
IRS: Tax season to start on time
The IRS announced that it will begin accepting e-filed and paper tax returns on time this filing season. The late passage of tax extender legislation had threatened to delay the start of tax season.
TIGTA: Process for complaints against preparers is too slow
The Treasury Inspector General for Tax Administration said in Rep’t No. 2014-40-056 that its audit indicated the IRS does not timely process complaints it receives against tax return preparers.
AICPA: Repair regulations’ de minimis safe harbor is set too low
The Institute asks the IRS for an increase in the threshold.
Streamlined offshore compliance procedures updated
Changes apply to taxpayers whose violations are nonwillful.
Notice defines terms for economic substance doctrine
“Similar rule of law” is limited to the same factors and analysis as under the codified economic substance doctrine for an accuracy-related penalty.
Canadian retirement plan beneficiaries get relief
Under the U.S.-Canada tax convention, beneficiaries in an arrangement exempt from taxation by Canada and operated exclusively to provide pension or employee benefits may defer U.S. recognition of income accrued in the plan but undistributed. A recently issued revenue procedure (Rev. Proc. 2014-55) provides new procedures for making this election,
Eighth Circuit weighs in on soil conservation payments
A taxpayer not engaged in the farming business who received payments from a government soil conservation program did not thereby have self-employment income.
Defined contribution plans can offer deferred annuities to older participants
The IRS confirms that target date funds restricted by age can comply with nondiscrimination requirements.
2015 pension contribution limits set
The IRS announced 2015 limitations and adjusted gross income (AGI) phaseout ranges for retirement plan contributions.
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