The IRS on Wednesday announced that it is postponing for at least one year the requirement that domestic entities report interests in specified foreign financial assets. In Notice 2013-10, the IRS says that when it issues final regulations, they will apply no earlier than to tax years beginning after Dec.
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Tax
Federal court strikes down IRS tax return preparer registration program
The United States District Court for the District of Columbia on Friday struck down the IRS’s registered tax return preparer program and enjoined it from enforcing the regulations (Loving, No. 12-385 (D.D.C. 1/18/13)). Background The IRS in 2011 began regulating all tax return preparers who prepare and file tax returns
IRS provides penalty relief for farmers hit by delayed start of tax season
The IRS on Friday announced that it will provide estimated tax penalty relief for farmers and fishermen who are not able to file and pay their 2012 taxes by the March 1 deadline due to the delayed start for filing tax returns. Earlier this month, the IRS announced that it
FATCA final regulations cover all the bases
On Thursday, the IRS issued final regulations providing rules on information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities (T.D. 9610). Under the Foreign Account Tax Compliance Act of 2009 (FATCA), enacted as part of the Hiring Incentives to Restore Employment
Retroactive procedures implement qualified transportation fringe benefits parity for 2012
The IRS has provided procedures for employers to use to handle the retroactive application of the increased amount of the 2012 income exclusion for monthly transit benefits. The American Taxpayer Relief Act of 2012, P.L. 112-240 (the Act), retroactively reinstated parity between the benefits for parking and the benefit for
IRS corrects 2013 tax tables in revenue procedure
On Tuesday, the IRS announced corrections to two of the 2013 tax tables it issued on Jan. 11 in Rev. Proc. 2013-15. The corrections, as incorporated into the revised revenue procedure, are to Tables 1 and 2 of the tax rate tables in Rev. Proc. 2013-15, Section 2.01. In Table
Simplified home-office deduction safe harbor announced
On Tuesday, the IRS released Rev. Proc. 2013-13, which gives taxpayers an optional safe-harbor method to calculate the amount of the deduction for expenses for business use of a residence during the tax year under Sec. 280A, beginning with the current tax year. Individual taxpayers who elect this method can
Tax tables, other inflation adjustments, issued for 2013
On Friday, the IRS issued Rev. Proc. 2013-15, which contains inflation-adjusted items for 2013, as well as the new income tax rate tables now in effect as a result of the American Taxpayer Relief Act of 2012, P.L. 112-240 (the Act). In October 2012, when the IRS issued its usual
Appeals Court reverses Claims Court, disallows LILO deductions
In an opinion that appears to close the door on lease-in, lease out (LILO) tax shelters once and for all, the Federal Circuit Court of Appeals issued a decision Wednesday reversing and remanding a case to the Court of Federal Claims, which had upheld the transaction (Consolidated Edison Co. of
CPAs: Fixing deficit should be government’s top economic priority
CPAs have serious concerns about the U.S. federal budget deficit. Fifty-four percent of the more than 1,700 AICPA members surveyed Dec. 4 through Dec. 24 said deficit reduction should be the top economic priority for the U.S. government. Lagging far behind fixing the deficit were other priorities: Creating jobs (23%),
Start of tax season delayed until Jan. 30; later for some taxpayers
The IRS announced on Tuesday that it plans to open the 2013 filing season and begin processing many individual income tax returns on Jan. 30 (IR-2013-2). However, not all taxpayers will be able to start filing tax returns on that date. The IRS says it will be able to begin
“Cliff” law reconfigures tax preparation and planning
With its scores of new and extended provisions, the American Taxpayer Relief Act of 2012 offers something for nearly all taxpayers and their preparers to assess and implement as they begin preparing 2012 returns and plan for the future. Less than two hours into 2013 and the “fiscal cliff” expiration
Regulations issued on Treasury Inflation-Protected Securities issued at a premium
The IRS has issued final regulations on the tax treatment of Treasury Inflation-Protected Securities (TIPS) that have more than a de minimis amount of premium, and temporary and proposed regulations on debt instruments with bond premium carryforward in the holder’s final accrual period (T.D. 9609; REG-140437-12). The final regulations adopt
IRS issues withholding tables for American Taxpayer Relief Act
On Friday, the IRS issued newly revised percentage withholding tables to implement the rates that will be in effect this year now that the American Taxpayer Relief Act, H.R. 8, has been enacted (Notice 1036, Rev. Jan. 2013, IR-2013-1). The tax rates in the tables are 10%, 15%, 25%, 28%,
To fight identity theft, IRS proposes rules for truncating identifying numbers
On Thursday, the IRS issued proposed regulations (REG-148873-09) that permit filers of information returns to use truncated taxpayer identification numbers (TTINs) when issuing payee statements in the Form 1099, 1098, and 5498 series (with the exception of Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, because that form is
Proposed regs. issued on large employer health coverage shared responsibility provisions
The IRS has issued proposed regulations providing guidance on the large employer “shared responsibility” provisions in Sec. 4980H (REG-138006-12). Taxpayers can rely on the proposed regulations until the IRS issues final regulations or other applicable guidance. The IRS also posted FAQs on its website, explaining how the shared responsibility provisions
Tax and fiscal cliff resources
The Journal of Accountancy is dedicated to ensuring CPAs stay well informed about the tax issues. This page gathers together news stories and articles from AICPA magazines and newsletters discussing the many aspects of the fiscal cliff that loomed at the end of 2012. The fiscal cliff had many different
Congress passes fiscal cliff act
Pulling back from the “fiscal cliff” at the 13th hour, Congress on Tuesday preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions. Shortly before 2 a.m. Tuesday, the Senate passed a bill that had been heralded and, in some quarters, groused about throughout
FATCA: A new era of financial transparency
Since 2008, the U.S. government has been aggressively moving against U.S. taxpayers who have undeclared foreign accounts. Through a variety of mechanisms, the government has obtained information about U.S. account holders and their assets from jurisdictions previously thought nearly impenetrable. These recent developments portend the eventual erosion of traditional concepts of
Second Circuit strikes down part of Defense of Marriage Act
The Second Circuit recently affirmed a New York federal district court decision that allowed the surviving spouse of a same-sex couple to take an unlimited marital deduction when computing the deceased spouse’s estate tax liability. The Second Circuit agreed with the lower court that Section 3 of the Defense of
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