The Federal Circuit holds that abandonment of a claim for reimbursement of a theft loss is not necessary to prove a reasonable certainty that no reimbursement will be received.
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Tax
2017 tax software survey
Take a look at how CPA preparers rated their software’s performance and support, their likes and dislikes, and whether they would recommend their product to someone starting a tax practice.
Deductions disallowed for operator of Larry Bird’s former house as a B&B
The French Lick, Ind., property was used for personal purposes more than 14 days per year, the Tax Court holds.
Internal-use software regs. could be boon for financial services industry
Financial institutions could benefit from new regulations that make it easier for taxpayers to take the research credit for the costs of developing software.
Line items
IRS announces first batch of CPEOs; Letter ruling and closing agreement fees now payable online; Leveraged spinoffs removed from IRS no-ruling list; HSA limits increase slightly
2017 tax software survey: Individual product survey responses
Online-only: Contact information, basic packages and their features are shown below for selected products receiving more than one reply in the survey.
Use of trust disclaimers in estate planning
A beneficiary’s disclaimer could adjust the results of an existing irrevocable trust.
IRS moves for stay of PTIN fee injunction
If granted, the stay would allow the IRS to charge the fees while it decides whether to appeal the district court decision that struck down the fees and, if it does appeal, during the appeal itself.
IRS pilots Appeals videoconference service
The IRS Office of Appeals announced that on Aug. 1 it will begin offering taxpayers and their representatives a new web-based virtual conference option for taxpayer conferences.
IRS heats up compliance enforcement on passport holders with tax debt
The passport restriction will affect the expatriate community and foreign travelers who haven’t established an agreement to pay their delinquent tax debt.
Regulations address new statutory due dates for many tax returns
Changes to the due dates and extensions of time to file various tax returns and information returns were implemented in a package of regulations the IRS issued on Wednesday.
Revised Senate health bill would retain taxes on higher-income individuals
The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.
Treasury identifies 8 regulations as burdensome
After reviewing all 105 Treasury regulations issued in 2016 and early 2017, the Treasury Department has identified eight that cost too much, are too complex or exceed the IRS’s statutory authority.
Factor presence nexus: A growing trend in state taxation
A lack of state rulings on its constitutionality has not slowed the number of states adopting the factor presence nexus theory of asserting taxing authority.
Employment tax enforcement rising to a top priority
The IRS and the Department of Justice indicate an increase in efforts to counter growing noncompliance.
Line items
Residents of 3 more countries now subject to U.S. interest reporting … Automatic accounting method change procedures updated … Private debt collection is said to be underway
Guidance issued on PATH Act depreciation, Sec. 179 changes
The revenue procedure covers amended returns claiming property expensing, qualified real property, and bonus depreciation transition rules.
How small businesses can apply the research credit to payroll taxes
Interim guidance addresses the time and manner of making the election.
Planning opportunities for the final tax return
Many tax attributes vanish at the end of life, and clients are well-advised to include them in their final arrangements.
IRS signals non acquiescence in 3 cases
The Service says courts erred in decisions on the placed-in-service date of a retail store, the use of the completed-contract method, and an S corporation’s payment of an employee’s personal expenses.
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