Tax News & Opinion

Read latest tax related or accounting news. We have gathered together some of the best tax news from trusted sources and made it easier for you keep up to date the latest events in tax world.

Proposed regs. reflect amendments to all-events test and advance payments

October 12, 2018

NewsTAX ACCOUNTING Proposed regs. reflect amendments to all-events test and advance payments By Sally P. Schreiber, J.D. Related ...

Meals continue to be deductible under new IRS guidance

October 03, 2018

NewsEXPENSES & DEDUCTIONS Meals continue to be deductible under new IRS guidance By Sally P. Schreiber, J.D. Related TOPIC...

Charles Rettig sworn in as new IRS commissioner

October 02, 2018

NewsPROCEDURE & ADMINISTRATION Charles Rettig sworn in as new IRS commissioner By Alistair M. Nevius, J.D. Related TOPICS ...

IRS issues 2018–2019 per-diem rates

September 26, 2018

NewsINDIVIDUALS IRS issues 2018–2019 per-diem rates By Sally P. Schreiber, J.D. Related TOPICS Individual Income Ta...

Rules issued on paid family and medical leave credit

September 24, 2018

NewsEMPLOYEE BENEFITS Rules issued on paid family and medical leave credit By Sally P. Schreiber, J.D. Related TOPICS Emp...

IRS extends deadlines in N.C. counties affected by Hurricane Florence

September 17, 2018

NewsIRS Practice & Procedure IRS extends deadlines in N.C. counties affected by Hurricane Florence By Sally P. Schreiber, J.D. Related ...

IRS issues proposed regs. for GILTI inclusions

September 14, 2018

NewsINTERNATIONAL TAX IRS issues proposed regs. for GILTI inclusions By Sally P. Schreiber, J.D. Related TOPICS Internati...

Deemed personal exemption amount introduced for various tax benefits

August 28, 2018

NewsINDIVIDUALS Deemed personal exemption amount introduced for various tax benefits By Sally P. Schreiber, J.D. Related TOPIC...

Tax provisions in the Senate health care bill

June 22, 2017

Senate Republicans on Thursday released a draft bill that would repeal many provisions of the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148. The Senate bill, called the Better Care Reconciliation Act of 2017, differs in many respects from the House-passed American Health Care Act,...

IRS reopens PTIN registration system

June 21, 2017

NewsIRS PRACTICE & PROCEDURE IRS reopens PTIN registration system By Alistair M. Nevius The IRS on Wednesday morning reopened its preparer tax identification number (PTIN) registration system, allowing tax return preparers to apply for or renew PTINs. The sy...

Centralized partnership audit rules are reissued in proposed form

June 13, 2017

The IRS reissued proposed regulations (REG-136118-15) that implement the centralized partnership audit regime enacted by Section 1101 of the Bipartisan Budget Act of 2015, P.L. 114-74, and amended by the Protecting Americans From Tax Hikes Act of 2015, P.L. 114-113. These proposed regulations were o...

IRS provides simplified method to request an extension of time to make a portability election

June 09, 2017

In a taxpayer-friendly development on Friday, the IRS issued guidance permitting certain estates to make a late portability election if they did not make a timely election (Rev. Proc. 2017-34). A portability election allows a decedent’s unused exclusion amount (deceased spousal unused exclusio...

Federal court strikes down PTIN fees, upholds PTINs

June 05, 2017

A federal district court held that the IRS has the authority to require tax return preparers to obtain preparer tax identification numbers (PTINs) but that it cannot charge a user fee for issuing PTINs (Steele, No: 14-cv-1523-RCL (D.D.C. 6/1/17)). The plaintiffs in the case, tax return preparers, br...

IRS to accept only electronic payments for ruling requests

June 01, 2017

NewsIRS PRACTICE & PROCEDURE IRS to accept only electronic payments for ruling requests By Sally P. Schreiber, J.D. The IRS announced on Thursday that it will no longer accept checks in payment for ruling requests beginning June 15; taxpayers will be requir...

President’s budget includes tax proposals and regulation of return preparers

May 24, 2017

The Office of Management and Budget (OMB) released President Donald Trump’s proposed FY 2018 budget for the federal government on Tuesday. Included in the proposals are several tax items, including a proposal to authorize the IRS to regulate all paid tax return preparers. The budget proposal ...

Leveraged spinoffs removed from IRS no-ruling list

May 10, 2017

NewsProcedure & Administration Leveraged spinoffs removed from IRS no-ruling list By Sally P. Schreiber, J.D. The IRS will once again issue letter rulings on leveraged spinoff transactions the agency announced, reversing a 2013 decision that put the transac...

2018 health savings account limits increase slightly

May 04, 2017

The IRS issued the inflation-adjusted figures for calendar year 2018 for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans (Rev. Proc. 2017-37). Under Sec. 223, individuals ...

New IRS rules, no increased funding in appropriations bill

May 04, 2017

Congress passed the Consolidated Appropriations Act, 2017, H.R. 244, on Thursday, and it will go to President Donald Trump for his signature. The bill funds the federal government through the rest of its fiscal year, which ends Sept. 30. It passed the House of Representatives on Wednesday on a 309&#...

Details of FAFSA data breach revealed in House testimony

May 03, 2017

NewsIRS PRACTICE & PROCEDURE Details of FAFSA data breach revealed in House testimony By Sally P. Schreiber, J.D. The details of a recent data breach affecting 100,000 taxpayers were revealed in testimony before the House of Representatives Oversight and Gov...

Trump’s tax reform priorities unveiled

April 26, 2017

The White House on Wednesday issued President Donald Trump’s goals and key features for tax reform, including slashed corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum taxes. Trump outlined his proposals in a one-page shee...