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.

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...

Treasury ordered to review 2016 tax regulations

April 24, 2017

NewsPROCEDURE & ADMINISTRATION Treasury ordered to review 2016 tax regulations By Alistair M. Nevius President Donald Trump on Friday signed an executive order directing the Treasury Department to review “significant” regulations that were issued...

Guidance issued on PATH Act depreciation, Sec. 179 changes

April 20, 2017

The IRS issued guidance for taxpayers to take advantage of a number of tax provisions that had been extended or amended by the Protecting Americans From Tax Hikes (PATH) Act of 2015, Division Q of the Consolidated Appropriations Act, 2016, P.L. 114-113 (Rev. Proc. 2017-33). The procedure provides gu...

Automatic accounting method change procedures updated

April 19, 2017

On Tuesday, the IRS updated the list of automatic changes in accounting procedure to which the automatic change procedures in Rev. Proc. 2015-13, as clarified and modified by Rev. Proc. 2015-33, and as modified by Rev. Proc. 2016-1, apply (Rev. Proc. 2017-30). Any method of accounting a taxpayer ad...

Micro-captive insurance disclosure statement deadline approaching

April 11, 2017

The deadline for filing Forms 8886, Reportable Transaction Disclosure Statement, to report micro-captive transactions is right around the corner: May 1. The disclosure statements originally had a deadline of Jan. 30, 2017, but in Notice 2017-8, issued in December 2016, the IRS extended the deadline ...

KPMG earns 'Gold Level' President's Service Award for 2015-16

March 16, 2017

KPMG announced this month that the firm has once again received a U.S. President's Volunteer Service Award from Junior Achievement USA (JA). The firm earned "Gold Level" status recognition for their 15,000 hours of time donated during the 2015-2016 school year to support Juni...

Volunteers wanted for Taxpayer Advocacy Panel

March 16, 2017

The IRS is seeking volunteers to serve on the Taxpayer Advocacy Panel, an advisory committee that listens to taxpayers, identifies major taxpayer concerns and makes recommendations for improving IRS service and customer satisfaction.The TAP includes members from all 50 states...

Taxpayers say what they think of their accountants

March 16, 2017

Accountants are viewed as sometimes helpful by a little over half of taxpayers, according to a new survey, although some see accountants as overpriced or even a scam.The survey, by the consumer finance site WalletHub, found that 50.1 percent of the 500 taxpayers polled said a...

EY auditor settles with SEC on insider trading charges

March 16, 2017

The Securities and Exchange Commission said Tuesday that an auditor in Silicon Valley has agreed to settle insider trading charges.The auditor, Nima Hedayati, was a former junior audit staff member at Ernst & Young. In October 2015, he learned through his work as an audit...