Catherine Murray As 2015 comes to a close, taxpayers are once again facing uncertainty as Congress has yet to act on a host of important provisions that expired at the end of 2014. Although these temporary tax provisions have been routinely extended for years, the possibility that Congress could let them remain expired or only extend a select number of them leaves taxpayers and their advisors in limbo as…
In its annual business report for 2015, the IRS’s Criminal Investigation division discussed notable criminal tax prosecutions. Powered by WPeMatico
The highway funding bill passed by Congress includes provisions that will allow the government to revoke the passports of seriously delinquent tax debtors and will require the IRS to use third-party debt collectors. Powered by WPeMatico
The IRS announced that students who attended schools owned by Corinthian Colleges Inc. and whose debt is discharged under certain Department of Education programs will not have to recognize income on the discharged debt. Powered by WPeMatico
The IRS announced that is raising the current de minimis limit for deducting expenses for purchases of items of tangible property from $500 to $2,500 for taxpayers without applicable financial statements. Powered by WPeMatico
The IRS issued a QuickAlert to tax practitioners, warning of a phishing scam that is attempting to capture practitioners’ e-Services usernames and passwords. Powered by WPeMatico
The IRS announced additional rules designed to curtail the ability of an inverted company to access foreign subsidiaries’ earnings without paying U.S. tax. Powered by WPeMatico
The IRS announced a safe-harbor method that allows qualifying taxpayers to deduct 75% of these expenses. Powered by WPeMatico
The IRS, the Employee Benefits Security Administration, and the U.S. Department of Health and Human Services jointly issued final regulations governing many aspects of the Patient Protection and Affordable Care Act. Powered by WPeMatico
Among the changes are expanded rules on when the requesting spouse can be relieved of liability for penalties and interest. Powered by WPeMatico
Catherine Murray As 2015 comes to a close, taxpayers…
