The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely…
Virtual currency not FBAR reportable (at least for now)
The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to help practitioners answer…
W-2 methods proposed for Sec. 199A(g) deduction by agricultural co-ops
The IRS issued methods for calculating W-2 wages for the Sec. 199A(g) deduction for agricultural and horticultural cooperatives, similar…
Final HRA rules permit integration with individual health insurance
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs…
Final rules govern GILTI, Subpart F income, and foreign tax credits
The IRS issued final regulations on the Sec. 951A global low-taxed income inclusion and foreign tax credits, finalizing proposed…
Congress approves IRS reform bill, drops Free File language
The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial…
SALT deduction cap rules finalized, safe harbor proposed
Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a…
Ninth Circuit upholds IRS cost-sharing regulation
The Ninth Circuit Court of Appeals reversed a Tax Court decision that had held that a cost-sharing regulation that…
Changes coming to tax transcript availability
To fight identity theft, starting June 28 the IRS will no longer fax transcripts to taxpayers, tax professionals, and…