IRS finalizes FATCA regs on requirements for sponsoring entities
TD 9852, 3/22/2019; Reg. § 1.1471-1, Reg. § 1.1471-4, Reg. § 1.1471-5, Reg. § 1.1472-1 TD 9852, Chapter 4 Regulations Relating …
Thomson Reuters Tax & Accounting News
IRS suspends Sec. 355 active trade or business guidance pending study outcome
Rev Rul 2019-9, 2019-14 IRB In a Revenue Ruling, IRS has suspended two 1957 Revenue Rulings pending completion of a …
Companies to Get Narrower Convertible Debt Model in Upcoming Proposed Rules
The FASB plans to reduce the accounting model for convertible debt from five to one or two models. The change …
Treasury Secretary indicates that more tax relief possible
Treasury Secretary Steven Mnuchin has stated that the Trump administration is considering additional tax penalty relief for taxpayers who failed …
Ninth Circuit affirms reduction of estate’s charitable deduction to post-death value of contributed property
Dieringer v. Comm., (CA9 3/12/2019) 123 AFTR 2d ¶2019-500 Following its Ahmanson decision, the Ninth Circuit affirmed the Tax Court’s 2016 holding that …
Eligibility for premium tax credit included Social Security benefits despite Sec. 86(e) election
Johnson, (2019) 152 TC No. 6 In a case of first impression, the Tax Court has concluded that for purposes …
Ninth Circuit details what is sufficient notice to taxpayer for third-party summons
J. B. v. U.S., (CA9 2/26/2019) 123 AFTR 2d ¶2019-458 The Court of Appeals for the Ninth Circuit, affirming a district …
IRS announces policy changes regarding its issuing of tax guidance
Department of the Treasury—Policy Statement on the Tax Regulatory Process The Treasury Department and IRS have issued a policy statement …
Supreme Court: lost wages award to railroad employee was subject to RRTA
BNSF Railway Co. v. Loos (S Ct 3/4/2019) The Supreme Court, in a 7-2 decision reversing the holding of the …
Thomson Reuters Announces 2019 Partner Summit Event Series for Tax and Accounting Professionals
Thomson Reuters has announced the details of its 12th annual flagship thought leadership event series “Partner Summit: Moving Your Practice …
Bipartisan tax extenders and disaster tax relief introduced in the Senate
On February 28, Senate Finance Committee leaders introduced legislation to retroactively extend tax provisions that expired at the end of …
Farmers and fishermen given estimated tax penalty relief
Notice 2019-17, 2019-12 IRB; IR 2019-24, 2/28/2019; In a Notice and accompanying Information Release, IRS has announced that it will waive …
Thomson Reuters Authenticator Display Cards Wins Accounting Today’s Top New Product Award for Security Tools
Accounting Today has recognized Thomson Reuters Authenticator™ as the Top New Product of 2019 in the security tools category. Data …
IRS provides information regarding revocation/denial of passports to delinquent taxpayers
IR 2019-23, 2/27/2019 In an information release, IRS has reminded taxpayers that they may not be able to renew a …
IRS issues TCJA-required form for governments, etc. to report fines, etc. they received
2019 Form 1098-F, Fines, Penalties, and Other Amounts 2019 Instructions for Form 1098-F IRS has issued new form, 2019 Form …
Final regs amend rules for monitoring housing credit compliance
TD 9848, Reg. §1.42-5 IRS has issued final regs that amend the existing compliance monitoring regs concerning the low-income housing credit. …
Payment of alimony arrearages was deductible because it was pursuant to a contempt order
Siegel, TC Memo 2019-11 The Tax Court has held that an ex-husband’s payment of alimony arrearages resulted from a contempt order …
Employer can’t exclude the value of free meals, but free snacks are de minimis fringes
PLR 201903017 A Technical Advice Memorandum (TAM) concludes that an employer can’t treat free employee meals as excludable under the Code …