Thomson Reuters Tax & Accounting

IRS Withdraws, Reproposes Foreign Currency Gain, Loss Regs

The IRS has released new proposed regulations on making and revoking certain foreign currency gain or loss elections. These new …

Werfel Announces Leadership Restructuring Coming in Early 2024

IRS Commissioner Danny Werfel, in News Release 2023-237, announced his plans to restructure the leadership at the agency. The new …

IRS to Issue Proposed Regs Addressing the Pillar Two GloBE Model Rules

The IRS has announced that it will issue proposed regs addressing how certain Code provisions, including the foreign tax credit …

Proposed Reliance Clean Vehicle Credit Regs Discuss Foreign Entity of Concern Rules

The IRS has issued proposed reliance regs that would provide guidance regarding the excluded entity provisions with respect to the Code …

Tax Court Revisits Test for Timely Supervisory Penalty Approval

The Tax Court has determined that written supervisory approval for the accuracy-related penalties at issue was timely. The tax compliance …

IRS Issues Modernized E-File Testing Guidelines for 2024

The IRS issued an October 2023 version of  Publication 5078, Assurance Testing System (ATS) Guidelines for Modernized e-File (MeF) Business Submissions, …