‘Plain Writing’ Mandate Could Aid IRS Simplification Efforts »
Newly signed legislation (H.R. 946) that would require the Internal Revenue Service and other government agencies to draft public documents in “plain writing” likely will be an additional impetus for a process that has been ongoing for years at IRS, but challenges remain in trying to communicate complex tax concepts in a simpler way, practitioners told BNA Oct. 14.
Small Business Act Increases I.R.C. Decoupling Concerns »
The prospect of another round of state decoupling from recently enacted federal tax breaks feeds a growing concern about the apparent indifference of federal policymakers to state fiscal problems, several state tax specialists told BNA.
IRS Finalizes Basis Reporting Guidance With 2011 Transition Relief »
The Internal Revenue Service Oct. 12 issued broad final guidance on the statutory requirement that stock brokers and mutual fund companies report basis and other information for most stock purchased in 2011 and all stock purchased in 2012 and subsequent years, offering transitional relief for 2011 stock purchases.
AICPA Faces Tough Questioning as Preparers Seek Rule Revisions »
The American Institute of Certified Public Accountants Oct. 8 faced tough questioning from Internal Revenue Service officials at a hearing on proposed rules (REG-138637-07) that would incorporate unenrolled tax preparers into Circular 230.
Tax Preparers Express Concern About Proposed New Registration Regime »
A dozen associations and individuals have asked to speak at an Oct. 8 Internal Revenue Service hearing on proposed rules (REG-138637-07) that will have wide-ranging consequences for tax preparers who have been under IRS oversight for years, as well as those that have never before faced any federal regulation.
IRS Guidance to Focus on Certainty in Wake of Uncertain Position Plan »
The Internal Revenue Service plans to focus broadly on providing businesses additional certainty as the need for guidance becomes more critical in the wake of its plan to require taxpayers to disclose their uncertain tax positions, IRS Chief Counsel William Wilkins said Oct. 6.
The Small Business Jobs Act of 2010 and Fixed Assets Management »
The Small Business Jobs Act of 2010 (H.R. 5297) was signed into law on September 27, 2010.
Changes in Uncertain Tax Positions Guidance Welcome, E&Y Says »
The Internal Revenue Service's new guidance on the requirement that taxpayers disclose their uncertain tax positions makes welcome changes, but leaves questions open in several areas, including timing, the inclusion of interest and penalties in “ranking” disclosed positions, and the true impact of language on waivers of privileged documents, Ernst & Young practitioners said Oct. 4.
Flexible Roth Conversion Rules Not Without Pitfalls, IRS Speaker Says »
Taxpayers who may benefit from flexible tax code rules for Roth conversions should also be aware of the limits on that flexibility, Greg Nix, employee plans customer education and outreach analyst for the Internal Revenue Service Gulf Coast area, said Sept. 30 during an IRS phone forum on Roth conversions and retirement planning.
Enactment of Small Business Bill May Spur Decoupling by States »
A new federal law that enables small businesses to take advantage of new and extended tax incentives, including an extension of 50 percent bonus depreciation and an increase in tax code Section 179 expensing limitations, is expected to kick off another round of decoupling by states.
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