Tax practice

The Internal Revenue Service said it would regard 2014 and 2015 as a transition period for purposes of IRS enforcement and administration of the Foreign Account Tax Compliance Act, or FATCA, for banks that have made a good-faith effort to comply.

In a decision at odds with five other circuit courts, the Tenth Circuit quashed IRS summonses that were issued after the 23-day notice requirement of Section 7609(a)(1) of the Tax Code. As a result, the issue could be ripe for Supreme Court review.

Eighty-one percent of U.S. CEOs believe the current international tax system needs to be reformed, according to a new survey by PricewaterhouseCoopers,

Some of our favorite recent tax fraud cases.

The IRS is accepting applications through June 13 for its Internal Revenue Service Advisory Council.

Thomson Reuters has launched a bimonthly newsletter for tax and accounting professionals.

Despite delays in expected tax reform, companies are engaging, modeling and planning in order to manage uncertainty, according to survey findings released at Ernst & Young LLP’s Ninth Annual Domestic Tax Conference in New York.

Recent highlights from some of our favorite tax bloggers.

Should you assume that your favorites will be retroactively revived?

A roundup of recent tax news.

Helpful hints for exempt organizations and their advisors

Picking the best entity type is critical for your clients

A pair of senators have introduced legislation to prohibit federal workers from receiving bonuses if they aren't in good standing with their agency or the law, in response to a report from the Treasury Inspector General for Tax Administration that IRS employees who owed back taxes received lucrative bonuses.

Congratulations! You have made it through another beast of a busy season. You have cajoled clients and staff, put in long hours, and are beginning to forget what your family and friends look like.

Tax-exempt organizations using the calendar year as their fiscal year must file 2013 990-series information returns and notices by Thursday, May 15, and should be careful about the information they include, the IRS warned.

The founder of a Swiss trust company that U.S. prosecutors say worked with Credit Suisse Group AG to help American clients evade taxes pleaded guilty in Virginia, increasing pressure on the bank as it tries to resolve a Justice Department criminal probe.

The U.S. House Ways and Means Committee approved $310 billion of tax breaks, as Republicans defeated Democratic objections to the plan’s budgetary costs.

CCH has published a new tax briefing examining recent federal tax developments and strategies for this past tax season, and how they may affect taxpayers in future tax seasons.

The Internal Revenue Service is modifying and clarifying the regulations under Section 367(b) of the Tax Code relating to the treatment of property used to acquire parent stock or securities in certain triangular reorganizations involving foreign corporations, colloquially referred to as the “Killer B regulations,” to close loopholes in the anti-abuse rules.

The Internal Revenue Service plans to amend the regulations for the treatment of U.S. taxpayers who own passive foreign investment company stock through tax-exempt organizations.