Tax regulations

The Internal Revenue Service has issued a notice asking for comments on the effect of the new revenue recognition standards on taxpayers’ methods of tax accounting.

If your business has formed a captive insurance company that has elected small insurance status under section 831(b) of the Internal Revenue Code, you may be hearing from the IRS.

Beware of some common reporting mistakes of W-2 and 1099 reporting to avoid tax penalties.

Greatland is adding year-end reporting for the Affordable Care Act to its W-2 and 1099 reporting software, Yearli.

Bankrupt ex-billionaire Samuel Wyly told a judge it’s too soon for regulators to fret over what he’ll do with as much as $50 million from the planned sale of his family’s Colorado ranch, the site of six custom-built mansions.

“The business tax system today is inefficient, overly complex, and too riddled with loopholes,” said Mark Mazur, assistant secretary for tax policy at the U.S. Department of Treasury.

The National Taxpayer Advocate has recommended that the reporting rules under the Foreign Account Tax Compliance Act and for Foreign Bank Account Reports in effect be merged to simplify the duplicative disclosure requirements that make it difficult for American expatriates to have bank accounts in the foreign countries where they live.

Practitioners need to be aware of the tax-free IRA rollover rules that took effect on Jan. 1, 2015 to protect their clients from major tax problems and penalties.

The Internal Revenue Service has settled a legal dispute with a medical marijuana dispensary by agreeing to refund approximately $25,000 in fines and abate future penalties.

The American Institute of CPAs submitted a letter last week to the Internal Revenue Service and the Treasury Department recommending relief for surviving spouses who would like to elect portability of their deceased spouse’s unused estate tax exemption.

The European Union launched a new salvo in its battle against tax evasion with a slate of proposals that would make it harder for companies to avoid taxes.

Third Point Reinsurance Ltd. said it’s more than just a hedge fund investing vehicle as the Internal Revenue Service weighs tightening regulation for offshore companies.

Dave Camp, the former Republican chairman of the tax-writing House Ways and Means Committee who spearheaded an effort at tax reform in Congress, has joined PricewaterhouseCoopers as a senior policy advisor based in PwC US’s Washington National Tax Services practice.

Properly classifying workers is a growing issue

The Internal Revenue Service has released a set of frequently asked questions and answers in an effort to clarify its tangible property repair regulations.

U.S. officials are concerned that the trillions of dollars companies park overseas are doing more than just helping them skirt taxes. They’re worried the practice leaves investors in the dark.