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The Internal Revenue Service has issued final and temporary regulations to curb the use of spinoffs of corporate assets into real estate investment trusts, or REITs, to reduce taxes. The Protecting Americans from Tax Hikes Act of 2015, also known as the PATH Act, included provisions to discourage companies with extensive real estate holdings, such […]
The Internal Revenue Service’s oversight of the Low-Income Housing Tax Credit program remains minimal at best, despite a critical report last year by the Government Accountability Office, according to a new GAO report. Chuck Grassley The Low-Income Housing Tax Credit, or LIHTC, encourages private-equity investment in low-income housing through tax credits. The IRS administers the […]
The Internal Revenue Service has restored the Get Transcript online application that it took down last year, adding improved multi-factor authentication processes to safeguard the program from being exploited by identity thieves. John Koskinen The IRS removed the app last year after it discovered criminals were using it to access transcripts of hundreds of thousands […]
Congress and the Internal Revenue Service are starting to take a closer look at the museums set up by private foundations that receive special tax-exempt status from the IRS. Sen. Orrin Hatch, R-Utah, chairman of the Senate Finance Committee, released the results of a review Thursday into the activities of tax-exempt private museums. Last November, […]
The Internal Revenue Service released further details Friday on how a business entity can become certified under the IRS’s new certified professional employer organization program. Revenue Procedure 2016-33, posted on IRS.gov, along with temporary and proposed regulations published last month in the Federal Register, carries out legislation enacted in late 2014, the Stephen Beck, Jr., […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The American Institute of CPAs has sent comments to the Internal Revenue Service and the Treasury Department on proposed regulations for estate tax basis reporting. Troy Lewis The proposed regulations implement changes to section 1014 of the Internal Revenue Code mandated by Congress last year under the Surface Transportation and […]
It’s no surprise that the experience of going through a random IRS audit affects future behavior. What is surprising is how the expected change in behavior—increased reporting of taxable income, and presumably, increased compliance—differs from corporations to individuals, and from individuals subject to third-party information to those who are not. Bradley Heim, a professor at […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Returns policy Tax Analysts: Hope for Trump: No less than Ronald Reagan wanted his tax returns kept private, absolutely no connection with “an unhappy history of tax disclosure … Reagan managed to keep his tax returns under wraps […]
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