Tax Alerts

Final FATCA regulations focus on individuals required to report foreign assets
Treasury and the IRS issued final regulations under the Foreign Account Tax Compliance Act (FATCA) that require individual U.S. taxpayers to report specified financial foreign assets. The final regula...

Treasury clarifies more details for myRA plan for small-dollar savers
Treasury has issued a final rule clarifying details of the new myRA retirement savings vehicle created by President Obama, via executive order, on January 29, 2014. The President intended the myRA pla...

IRS updates safe harbor explanations on eligible rollovers from retirement plans
The IRS has updated two safe harbor explanations for retirement plans to provide to participants who receive an eligible rollover distribution, that is, a distribution that can be rolled over from one...

Over- and underpayment interest rates remain same for first quarter 2015
The IRS has announced that the rates at which interest accrues on tax overpayments and underpayments of tax for the calendar quarter beginning January 1, 2015, will remain unchanged from the previous ...

60-days for strict IRA rollover deadline counts calendar, not business days
A taxpayer was not entitled to a waiver of the Code Sec. 408(d)(3) requirement that an IRA rollover be made within 60 days. The taxpayer’s explanation—that she had believed the 6...

IRS releases official 2015 inflation-adjusted tax brackets, other amounts
The IRS has released its list of 2015 inflation-adjusted tax amounts, based on recent CPI-U indices that have only recently been finalized. The Tax Code requires that federal income tax brackets and c...

IRS revises policy on structuring of cash transactions after reports of overreaching
Lawmakers and the media recently have questioned the reach of the IRS's policy on asset forfeiture by taxpayers suspecting of structuring cash transactions. In response, the IRS indicated it would cha...

Tax Court finds profit motive for horse racing/breeding activity despite lengthy history of losses
Despite earning a profit for only five of the past 30 years, a married couple successfully persuaded the Tax Court that they engaged in horse racing and breeding activity for profit. The court found t...

Many who contribute to retirement savings may still get Saver's Credit
The IRS recently issued a reminder that there is still time left for low- and moderate-income workers to save for retirement and earn a tax credit for 2014. Eligible taxpayers, including new college g...

IRA's acquisition of shares in gold trust not treated as collectible
The IRS has determined that an individual retirement account (IRA) could acquire shares in a trust invested in gold and the acquisition would not be treated as a collectible. As a result, the amount t...

IRS releases 2015 inflation adjustments to retirement-related amounts; SSA publishes 2015 wage base
The IRS recently issued a long list of cost of living adjustments (COLAs) for various Tax Code provisions related to retirement savings. These COLAs are for the 2015 tax year and are dependent upon th...

IRS finalizes rules on deductible local lodging expenses
The IRS has issued final rules under Code Secs. 162 and 262 for when employees may deduct their expenses for local lodging that are required in their trade or business. The final regulations also prov...

IRS announces per diem rates for post-September 30 travel
The IRS has released the simplified per diem rates that taxpayers can use to calculate reimbursements to employees for ordinary and necessary expenses incurred during business-related travel after Sep...

IRS describes tax benefits of van pooling; highlights "80/50" rule
In a recently-released information letter to a taxpayer, the IRS outlined the rules for excluding the costs of van pooling, which is one type of qualified transportation fringe benefit. Code Sec. 132(...

Senators seek action on tax refund fraud relief for victims
Tax refund fraud is a growing problem, 15 senators told the IRS in October. The senators urged the IRS to improve its oversight of refunds and reach out to victims of refund fraud and identity theft.R...

MI - Higher interest available for some refunds
Beginning January 1, 2015, certain Michigan business tax refunds that are not paid within 90 days after the claim is approved or 90 days after the date established by law for filing the return, whiche...

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