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Latest News & Information
Services & Practice Areas
Fiscal Year (FY) 2015 Budget Proposals2013 Tax Year-In-ReviewFinal Net Investment Income, Additional Medicare Tax Regulations
IRS issues 2014 inflation-adjusted vehicle depreciation dollar limits/FMV values
The IRS has released the inflation-adjusted limitations on depreciation deductions for business-use passenger automobiles, light trucks, and vans first placed in service during calendar year 2014. ...
Married separate filer cannot use spouse's participation activity to satisfy passive activity loss rules
The Tax Court has upheld the IRS's disallowance of a rental real estate loss due to the passive activity loss rules in Oderio, TC Memo. 2014-39. A married taxpayer, who filed separately, claimed th...
Same-sex couples and opposite-sex couples treated same for ACA's premium assistance tax credit
The IRS and Health and Human Services (HHS) have clarified that the requirements for same-sex couples claiming the Affordable Care Act's premium assistance tax credit under Code Sec. 36 are the sam...
Over- and underpayment interest rates remain same for second quarter 2014
The IRS has announced that the rates at which interest accrues on overpayments and underpayments of tax for the calendar quarter beginning April 1, 2014, will remain unchanged from the previous cal...
Congressional Research Service examines itemized deductions
The Congressional Research Service (CRS) recently conducted a review of who claims itemized deductions and what amount of revenue the federal government loses as a result. The report broke down its...
Filing season update: e-filing and refund amounts up; IRS customer service down
Because of the federal government's 16-day shutdown in October 2013, the IRS delayed the start of the 2014 filing season by 10 days until January 31, 2014. Since then, the IRS has reported that on ...
IRS Releases 2013 Final Form 8960, Net Investment Income Tax; Use Required With Forms 1040, 1041
The IRS has released final 2013 Form 8960, Net Investment Income Tax-Individuals, Estates, and Trusts, just in time for the 2014 tax filing season. Many taxpayers have complained that calculating t...
Proposed partnership regulations would deny basis for certain guarantees
The IRS issued proposed partnership regulations (NPRM REG-119305-11) that would tighten the requirements under Code Sec. 752 for allocating partnership liabilities to individual partners, and would...
IRS releases latest individual tax return zip code statistics
The IRS Statistics of Income (SOI) Division has released statistics on 2011 Individual Income Tax ZIP Code and County Data, which is broken down by income categories within particular zip codes. Th...
U.S., Canada move forward with FATCA
The U.S. Department of Treasury has announced that U.S. and Canada have signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). The U.S.–Canad...