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Latest News & Information
Services & Practice Areas
2015 Post-Filing Season UpdateFiscal Year (FY) 2016 Budget ProposalsTax Increase Prevention Act of 2014/ABLE Act/Omnibus Funding Agreement
IRS Commissioner cautions taxpayers to expect reduced service levels
Going into the 2015 filing season, IRS Commissioner John Koskinen cautioned taxpayers that cuts to the agency's budget would impair customer services. In recent weeks, Koskinen and other IRS officials...
IRS to provide transition relief for ABLE accounts established before guidance issued
The IRS will provide transition relief for Achieving a Better Life Experience (ABLE) accounts authorized by Code Sec. 529A of the Tax Increase Prevention Act of 2014. Although the IRS is supposed to i...
Treasury provides relief for incorrect Forms 1095-A
The U.S. Treasury Department has announced relief for individuals who may have received overpayments of the Code Sec. 36B premium assistance tax credit based on incorrect information from the Health I...
IRS revises FATCA reporting for certain foreign retirement, pension and savings accounts
The IRS has announced in Updated Instructions to Form 8938, Statement of Specified Foreign Financial Assets, that certain retirement-type accounts located in jurisdictions with intergovernmental agree...
Tax Court reversed: taxpayer can claim ordinary loss on abandoned securities
The Court of Appeals for the Fifth Circuit has reversed the Tax Court and concluded that a taxpayer can claim an ordinary loss for abandoned securities, even though the securities were not worthless w...
IRS will disallow most severance-pay FICA refunds after Quality Stores ruling
The IRS has announced that it will disallow claims for refunds of Federal Insurance Contributions Act (FICA) taxes paid with respect to most severance payments and will take no further actio...
TX - Rule on research and development activities credit adopted
A new rule has been adopted that implements the Texas franchise tax credit for qualified expenses incurred by entities that conduct certain research and development activities in Texas. The credit is ...