Tax Alerts

Tax Briefing(s)

Fiscal Year (FY) 2016 Budget ProposalsTax Increase Prevention Act of 2014/ABLE Act/Omnibus Funding Agreement2014 Year-End Planning

IRS issues 2015 inflation-adjusted vehicle depreciation dollar limits
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 2015. The...

Store not yet open to public eligible for bonus depreciation
A federal district court has concluded that two buildings designed to be retail stores had been placed in service when the buildings were substantially complete, even though they were not yet open to ...

IRS Offshore Voluntary Disclosure Program to remain open indefinitely
The IRS recently announced that it will continue its offshore voluntary disclosure program (OVDP) for an indefinite period until otherwise announced. Since the program's inception, there have bee...

IRS issues proposed guidance on employee consents for employers seeking FICA tax refunds
The IRS has issued a proposed revenue procedure to clarify questions from employers regarding what information must be provided in an employee's consent to a refund claim made under Code Sec. 6402 for...

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...

IRS issues 2015 auto and truck maximum FMVs for cents-per-mile/fleet-average valuation
The IRS recently issued the maximum fair market value (FMV) amounts that designate the proper valuation rule for employers calculating fringe benefit income from employer-provided automobiles, trucks,...

IRS updates accounting method procedures
Taxpayers must obtain the IRS’s consent to change any of their accounting methods under Code Sec. 446(e). The IRS has updated and made changes to its revenue procedures for obtaining IRS consent...

IRS guidance describes application of research credit to internal use software
Treasury and the IRS have issued proposed regulations on the research tax credit with respect to computer software developed for internal use. The proposed regulations define "internal use softwa...

Congress retroactively increases excludable transit benefits; IRS provides guidance for employers
At the end of 2014, Congress passed the Tax Increase Prevention Act of 2014 (2014 Tax Prevention Act) (P.L. 113-295), which extended numerous provisions for the 2014 tax year. One of these extensions ...

National Taxpayer Advocate’s Annual Report to Congress criticizes IRS budget cuts
National Taxpayer Advocate (NTA) Nina Olson has released her 2014 Annual Report to Congress and cautioned that due to budget cuts, the IRS’s customer service has reached unacceptably low levels ...

KY - Combined reporting, market-based sourcing and reportable transaction bill introduced
Legislation has been introduced in the Kentucky House of Representatives that would require unitary business groups to report Kentucky corporation income tax liability on a water’s edge combined...

OH - Consolidated elected and combined taxpayer groups information release updated
The Ohio Department of Taxation has updated its information release pertaining to the rule (OAC 5703-29-04) regarding excluded persons and the formation of consolidated elected and combined taxpayer g...

WV - Penalty assessment for improper shipping upheld
A taxpayer subject to the West Virginia motor fuels tax who transported fuel to a diverted location within the state without documentation was properly assessed a civil penalty. Motor fuel shipping do...

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