Tax Alerts

Tax Briefing(s)

Fiscal Year (FY) 2015 Budget Proposals2013 Tax Year-In-ReviewFinal Net Investment Income, Additional Medicare Tax Regulations

IRS describes tax treatment of college athletic scholarships, student athletes
The IRS, in a just-released "information letter," described the tax treatment of college athletic scholarships. The IRS reiterated that whether an individual is treated as an employee for labor law...

IRS explains how to determine real estate professional status under passive activity loss rules
The IRS has provided guidance on applying the passive activity loss (PAL) rules to a taxpayer who may be a real estate professional. The IRS concluded that a taxpayer's status as a real estate prof...

IRS postpones effective date of controversial estate and trust bundled fee rules
The IRS has postponed the effective date of final regulations (TD 9664) on the application of the two percent floor for miscellaneous itemized deductions (including bundled fees) incurred by an est...

IRS withdraws old regulations to reflect Tax Court's new one-rollover-per-year limit on IRAs
Reflecting the Tax Court's decision in Bobrow (TC Memo. 2014-21) earlier this year, the IRS has withdrawn Prop. Reg. §1.408-4(b)(4)(ii). This withdrawal makes good on its announced in...

IRS revises SSN validation procedures for payees trying to stop backup withholding
The IRS has issued new guidance providing that a payee who has received a second backup withholding notice ("B notice") from a payor may provide the payor with a valid copy of a Social Security car...

IRS continues to revise guidance on offshore reporting and disclosure under FATCA
The IRS continues to provide guidance and instructions relating to the disclosure and reporting of offshore assets under the Foreign Account Tax Compliance Act of 2010 (FATCA). FATCA was enacted to...

IRS reports uptick in gross incomes, AMT filings and more
Newly released data from the IRS reveals an increase in adjusted gross incomes, the number of taxpayers paying alternative minimum tax (AMT) and more. The data, posted in the Spring 2014 Statistics...

Supreme Court holds inherited IRAs part of bankruptcy estate
The U.S. Supreme Court ruled in June that inherited IRAs are not "retirement funds" exempt from a debtor's bankruptcy estate. Unlike funds in other accounts, funds in inherited IRAs are not set asi...

Surviving spouse may roll over Roth IRAs payable to trust
In a taxpayer-friendly ruling, the IRS recently determined that a surviving spouse could roll over two Roth IRAs, which were payable to a trust controlled by her, into her own Roth IRA. The taxpaye...

IRS makes changes to Circular 230, revises rules for disclaimers
Individuals who practice before the IRS, for example, by representing taxpayers in disputes with the agency, are subject to rules of professional conduct. While these rules are targeted to practiti...

KY - Constitutional challenge preserved
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OH - Federal entities were exempt from transfer tax
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WV - Regulations adopted for claiming tax refunds or credits
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