Under 2012 legislation, a “qualified facility” is eligible to receive either a renewable electricity production tax credit or energy investment tax credit, if construction of such facility begins before January 1, 2014. In new Notice 2013-29 the IRS provides guidelines and a safe harbor to determine when construction has begun on such a facility. For… Continue Reading
Category Archives: Procedure
Subscribe to Procedure RSS FeedIRS Explains Requirements for Adequate Disclosure to Avoid Penalties
Posted in Compliance, ProcedureIn Rev. Proc. 2012-51, the IRS issued its annual update to its prior guidance on what constitutes adequate disclosure on a tax return to avoid certain accuracy and tax-preparer penalties. According to the IRS, the changes from the prior year are editorial only and not substantive. The guidance provides detailed rules as to when disclosure… Continue Reading
Supreme Court Rules Against IRS in Statute of Limitation Case
Posted in General, Litigation/Controversy, Procedure, Statute of LimitationsIn a much-anticipated decision, the U.S. Supreme Court voted 5-4 against the IRS and held that the three-year and not six-year statute of limitations applied to a so-called Son of BOSS tax shelter in U.S. vs. Home Concrete & Supply LLC. This is the culmination of a series of split appeals court decisions on… Continue Reading
New Proposed FATCA Regulations Try to Ease Compliance Burden
Posted in FATCA, General, International, ProcedureNew proposed regulations under the Foreign Account Tax Compliance Act (FATCA) implement FATCA’s obligations in stages to minimize burdens on foreign financial institutions (FFIs), and to allow time for resolving local law limitations to which some FFIs may be subject. The IRS press release notes that the 388-page proposed regulations will: Permit FFIs in many… Continue Reading
New Regulations On Foreign Financial Account Reporting
Posted in International, ProcedureThe IRS issued temporary regulations under the recently enacted section 6038D, Reporting of Specified Foreign Financial Assets. Previously the IRS issued interim guidance in Notice 2011-55 and has also published draft Form 8938 instructions. The statute and regulations are effective for tax years beginning after March 18, 2010. In general, section 6038D requires individual taxpayers… Continue Reading
Final Regulations Address Reportable Transaction Penalties
Posted in Procedure, Tax SheltersThe IRS finalized regulations (T.D. 9550) on Section 6707A penalties for failure to disclose “Listed” and “Reportable” transactions. These penalties were created in 2004 and later modified in 2010 to make the penalty amount proportionate to the decrease in tax shown on the return as a result of the transaction. The new regulations conform the regulations to… Continue Reading
Final Regulations on Automatic Return Extensions
Posted in Partnership/LLC, Procedure, Real EstateThe IRS finalized temporary regulations, which had reduced the automatic tax return extension period for certain pass-through entities from six months to five months. Specifically, the final regulations provide for a five-month automatic extension of time to file certain returns for partnerships, trusts, and estates other than certain bankruptcy estates. The regulations also contain an… Continue Reading
Final Circular 230 Regulations Create Registered Tax Return Preparer Category
Posted in ProcedureThe IRS issued final rules regulating practice in front of the IRS. The regulations create a new “registered tax return preparer” designation, generally applying to individuals who: are not an attorney or certified public accountant and prepare, or assist in preparing, all or substantially all of a tax return or claim for refund for compensation…. Continue Reading
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