Tax

On Sept. 13, 2013, two years after the 2011 temporary and proposed regulations, the Internal Revenue Service issued final and reproposed tangible property regs. There are a number of differences between the final and reproposed regulations as compared to the 2011 regs, with a stated goal of simplifying and clarifying them and making them more administrable.

More and more companies are coming under scrutiny from tax authorities

Approximately 8,400 federal employees and contractors who were judged eligible for a security clearance from April 2006 to December 2011 owed approximately $85 million in unpaid federal taxes as of June 2012, according to a new government report.

It’s the time of year to again start thinking about expiring tax provisions. Usually the first thing that comes to mind is the alternative minimum tax, but this particular issue was “fixed” in January of this year by the fiscal cliff bill. That still leaves a number of expiring provisions, according to Robert Kerr, senior director of government relations at the National Association of Enrolled Agents.

The Treasury Department and the Internal Revenue Service have loosened the “use it or lose it” rule for flexible spending arrangements for health care, allowing participants in health benefit plan to carry over up to $500 from their FSA from year to year.

The Internal Revenue Service issued its annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes for 2014.

A pair of lawmakers have introduced legislation to simplify the Tax Code to enable families to more easily afford the cost of higher education.

PricewaterhouseCoopers US has released the latest edition of “Managing Your Wealth: Guide to Tax and Wealth Management,” the firm’s annual guide aimed at helping high-net-worth individuals, families and business owners better understand and play an active role in growing and preserving their wealth.

The IRS has begun accepting applications and renewals of the Preparer Tax Identification Numbers required of professional tax preparers.

The Treasury Department and the Internal Revenue Service have released a document containing proposed guidance for foreign financial institutions as the next step in implementing the Foreign Account Tax Compliance Act in an effort to combat offshore tax evasion.