Tax

Thomson Reuters has released a retrospective report on the key tax developments of 2013, which included a major federal tax law as well as many significant new cases, regulations, rulings and revenue procedures. 

The Internal Revenue Service has released a set of proposed regulations to prevent abuses of the partnership basis adjustment rules, disallowing partnership loss transfers to avoid some of the abuses uncovered by the Enron scandal.

The Internal Revenue Service has decided to postpone a change it had planned for this year to limit the number of e-file signature authorization documents for filing Form 1041 estate and trust tax returns to a single 1041 return rather than multiple returns.

The plaintiffs who lost a recent lawsuit trying to prevent the federal government from providing tax credits to purchase health insurance on federal exchanges have filed for an expedited appeal in the case.

Even though tax season for individual tax returns has been delayed until January 31, the Internal Revenue Service and the Free File Alliance are opening up free electronic filing for taxpayers with adjusted gross incomes of $58,000 or less.

American Citizens Abroad, a group representing U.S. expatriates, has submitted a tax proposal to the Senate Finance Committee recommending a number of international tax reforms, with the American Institute of CPAs also submitting its recommendations to the same committee on tax administration and simplification.

Senator Marco Rubio, R-Fla., plans to introduce legislation that would provide a replacement for the Earned Income Tax Credit in the form of a “wage enhancement.”

Greatland Corp. has released speedEfiler.com, online reporting software designed for small and midsized businesses and professional accountants to file W-2 and 1099 forms online, meeting filing requirements for federal, state and recipient reporting.

As the holidays recede in the rear-view mirror, many CPAs begin to observe a worrisome trend. The stack of paperwork on the corner of the desk, the number of emails in the inbox, and the items on the to-do list begin to expand as if by magic. It is a sign that the busy season is upon us, yet again.

The United States is falling behind Europe and China in efforts to capitalize on globalization and could potentially miss out on future economic growth as a result, according to a new survey by the international accounting and consulting network UHY.