TaxNewsFlash - United States | KPMG | GLOBAL

United States

United States

TaxNewsFlash-United States — KPMG's reports of tax developments in the United States


Related content

TaxNewsFlash-United States

TaxNewsFlash-United States

To subscribe to TaxNewsFlash, fill out the subscription form


New tax law in the United States

Read KPMG's analysis and observations, as well as industry or sector-specific reports about provisions in the new tax law

Recent Articles

February 2018

Feb 22 - Final regulations: Health insurance provider fee

Feb 20 - Proposed rule: “Short-term, limited-duration insurance” to expand to 12 months

Feb 19 - KPMG report: Qualified opportunity zone investments under new U.S. tax law

Feb 19 - KPMG reports: Arkansas (advertising); Indiana (software); New York (federal tax law changes); Rhode Island and Connecticut (CEO pay ratio)

Feb 15 - Rev. Proc. 2018-17: Effects of prohibited tax year changes for “specified foreign corporations”

Feb 15 - Eleventh Circuit: Deposit forfeited on canceled sale of hotel, not capital gain

Feb 14 - Rev. Proc. 2018-17: Initial impressions, section 965 and “specified foreign corporations” changing tax years

Feb 14 - Reminder: “Oil spill” excise tax now extended through 2018

Feb 13 - Proposed regulations: 298 regulations to be withdrawn, 79 modified

Feb 13 - U.S. Treasury awards $3.5 billion, New Markets Tax Credit allocations

Feb 13 - Rev. Proc. 2018-17: "Specified foreign corporations" changing tax year, application of section 965

Feb 12 - KPMG reports: Connecticut (business tax); Idaho (federal tax conformity); Wisconsin (online legal support)

Feb 9 - Insurance initiatives in IRS priority guidance plan, second quarter update

Feb 9 - IRS practice unit: Foreign personal holding company income, common exceptions

Feb 8 - IRS guidance projects, implementing new tax law provisions

Feb 8 - President to nominate Rettig to be IRS Commissioner

Feb 8 - Rev. Proc. 2018-16: Qualified opportunity zone, guidance to states’ chief executive officers

Feb 8 - Notice 2018-17: Expanded low-income housing credit hurricane-related relief, Puerto Rico

Feb 7 - Changes to EIN application form, instructions for “check-the-box” entities

Feb 7 - New IRS instructions: Form 7004 automatic extension of time to file business income tax, other returns

Feb 7 - Rev. Proc. 2018-14: Extended safe harbor, personal residence repairs of concrete foundations

Feb 6 - IRS release: New tax law, no changes to pension plan cost-of-living adjustments for 2018

Feb 5 - KPMG report: How does U.S. BEAT apply to inbound companies?

Feb 5 - KPMG reports: Missouri (tax proposals); New York (human tissue); Pennsylvania (NOLs); Texas (tax amnesty)

Feb 2 - IRS practice unit: Adjustments to debt basis

Feb 1 - Proposed regulations: Adjusting tax attributes under centralized partnership audit regime

January 2018

Jan 31 - Notice 2018-15: IRS no longer processing new clean renewable energy bonds; section 54C repealed by new tax law

Jan 29 - FAQs recharacterization of Roth IRA contributions under new tax law

Jan 29 - Notice 2018-14: Withholding tax guidance, implementing new income tax law

Jan 29 - U.S. Tax Court: Effects of tax returns filed with Virgin Islands’ tax bureau

Jan 29 - KPMG reports: Louisiana (intangibles addback); Michigan (sourcing); Ohio (“fracking”); Texas (software)

Jan 26 - Rev. Proc. 2018-11: Adequate disclosures to reduce accuracy-related penalty

Jan 25 - Rev. Proc. 2018-13: Unpaid loss discount factors, salvage discount factors for 2017 accident year (insurance)

Jan 24 - Medical device excise tax moratorium once again extended, through 2019

Jan 24 - KPMG report: State and local tax, technology-related guidance (table, fourth quarter 2017)

Jan 23 - Rev. Proc. 2018-12: Safe harbors for “continuity of interest” requirement, value of stock in certain reorganizations

Jan 22 - KPMG reports: New York (federal tax reform); New York (carried interest); Texas (nexus); Multistate (annual use tax reports)

Jan 19 - Notice 2018-13: Additional guidance about “transition tax” on foreign earnings (new Code section 965)

Jan 18 - U.S. Tax Court: Loan guarantees by CFCs includible in taxpayer’s gross income; regulations upheld as valid

Jan 18 - Updated FAQs, information about country-by-country reporting

Jan 17 - Notice 2018-10: Failure-to-deposit penalty relief relating to medical device excise tax

Jan 17 - KPMG report: Accounting for U.S. tax reform under IFRS

Jan 16 - LB&I directives on transfer pricing examinations

Jan 16 - Insurance: IRS concludes some foreign currency agreements are not insurance

Jan 15 - KPMG reports: Arkansas (pollution control); California (surgical instruments); Ohio (tax amnesty); Pennsylvania (penalty assessments)

Jan 12 - U.S. Supreme Court: Certiorari granted in South Dakota case seeking to overturn “Quill”

Jan 12 - Notice 2018-01: Passports revoked, denied for certain tax delinquencies

Jan 11 - IRS releases updated 2018 withholding tables, implementing new tax law changes

Jan 11 - IRS practice unit: Stock basis ordering rules

Jan 10 - IRS practice unit: Self-employment tax in U.S. territories

Jan 9 - Rev. Rul. 2018-04: Revised covered compensation tables for 2018 plan year

Jan 8 - IRS release: New mailing address for Form 8809

Jan 8 - KPMG reports: Indiana (manufacturing exemption); Kansas (use tax); Pennsylvania (bonus depreciation)

Jan 8 - U.S. states start to address federal tax reform

Jan 5 - KPMG report: Tax reform, accounting for income taxes

Jan 5 - U.S. Treasury’s list of countries cooperating with international boycott, no changes

Jan 3 - “Oil spill” excise tax has expired; possible issues for refiners, importers

Jan 2 - U.S. Tax Court: Statute of limitations for certain omissions of gross income

Jan 2 - IRS practice unit: Substantial contribution test for CFC manufacturing exception

Jan 2 - Medical device excise tax resumes, moratorium has expired

2017 Articles

December 2017

Dec 29 - Notice 2018-08: Revised timeline, guidance on implementing new section 1446(f), publicly traded partnerships

Dec 29 - Notice 2018-07: "Transition tax" on foreign earnings (new Code section 965)

Dec 29 - Insurance: Mandatory repatriation considerations under new tax law

Dec 29 - Final regulations: Election out of centralized partnership audit regime

Dec 29 - IRS releases annual revenue procedures for 2018

Dec 27 - IRS release on pre-paying 2018 state and local property taxes

Dec 22 - SEC statement on new tax law in the United States

Dec 22 - FBAR filings: Deadline extended for certain individuals with signature authority  

Dec 22 - Notice 2018-06: IRS extends health coverage form deadline for employers, providers  

Dec 22 - President signs tax bill into law

Dec 21 - Notice 2018-05: Transition rules for withholding agents extended for 2018, 2019

Dec 21 - Rev. Rul. 2018-03: Film packages and domestic production activities deduction under section 199

Dec 21 - KPMG report: State, local tax changes (table summarizing 2017 developments)

Dec 18 - Proposed regulations: CFC’s foreign currency gain, loss; election for mark-to-market accounting for section 988 transactions

Dec 18 - KPMG reports: Arkansas (REMICs); Indiana (databases); Ohio (gift baskets)

Dec 15 - Proposed regulations: Centralized partnership audit regime

Dec 15 - Ninth Circuit: No capital gains treatment of royalties, “all substantial rights” in patents not transferred

Dec 15 - IRS practice unit: Initial stock basis

Dec 14 - Notice 2018-03: Standard mileage rates, increases for 2018

Dec 14 - U.S. Tax Court: Foreign tax credits for “compulsory levies” paid by Mexican branch

Dec 14 - Notice 2017-71: More relief for partnerships, REMICs, others with late-filed Form 1065 and Form 1066 in 2017

Dec 14 - Notice 2018-02: Updated mortality improvement rates, tables for defined benefit pension plans (for 2019)

Dec 14 - Rev. Rul. 2018-02: No alternative fuel mixture credit for butane and gasoline mixture

Dec 13 - Rev. Procs. 2018-08, 2018-09: Safe harbor methods for determining casualty, hurricane-related losses of individuals

Dec 13 - IRS practice unit: Calculation of the section 956 inclusion

Dec 13 - KPMG report: Quarterly summary of accounting, financial reporting developments for companies

Dec 11 - New FAQs for QI / WP / WT

Dec 11 - KPMG report: IFRS accounting for taxes, levies in the United States

Dec 11 - KPMG reports: Colorado (combined reporting); Colorado (nexus); Indiana (sourcing); New Jersey (foreign taxpayer)

Dec 8 - IRS practice units: Tax items of U.S. persons residing abroad

Dec 8 - Notice 2017-75: Future regulations to offer relief from section 409A, payments accelerated to pay income taxes

Dec 6 - Notice 2017-74: Individual taxpayers without available marketplace “bronze-level plan”

Dec 6 - KPMG report: Partnership disguised sale rules may be changing

Dec 5 - Notice 2017-72: Qualified retirement plans, 2017 “required amendments list”

Dec 4 - KPMG reports: New York (information services); Pennsylvania (refund claims); Tennessee (taxpayer conferences); Utah (foreign operating company)

November 2017

Nov 30 - Notice 2017-71: Expanded relief for late-filed partnership, REMIC, and other related Forms 1065 and 1066 filers in 2017

Nov 29 - Proposed regulations: Interplay of centralized partnership audit regime and international tax rules

Nov 29 - Tier 2 tax rates, no changes for 2018

Nov 29 - U.S. Tax Court: Timely filed petition, postage from approved commercial vendor

Nov 27 - Puerto Rico: More guidance providing tax relief following Hurricane Maria

Nov 22 - Rev. Proc. 2017-60: Safe harbor, personal residence repairs of certain concrete foundations

Nov 21 - Extended time, health and pension plans affected by Hurricane Maria

Nov 21 - IRS practice units, common ownership or control under Code section 482

Nov 21 - IRS update to jurisdiction status table, country-by-country reporting

Nov 20 - PLR: F reorganization, from Country A branch of U.S. life insurance company to Country A section 953(d) company

Nov 20 - KPMG reports: Connecticut (combined reporting); Pennsylvania (net loss limits); Tennessee (cloud computing); Vermont (nexus)

Nov 14 - KPMG report: Accounting for income taxes considerations of adopting new revenue recognition guidance

Nov 13 - Rev. Proc. 2017-59: Changes in method of accounting, section 481 adjustment period

Nov 13 - Rev. Rul. 2017-22: Covered compensation tables for 2018 plan year

Nov 13 - KPMG reports: Arkansas (tangible property sales); Colorado (combined returns); Mississippi (economic nexus); Pennsylvania (subscription fees)

Nov 9 - Ninth Circuit: Debt vs. equity implications for foreign tax credits

Nov 9 - Notice 2017-70: Leave-based donation payments, 2017 California wildfires

Nov 7 - IRS audit-related rule changes, financial reporting of partnership tax underpayments

Nov 7 - Pennsylvania: Enacted legislation concerns NOL carryovers, remote sellers, sales tax

Nov 6 - KPMG reports: Indiana (software); Massachusetts (passthroughs); New York (HMO taxation)

Nov 3 - IRS identifies new LB&I “compliance campaigns”

Nov 1 - IRS reminder: ITIN renewals due by end of 2017

October 2017

Oct 31 - Announcement 2017-15: Hardship distributions, loans from retirement plans, hurricane and wildfire relief

Oct 31 - IRS reminder: Electronically filed 2016 tax returns due by November 18; disaster victims and others need to file on paper after November 18

Oct 31 - Notice 2017-67: Qualified small employer health reimbursement arrangements 

Oct 31 - Treasury updates low-income community eligibility data, New Markets Tax Credit

Oct 30 - Notice 2017-68: Expanded hurricane-related relief from “United States property” designation for CFCs

Oct 30 - KPMG report: New employee retention credit, hurricane-related relief

Oct 30 - KPMG reports: Colorado (contract manufacturing); New Jersey (basis adjustment); Ohio (remote sellers); Oregon (bicycle excise tax)

Oct 26 - Kautter appointed IRS “Acting Commissioner” effective November 13

Oct 24 - Insurance initiatives in 2017-2018 priority guidance plan

Oct 23 - KPMG reports: Illinois (manufacturing exemption); Maryland (employee activities); New York (sales tax refunds)

Oct 20 - IRS “business plan” for 2017-2018 includes “burden reducing” projects

Oct 20 - Puerto Rico: Updated guidance on tax deadlines, following Hurricane Maria

Oct 19 - IRS practice unit: Withholding under FIRPTA, sales by individuals

Oct 19 - Rev. Proc. 2017-58: Inflation adjustments for 2018

Oct 19 - Notice 2017-64: Pension plans, cost-of-living adjustments for 2018

Oct 19 - Notice 2017-66: New clean renewable energy bonds, applications for reallocation to public power providers

Oct 19 - Notice 2017-59: Refund claim procedures, undyed diesel fuel removed from Milwaukee terminals

Oct 19 - LB&I directive for mining industry: Units of property, major components

Oct 19 - Second package of proposed regulations withdrawn; definition of “political subdivision” for tax-exempt bonds

Oct 18 - Final regulations: Tax treatment of federal financial assistance provided banks, domestic building and loan associations, and related parties

Oct 18 - Pennsylvania: NOL flat-dollar cap held to violate uniformity clause; taxpayer not allowed an uncapped NOL

Oct 17 - Proposed regulations under section 2704 are withdrawn

Oct 17 - IRS practice units about land development, check-the-box, USRPHC status

Oct 17 - QI / QDD / WP / WT applications for 2017; due November 17

Oct 16 - IRS relief: Taxpayers affected by California wildfires; new counties added

Oct 16 - Do not overlook possible tax implications of NAFTA re-negotiations

Oct 16 - KPMG reports: District of Columbia (digital goods); New Jersey (nexus); Oregon (Portland’s pay-ratio surtax); Multistate (voluntary disclosure)

Oct 16 - KPMG report: Tax reform implications for low-income housing credit

Oct 13 - IRS relief, taxpayers affected by California wildfires

Oct 13 - IRS nonacquiescence: Material participation in real estate activities under section 469

Oct 13 - KPMG report: State and local tax, technology-related guidance (table, third quarter 2017)

Oct 11 - Proposed regulations: Removal of signature requirement from section 754 elections

Oct 10 - IRS practice unit: Failure to file Form 5471, penalties for Category 2 and 3 filers

Oct 10 - Rev. Procs. 2017-56, 2017-57: Changes to defined benefit plan funding method

Oct 10 - U.S. Tax Court: Interest on deficiency when tax-exempt status is revoked

Oct 10 - U.S. Tax Court: No charitable contribution deduction for facade easement, not “in perpetuity”

Oct 9 - KPMG reports: California (water’s-edge election); Colorado (electronic sales); South Dakota (physical presence); Washington State (retail space)

Oct 6 - Notice 2017-61: Self-insured health insurance annual fee

Oct 6 - Notice 2017-62: Employer leave-based donation programs to aid Hurricane Maria victims

Oct 6 - Puerto Rico: Further guidance, relief in response to hurricanes

Oct 6 - Regulations: Exemptions and accommodations for preventive, contraceptive services

Oct 4 - Final report: Treasury regulations, responding to executive order to reduce tax burden

Oct 4 - Notice 2017-56: Disaster relief, “physical presence” test extended, individuals in hurricane-affected U.S. territories

Oct 4 - SEC provides regulatory relief for hurricane victims

Oct 3 - KPMG report: Casualty loss deductions related to hurricanes, claims by individual taxpayers; updated to reflect new law

Oct 3 - Final regulations: Mortality tables for defined benefit pension plans

Oct 3 - Delaware: Companies to be invited, unclaimed property voluntary disclosure program

Oct 2 - Notice 2017-57: Deferred effective date, foreign currency regulations under section 987

Oct 2 - Notice 2017-58: Hurricane-related filing extension; disclosures of “syndicated conservation easement transactions”

Oct 2 - Puerto Rico: Tax authority’s guidance on tax deadlines, following hurricanes

Oct 2 - U.S. Tax Court: Nonresident’s unemployment compensation held taxable income under treaty with Canada

Oct 2 - KPMG report: Accounting for uncertainty in income taxes under IFRS and U.S. GAAP

Oct 2 - KPMG reports: Alabama (business license); Illinois (internet sales); New York (combined reporting); Wisconsin (corporate tax)

September 2017

Sep 29 - President signs aviation tax and hurricane tax-relief legislation

Sep 29 - Rev. Proc. 2017-46: Updated list of countries, deposit interest paid to nonresident aliens

Sep 29 - Rev. Rul. 2017-19: Fringe benefit aircraft valuations for second half 2017

Sep 28 - IRS hurricane-relief, emergency housing for disaster victims

Sep 27 - KPMG report: Unified framework for comprehensive tax reform, initial observations

Sep 27 - Notice 2017-53: One-year extension of time to replace livestock, drought-related sales

Sep 27 - Notice 2017-55: Hurricane-related relief from section 956(c) “United States property” designation for CFCs

Sep 27 - Proposed regulations: Tax-exempt private activity bonds, issued by state and local governments, public approval requirements

Sep 26 - IRS summarizes hurricane-related tax relief 

Sep 25 - IRS extends diesel fuel penalty waiver; Hurricane Irma-related shortages

Sep 25 - Notice 2017-54: Per diem rates, substantiation of employee lodging, meals, incidentals (2017-2018)

Sep 25 - Notice 2017-46: Reporting TINs by FFIs under FATCA Model 1 intergovernmental agreements

Sep 25 - KPMG reports: Alaska (dividends received deduction); Texas (packaging supplies); Wyoming (electricity)

Sep 25 - Final regulations: Withholding from, information reporting on certain gambling winnings

Sep 22 - IRS provides tax relief, victims of Hurricane Maria in Puerto Rico, U.S. Virgin Islands

Sep 22 - LB&I directive: Research credit for increasing research activities under section 41

Sep 22 - KPMG report: State, local tax changes (third quarter 2017, table)

Sep 21 - Rev. Proc. 2017-52: New policy for letter rulings, transactions under section 355

Sep 19 - IRS provides hurricane-related tax relief for taxpayers in Georgia

Sep 19 - IRS offers fuel penalty relief; hurricane-related shortages of ultra low sulfur diesel fuel

Sep 18 - KPMG report: Casualty loss deductions, hurricane-related damage

Sep 18 - LB&I practice units about transfer pricing issues

Sep 18 - Proposed regulations: Truncated TINs for wage and tax statements furnished to employees

Sep 18 - KPMG report: GAO recommendations for low-income housing credit program

Sep 18 - KPMG report: Open-ended guidance, certain stock distributions of RICs (Rev. Proc. 2017-45)

Sep 18 - KPMG reports: Alabama (group losses); Illinois (financing entities); Massachusetts (internet vendors)

Sep 15 - IRS expands tax relief to hurricane victims in Florida

Sep 15 - Proposed regulations: Definitions of “registration-required obligation” and “registered form”

Sep 14 - KPMG report: Tax relief available for businesses affected by Hurricane Irma

Sep 14 - Notice 2017-52: Employer leave-based donation programs to aid Hurricane Irma victims

Sep 14 - IRS practice units: Foreign tax credits, sourcing of income, other topics

Sep 14 - South Dakota: State’s high court upholds “Quill” physical presence standard

Sep 12 - IRS provides tax relief for taxpayers affected by Hurricane Irma

Sep 12 - IRS allows retirement plan loans, hardship distributions relating to Hurricane Irma

Sep 12 - IRS waives dyed diesel fuel penalty; shortages due to Hurricane Irma

Sep 12 - Notice 2017-47: Penalty relief for late-filed partnership returns applies to REMICs

Sep 12 - Notice 2017-51: Marginal well production credit under section 45I; reference price (2016)

Sep 11 - U.S. Tax Court: Estate tax return of predeceased spouse, determining allowable DSUE

Sep 11 - KPMG reports: Indiana (throwbacks); New York (service receipts); Virginia (tax amnesty)

Sep 7 - Rev. Proc. 2017-47: Safe harbor for public utilities, “normalization rules” violations

Sep 6 - Virginia: Related-party addback rule and “subject to tax” exception

Sep 5 - IRS expands dyed diesel fuel penalty relief for Texas

Sep 5 - KPMG report: Disaster relief; tax implications when employers help employees

Sep 1 - Notice 2017-47: Penalty relief for late-filed partnership returns in 2017

Sep 1 - KPMG report: Tax relief available for businesses affected by Hurricane Harvey

August 2017

Aug 31 - Notice 2017-45: Nondiscrimination relief for “closed” defined benefit plans extended through 2018

Aug 30 - U.S. Tax Court: No refund, taxes not paid within lookback period

Aug 30 - IRS announces retirement plan loans, hardship distributions to hurricane victims

Aug 30 - IRS waives dyed diesel fuel penalty because of hurricane-related shortages

Aug 30 - List of countries for country-by-country reporting data exchanges 

Aug 28 - IRS provides tax relief, taxpayers in 18 Texas counties affected by Hurricane Harvey

Aug 28 - KPMG reports: Massachusetts (disaster losses); New Jersey (click-through nexus); North Carolina (interest deduction); Wisconsin (software licensing)

Aug 25 - Rev. Proc. 2017-44: Foreign insurance companies; effectively connected net investment income (2016)

Aug 22 - KPMG report: No deduction for amounts paid captive insurance company (U.S. Tax Court’s opinion)

Aug 22 - U.S. Tax Court: Lifetime gifts, marital deduction asserted in summary judgment motions

Aug 21 - Notice 2017-44: Model amendments adding bifurcated benefit distribution options, defined benefit plans

Aug 21 - U.S. Tax Court: Cement company’s depletion deduction rate for calcium carbonates

Aug 21 - U.S. Tax Court: No deduction for amounts paid to captive insurance company

Aug 21 - Insurance: CCA addresses qualification under section 816(a)

Aug 21 - Colorado: Use tax reporting requirements, proposed rules

Aug 21 - KPMG reports: Arkansas (tax credits); Minnesota (loss limitation); Texas (sales tax exemption); Texas (costs of goods sold)

Aug 14 - KPMG reports: New York (captive insurance); New York (internet access); Texas (apportionment); Washington State (real estate excise tax)

Aug 11 - FAQs: IRS Appeals conferences, attendance by IRS Compliance personnel

Aug 11 - IRS nonacquiescence: Like-kind “reverse exchange” when title held by exchange facilitator

Aug 11 - IRS now accepting country-by-country report (Form 8975)

Aug 10 - IRS reminder about heavy highway vehicle use tax return deadline; Form 2290 due August 31

Aug 9 - Multistate Tax Commission’s special voluntary disclosure program for remote sellers; sales and use tax and state income tax

Aug 8 - IRS letters sent to taxpayers with ITINs expiring in 2017

Aug 8 - Rhode Island: Expanded tax reporting requirements for non-collecting retailers; tax amnesty program

Aug 7 - U.S. Tax Court: Taxpayers limited in charitable contribution deduction, since not “qualified farmers”

Aug 7 - KPMG report: “Convenience of the employer” exclusion for meal deductions

Aug 7 - KPMG report: Implications of “Grecian Magnesite Mining” opinion for private equity funds

Aug 7 - KPMG report: Section 467 can have outsized impact on REITs

Aug 7 - KPMG reports: Colorado (local use tax); Massachusetts (drop-shipments); Minnesota (combined returns); Ohio (forward contracts)

Aug 4 - Notice 2017-42: Additional time to comply with section 871(m) regulations

Aug 3 - Notice 2017-41: Voluntary reporting of catastrophic health insurance coverage

Aug 3 - U.S. Senate confirms Treasury Assistant Secretary for Tax Policy

Aug 1 - Eighth Circuit: No RRTA tax on stock payments, union contract ratification payments

Aug 1 - U.S. Treasury: List of countries cooperating with international boycott

July 2017

Jul 31 - Illinois: Cook County (Chicago) sweetened beverage tax, update

Jul 31 - KPMG reports: Arizona (amusement taxation); New Hampshire (mergers); Nevada (return due date); Texas (franchise tax)

Jul 31 - Puerto Rico: New sales tax prepayments, first due date either August 15 or September 15

Jul 28 - Notice 2017-36: “Documentation regulations” under Reg. section 1.385-2 delayed by one year

Jul 28 - Insurance: PLR allows taxpayer to revoke section 953(d) election

Jul 28 - Puerto Rico: Estimated sales tax rules; room occupancy tax amendments

Jul 28 - Treasury to end myRA program, savings retirement program

Jul 27 - U.S. Tax Court: Intercompany loan balance, guaranty by CFC constitute “United States property”

Jul 27 - Administration and congressional Republican leaders release statement on tax reform

Jul 26 - U.S. Tax Court: Cancellation of APAs held IRS abuse of discretion; deduction allowed for bonus payments as employee compensation

Jul 26 - California: Sales and use tax exemption, manufacturing and R&D equipment

Jul 25 - Illinois: Unclaimed property law is significantly revised

Jul 25 - KPMG report: State and local tax, technology-related guidance (table, second quarter 2017)

Jul 24 - Final regulations: Annual fee imposed on manufacturers, importers of branded prescription drugs

Jul 24 - Final regulations: Health insurance premium tax credit under section 36B

Jul 24 - IRS Appeals to allow “virtual” conferences with taxpayers

Jul 24 - Hearing scheduled on proposed regulations; nuclear power plant decommissioning

Jul 24 - KPMG reports: California (manufacturing exemption); Ohio (nexus); Washington State (internet sourcing)

Jul 21 - Puerto Rico: Package of tax incentives enacted

Jul 18 - Regulations: Return due dates, extended due date amendments

Jul 17 - KPMG report: Foreign partners: U.S. Tax Court rejects IRS’s position in Rev. Rul. 91-32

Jul 17 - KPMG reports: Colorado (use tax); Illinois (soda tax); Indiana (sale of subsidiary); Washington State (B&O tax); Washington State (Seattle residents)

Jul 14 - D.C. Circuit: Taxpayer lawsuit challenging voluntary disclosure program barred 

Jul 13 - U.S. Tax Court: Foreign company’s capital gain not effectively connected income; Rev. Rul. 91-32 is rejected

Jul 13 - Washington State: Sales and use tax, economic nexus legislation enacted

Jul 12 - Proposed regulations withdrawn: Transfers of no net value

Jul 12 - Rev. Proc. 2017-43: Suspension of benefits applications; defined benefit plans in “critical and declining status”

Jul 11 - U.S. Tax Court: Landfill reclamation, clean-up costs under section 468 not limited to accrual-method taxpayers

Jul 10 - KPMG reports: Indiana (manufacturing exemption); New Hampshire (corporate rates); Washington State (online retailer)

Jul 7 - Notice 2017-38: Interim list of Treasury regulations, responding to
executive order to reduce tax burden

Jul 7 - Illinois: Legislature overrides governor’s budget veto; tax measures enacted

Jul 5 - Chicago: Collection of sweetened beverage tax, temporary restraining order

Jul 5 - Notice 2017-37, Rev. Proc. 2017-41: Defined contribution plans; 2017
cumulative list and on-cycle submission guidance; opinion letters for pre-approved plans

Jul 5 - U.S. Tax Court: Failure to satisfy substantiation requirements, complete disallowance of charitable contribution deduction

June 2017

Jun 30 - California: Documentary transfer tax; changes to legal entity holding title

Jun 30 - Form 8975 and instructions for country-by-country reporting

Jun 29 - Corrections to regulations on withholding, information reporting, backup withholding

Jun 29 -  Third Circuit: Taxpayer not allowed deductions under loss duplication rule

Jun 28 - North Carolina: Veto override, additional tax rate reductions enacted

Jun 27 - Puerto Rico: Municipal entrepreneur contribution in Caguas municipality

Jun 26 - Eighth Circuit: Charitable deduction for conservation easement denied; mortgages not subordinated before conveyance

Jun 26 - KPMG reports: Delaware (franchise tax); Maine (remote sellers); Oregon (sourcing) 

June 26 U.S. Tax Court: Pregame meals provided hockey team are de minimis fringe benefit

Jun 22 - PCAOB issues auditing standard to enhance auditor’s report

Jun 21 - IRS accepting renewals, ITINs to expire by end of 2017

Jun 21 - KPMG report: State, local tax changes (second quarter 2017, table)

Jun 19 - IASB interpretation, uncertainty over income tax treatments

Jun 19 - IRS practice unit: “Substantial compliance” doctrine, international information return penalties

Jun 19 - KPMG reports: Connecticut (July 3rd deadline); Michigan (passive holding company); Pennsylvania (cap on NOLs); Pennsylvania (soda tax)

Jun 19 - U.S. Tax Court: Jurisdiction to review penalty determination from partnership adjustment

Jun 16 - California: Legislation changing state’s tax appeal process, establishing new offices

Jun 16 - Ninth Circuit: IRS not immune from suit, fraudulent tax refund sting operation

Jun 15 - California: Proposed amendments, FTB’s revised market-sourcing regulation for asset managers

Jun 13 - Proposed regulations: Centralized partnership audit rules, initial impressions

Jun 13 - U.S. Tax Court: S corporation and employees/beneficiaries of ESOP shareholder are “related persons” under section 267

Jun 12 - IRS reminder: Rules for filing FBAR, reporting foreign accounts for 2016

Jun 12 - KPMG reports: Indiana (sourcing); New Mexico (Pub. L. 86-272 protection); South Carolina (membership fees); Washington State (B&O import exemption); Washington State (airlines)

Jun 9 - Kansas: Veto override repeals pass-through measure, raises individual income tax rates

Jun 9 - Rev. Proc. 2017-34: Simplified method, extension of time for electing portability of deceased spousal unused exclusion

Jun 7 - IRS practice unit: Functional currency determination

Jun 7 - Ninth Circuit: Disregarded entities can be pass-thru partners, under TEFRA audit procedures

Jun 5 - U.S. Supreme Court: “Church plan” exemption from ERISA applies regardless who established it

Jun 5 - KPMG reports: Minnesota (nexus); New Jersey (addback); Ohio (promotional items); Pennsylvania (apportionment)

Jun 1 - IRS requires electronic payment of user fees for letter rulings, closing agreements, and other rulings

May 2017

May 30 - Court of Federal Claims: No netting of overpayment, underpayment interest under same-taxpayer rule

May 26 - Notice 2017-32: Inflation adjustment factor (2017), carbon dioxide sequestration under section 45Q

May 25 - Oregon: Draft of proposed commercial activity tax

May 23 - Trump Administration releases budget proposals

May 22 - U.S. Supreme Court: Certiorari denied in state tax cases, retroactive tax changes

May 22 - KPMG reports: California (apportionment); New York (web-based videos); Oklahoma (fracking); Texas (cell phone provider)

May 18 - IRS reminder: QI/WP/WT agreement renewal deadline is May 31

May 18 - U.S. Tax Court: Assets included in estate despite “deathbed tax planning”

May 15 - KPMG reports: Montana (market-based sourcing); Tennessee (nexus); Texas (apportionment); Utah (online sales)

May 12 - Ninth Circuit: Basis of intangible assets acquired in connection with failed thrifts 

May 11 - President announces nominee for Treasury Assistant Secretary for Tax Policy

May 9 - Insurance: PLR again allows use of foreign statement reserves

May 9 - Rev. Proc. 2017-38: IRS to issue rulings about distributions of controlled corporation stock

May 8 KPMG reports: California (“doing business”); Iowa (consolidated group); Texas (natural gas); Washington (movie theater)

May 4 - Rev. Proc. 2017-37: HSA inflation-adjusted amounts for 2018

May 3 - Notice 2017-30: Temporary relief, taxable fuel removals from Milwaukee terminals due to energy emergencies

May 3 - Rev. Rul. 2017-09: Tax treatment of “north-south” transactions

May 3 - IRS release: Small startups can apply research credit against payroll tax liability

May 2 - Tenth Circuit: Lawsuits challenging activities leading to a U.S. federal tax assessment

May 2 - Treasury announces allocation availability of New Markets Tax Credit awards

May 1 - KPMG report: Truck fleets: Federal excise tax review opportunity, heavy vehicles tax

May 1 - KPMG reports: Montana (NOLs); New York (phone app); Pennsylvania (tax amnesty); Tennessee (sales tax); Virginia ("subject to tax" exception)

April 2017

Apr 27 - Federal Circuit: VoIP provider not allowed refund of federal communications excise tax

Apr 27 - Notice 2017-29: Extended due date, disclosures relating to “syndicated conservation easement transactions”

Apr 24 - IRS practice unit: Physical presence test, qualifying for section 911 tax benefits

Apr 24 - KPMG reports: Louisiana (commercial activity tax); Minnesota (apportionment); Ohio (particulate removal services)

Apr 21 - President directs Treasury to begin tax simplification process

Apr 21 - IRS practice unit: Expense allocation/apportionment in section 904 foreign tax credit limitation calculation

Apr 21 - IRS request comments on priority guidance plan for 2017-2018

Apr 21 - Notice 2017-24: Enhanced oil recovery credit

Apr 21 - Rev. Rul. 2017-10: Fringe benefit aircraft valuations for first half 2017

Apr 20 - Rev. Proc. 2017-33: Guidance for section 179 property, depreciation deduction, Indian reservation depreciation

Apr 19 - Rev. Proc. 2017-30: List of automatic changes; updated provisions

Apr 19 - U.S. Tax Court: Tax treatment of variable prepaid forward contracts (VPFCs) that were modified

Apr 17 - KPMG reports: California (NOL limitations); Pennsylvania (support services); Tennessee (software); Texas (method of accounting)

Apr 13 - IRS reminder: New deadline for reporting foreign accounts

Apr 11 - IRS practice unit: Foreign tax credit general principles

Apr 11 - Section 45: Renewable electricity, refined coal production inflation factors, reference prices (2017)

Apr 10 - KPMG reports: California (market-based sourcing); Massachusetts (internet retailers); Oregon (P.L. 86-272 protection); Washington (look-through sourcing); Washington (bakery use tax collection)

Apr 7 - IRS acquiescence, S corporation's payment of personal expenses of officer/sole shareholder constitute repayment of shareholder loans, not wages

Apr 7 - IRS nonacquiescence, completed contract method of accounting, housing development projects

Apr 7 - IRS nonacquiescence, retail stores’ placed-in-service date

Apr 5 - Final regulations: Fiduciary standard for retirement investment advice; applicability date is extended

Apr 5 - U.S. Tax Court: Employee tax return information is discoverable to absolve employer of employment tax liabilities

Apr 3 - Rev. Proc. 2017-31: Updated list of countries, deposit interest paid to nonresident aliens

Apr 3 - KPMG report: Transfer pricing documentation deadlines for 2017

Apr 3 - KPMG reports: Arizona (electric cooperative); Connecticut (internet retailers); Iowa (nexus consolidated return); Louisiana (budget plan)

March 2017

Mar 31 - IRS extends renewals, applications involving QDDs through May 2017

Mar 31 - KPMG report: FASB shortens premium amortization period for certain callable debt securities

Mar 30 - Notice 2017-23: Interim guidance for making payroll tax credit election

Mar 29 - KPMG report: Income tax implications of “Brexit”

Mar 28 - Notice 2017-17: Request for comments on procedures for method changes

Mar 27 - Announcement 2017-04: Relief from excise taxes to comply with DOL's temporary enforcement of certain fiduciary rules

Mar 27 - Foreign captives held not to be insurance companies exempt under section 501(c)

Mar 27 - KPMG reports: Arizona (rental of tangible personal property); Colorado (use-tax notice reporting); New York (sales and use tax); North Carolina (market-based sourcing); Multistate (federal due date conformity)

Mar 24 - Rev. Proc. 2017-29: Automobile depreciation limits for 2017

Mar 23 - KPMG report: State, local tax changes (first quarter 2017, table)

Mar 20 - Rev. Proc. 2017-25: SB/SE Fast Track Settlement program established

Mar 20 - Rev. Proc. 2017-28: Employee consent used by employer to claim FICA, RRTA refund

Mar 20 - Second Circuit: Underreporting of income, subject to self-employment income tax

Mar 20 - KPMG reports: Arkansas (partnership apportionment); California (R&D sales and use tax); New Jersey (added back taxes); Pennsylvania (canned software support services)

Mar 17 - Fourth Circuit: Railroad’s challenge to South Carolina property tax returned to lower court

Mar 17 - IRS reminder to individual taxpayers, required minimum distributions deadline April 1

Mar 16 - Businesses affected by winter storm, more time to file six-month extension

Mar 16 - KPMG report: Identifying the customer in service concession arrangements

Mar 16 - White House releases “preliminary” budget

Mar 15 - Treasury position nominees announced

Mar 13 - Notice 2017-21: Housing expense limit adjustments, foreign locations for 2017

Mar 13 - Rev. Proc. 2017-26: Section 911(d)(1) eligibility requirements waived for South Sudan

Mar 13 - KPMG reports: Alabama (streaming services); California (water’s edge); South Dakota (internet retailers)

Mar 13 - KPMG report: FASB separates service cost from other pension cost components

Mar 9 - KPMG report: FASB proposes simplifying accounting for share-based payments to nonemployees

Mar 6 - KPMG reports: California (doing business); Colorado (use-tax reporting); Michigan (unitary group); New Jersey (“investment company” status); New Jersey (sales-leaseback)

Mar 1 - IRS practice unit: Foreign, domestic loss implications for the foreign tax credit

Mar 1 - U.S. Tax Court: No charitable deduction for aircraft, substantiation requirements not satisfied

February 2017

Feb 28 - KPMG report: Vesting schedule and non-compete agreement, substantial risk of forfeiture

Feb 28 - Updated qualified intermediary (QI) system

Feb 27 - Notice 2017-20: Relief for “small employer health reimbursement” notice

Feb 27 - KPMG reports: District of Columbia (paid leave); Georgia (books); Kentucky (insurance); Utah (pallets)

Feb 24 - Draft instructions for Form 8975, Country-by-Country Report

Feb 23 - KPMG report: FASB clarifies scope of derecognition of nonfinancial assets

Feb 20 - KPMG report: New due date for FBAR; "regulatory pause" leaves reporting rules in place

Feb 20 - KPMG report: Physician member of surgery center has passive income; no SECA liability

Feb 20 - KPMG reports: Alabama (banks); Arkansas (digital goods); Pennsylvania (software); Virginia (tax amnesty)

Feb 20 - FAQ guidance for branches to qualify for QDD status

Feb 20 - Qualified intermediary and WP/WT agreement renewals due 31 March

Feb 16 - Mulvaney confirmed to be OMB Director

Feb 16 - Sixth Circuit: IRS’s application of substance-over-form doctrine rejected

Feb 14 - KPMG report: Revised due dates, extension periods for various returns and forms

Feb 14 - IRS practice units: Hedge funds, penalties for U.S. partners failing to file Form 8865

Feb 14 - Mnuchin sworn in as Treasury Secretary

Feb 13 - KPMG reports: Colorado (nexus); Massachusetts (insurance tax); New Jersey (throwout rule); Pennsylvania (NOLs)

Feb 10 - IRS nonacquiescence to Fifth Circuit decision, active participation exception for ranch operations

Feb 10 - PLR: Like-kind exchange, cellular towers for cable signal distribution systems

Feb 7 - Delaware: Unclaimed property reforms are enacted

Feb 7 - Rev. Rul. 2017-05: Covered compensation tables for 2017 plan year

Feb 6 - KPMG report: Federal excise tax credit opportunity; off-highway business use

Feb 6 - KPMG reports: New York (taxable service); Texas (depreciation); Washington (manufacturer exemption); New Mexico and Oregon (service receipts)

Feb 3 - IRS practice unit: Basket transactions

January 2017

Jan 31 - LB&I launches 13 “campaigns” focusing on issue identification, audit guidance

Jan 31 - KPMG report: Accounting for income tax considerations, section 987 regulations

Jan 30 - Executive Order to reduce regulations

Jan 30 - IRS practice units: Exchange gains/losses from currency transactions and other topics

Jan 30 - IRS practice unit: Section 6038A summons when U.S. company is 25% foreign-owned

Jan 30 - KPMG reports: Arizona (mining equipment); Arkansas (unclaimed property); Michigan (unitary group); Nebraska (unclaimed property); South Dakota (unclaimed property); Multistate (pay-ratio reporting)

Jan 27 - KPMG report: FASB simplifies goodwill impairment test

Jan 25 - KPMG report: Final and temporary regulations under chapter 4; FFI agreement updates

Jan 24 - Treasury regulations published in today’s Federal Register

Jan 23 - Trump Administration temporary freeze on regulations

Jan 23 - Eighth Circuit: No federal jurisdiction on out-of-state challenge to Ohio state tax

Jan 23 - KPMG report: SEC and FASB on accounting for income taxes

Jan 23 - KPMG report: Transfer of trade or business through asset sale

Jan 23 - KPMG reports: Indiana (manufacturing exemption); Massachusetts (apportionment); South Dakota (nexus); Texas (taxable services)

Jan 19 - Regulations: Dividend equivalents from sources within the United States (text of regulations)

Jan 19 - Final regulations: Qualifying income exception; partnership activities and minerals or natural resources (text of regulations)

Jan 19 - Rev. Proc. 2017-23: Guidance on country-by-country report filing process

Jan 19 - Rev. Proc. 2017-21: Updated withholding foreign partnership, foreign trust agreement

Jan 19 - Rev. Proc. 2017-19: Safe harbor, energy-savings performance contract

Jan 19 - Rev. Proc. 2017-24: Tax relief relating to certain student loan discharges

Jan 19 - Notice 2017-16: Health coverage tax credit relief

Jan 19 - Proposed regulations: Centralized partnership audit regime

Jan 19 - Temporary regulations: Transfers to partnerships with related foreign partners, controlled transactions (initial analysis)

Jan 18 - Revised Form 7004 application for automatic extension

Jan 18 - Final regulations: Modified carryover basis rules under section 1022

Jan 18 - Notice 2017-14: Expanded hardship exemptions, health insurance

Jan 18 - Proposed regulations: Defining dependent, rules for adoption and other purposes

Jan 18 - Rev. Proc. 2017-22: Clarifying safe harbor for transportation, infrastructure grants (TIGER Discretionary Grants)

Jan 17 - Delaware: “Unclaimed property” reforms are proposed

Jan 17 - Final regulations: Recognition period, C corporation property becoming property of REIT 

Jan 17 - IRS launches QI, WP, WT application and account management system

Jan 17 - Notice 2017-15: Estate and gift exclusions, GST exemptions for same-sex spouses

Jan 17 - Proposed regulations: Revised 401(k) plan definitions, qualified matching and nonelective contributions

Jan 17 - Rev. Rul. 2017-03: State-assumed interest rates, insurance company post-2015 reserves

Jan 16 - KPMG report: Final and temporary regulations under Chapters 3 and 61

Jan 16 - KPMG reports: Georgia (manufacturing exemption); New York (unclaimed property); New York (MTA surcharge); Ohio (transcription services); Multistate (economic nexus)

Jan 16 - KPMG report: FASB reinstates “presumption of control” for not-for-profit general partners

Jan 16 - KPMG report: Possible issues for real estate under House Republican “blueprint”

Jan 13 - Regulations: Corporate inversions and transactions structured to avoid section 7874

Jan 13 - Rev. Proc. 2017-18: Remedial amendment period for section 403(b) plan correcting amendments

Jan 13 - California: Corporate member with 0.2% ownership interest found not “doing business” in state

Jan 12 - Draft Form 8975 for country-by-country reporting

Jan 11 - KPMG report: FASB proposal for simplified balance sheet classification of debt

Jan 11 - KPMG report: FASB proposes additional inventory disclosures

Jan 9 - Fourth Circuit: No deduction, upon corporate merger for stock previously issued to executive when not subject to substantial risk of forfeiture at grant

Jan 9 - Texas: “Tangible personal property” for franchise (margin) tax purposes

Jan 9 - KPMG reports: Arkansas (manufacturing exemption); Tennessee (apportionment); Utah (losses); Wyoming (remote retailers)

Jan 6 - KPMG report: Final qualified intermediary (QI) agreement

Jan 6 - Notice 2017-12: IRS account transcript as substitute for estate tax closing letter

Jan 6 - FASB clarifies the definition of a “business”

Jan 4 - IRS practice unit, section 367(d) transactions and cost sharing arrangements

Jan 4 - Notice 2017-09: De minimis error safe harbor, information reporting penalties

Jan 3 - Annual revenue procedures for 2017

Jan 3 - Regulations: Bond requirements, filing periods concerning excise taxes on alcoholic beverages

2016 Articles

December 2016

Dec 30 - FATCA regulations on information reporting and backup withholding; final QI and FFI agreements

Dec 30 - KPMG report: FASB finalizes technical corrections to revenue standard

Dec 29 - Regulations: Information returns, withholding on certain gaming and gambling activities

Dec 28 - Proposed regulations: Mortality tables for defined benefit plan purposes

Dec 28 - Proposed regulations: Nuclear power plant decommissioning

Dec 27 - Final regulations: Reporting requirements for shareholders of PFICs

Dec 23 - Notice 2017-10: "Syndicated conservation easement transactions" identified as tax avoidance "listed transactions"

Dec 22 - New York City: Eligibility for broker-dealer apportionment is clarified

Dec 22 - Notice 2017-07: Revised effective date, temporary regulations under section 987 concerning QBU foreign currency gains, losses

Dec 22 - U.S. Tax Court: “Contemporaneous written acknowledgment” for charitable contribution

Dec 21 - KPMG report: Year-end financial reporting, quarterly outlook (2016)

Dec 20 - Notice 2017-06: Extended waiver period, automatic changes to accounting method, to comply with final tangible property regulations 

Dec 20 - IRS field advice memo: Adjustments to life insurance reserves determined as change in basis

Dec 20 - KPMG report: State, local tax changes (fourth quarter 2016, table)

Dec 19 - First Circuit: Economic substance of transactions involving foreign tax credits

Dec 19 - Insurance company is owner of trust fund and underlying assets

Dec 19 - Notice 2016-81: Defining “chassis” and “body” for excise tax purposes

Dec 19 - Notice 2017-01: Exemption from user fee, employee plan determination letter applications

Dec 19 - Rev. Rul. 2017-01: Base period T-bill rate

Dec 19 - U.S. Tax Court: Recapture of cash grants under section 48D, therapeutic discovery project

Dec 19 - KPMG reports: California (unitary business); Indiana (sourcing); South Carolina (federal adjustments); Tennessee (economic nexus); Tennessee (disregarded status)

Dec 16 - FBAR filings: Deadline extended to April 2018 for certain individuals; automatic six-month extension for all filers

Dec 16 - Regulations: Defining predecessor, successor; limiting recognition of gain under section 355(e)

Dec 16 - Rev. Proc. 2017-12: Internal TLAC instrument treated as indebtedness

Dec 16 - KPMG report: 2016 AICPA national conference; SEC and PCAOB developments

Dec 15 - Final regulations: Goodwill, going-concern value transferred to foreign corporations

Dec 15 - IRS to allow online management for QIs, WPs and WTs

Dec 15 - Notice 2017-04: Clarifying “beginning construction” provision, renewable electricity tax credits

Dec 14 - KPMG report: Relief provided for looming section 871(m) regulations in Notice 2016-76

Dec 14 - Final regulations: Health insurance, premium tax credit

Dec 13 - Notice 2016-79: Standard mileage rates, decrease for 2017

Dec 13 - Notice 2016-80: Qualified retirement plans, 2016 "required amendments list"

Dec 13 - Ninth Circuit: Indian tribe’s challenge, federal excise tax on tobacco products

Dec 12 - Final regulations: Reporting obligations of foreign-owned disregarded entity

Dec 12 - IRS guidance: Low-income housing credit

Dec 12 - KPMG reports: Alabama (domestic production deduction); Alaska (percentage of completion method); Oregon (tax proposals); Pennsylvania (manufacturing exemption)

Dec 12 - KPMG report: FASB, proposed changes for accounting for down-round financial instruments

Dec 8 - Proposed regulations: Health insurance providers

Dec 8 - Regulations: Tax-exempt bonds, “issue price” and other definitions

Dec 7 - Regulations: Income, currency gain or loss of “qualified business unit” (QBU) under section 987

Dec 6 - Regulations: Foreign tax credits, and section 901(m) “covered asset acquisitions”

Dec 5 - Rev. Proc. 2016-56: Revised list of countries, deposit interest paid to nonresident aliens

Dec 5 - KPMG report: Changing landscape for healthcare reform, overtime rules

Dec 5 - KPMG reports: Massachusetts (securities); Portland (business surtax); Washington (out-of-state sales); Multistate (unclaimed property)

Dec 2 - Notice 2016-73: Future regulations to modify certain triangular reorganizations involving foreign corporations

Dec 2 - Notice 2016-75: Qualified health plans, relief for “small employers” in Wisconsin

Dec 2 - Notice 2016-76: Phase-in rules for section 871(m) regulations, QI agreement

Dec 2 - KPMG report: SEC rule changes on hedge accounting

Dec 1 - Final regulations: Extension of time for basis reporting by estates

Dec 1 - Treasury’s list of countries cooperating with international boycott; no changes

November 2016

Nov 30 - Insurance: 2016 loss payment patterns, salvage discount factors

Nov 30 - Mnuchin nominated to be U.S. Treasury Secretary

Nov 30 - U.S. Tax Court: Notice of deficiency included 20% penalty, complied with section 6751

Nov 28 - Notice 2016-72: Discharge of qualified principal residence indebtedness

Nov 28 - Tier 2 tax rates, no changes for 2017

Nov 25 - Proposed regulations: Dollar-value LIFO inventory pools, IPIC pooling method

Nov 23 - Proposed regulations: Minimum present value, defined benefit plans

Nov 23 - Payroll update: Overtime rules, scheduled for December 1, are put on hold

Nov 22 - Proposed regulations: Fractions rule, partnerships with qualified tax-exempt organization partners

Nov 22 - U.S. Tax Court: Taxpayer entitled to full DRD, accounts receivable under section 965

Nov 22 - KPMG report: FASB scope clarification, share-based payment modifications

Nov 21 - Eleventh Circuit: NOL carrybacks not allowed; properties not abandoned or worthless

Nov 21 - KPMG report: Final consensus on employee benefit plan reporting issues

Nov 21 - KPMG reports: California (sales tax rate); Chicago (bag tax); Ohio (nexus); Tennessee (excise tax)

Nov 18 - Notice 2016-65: Tax treatment of per capita payments to Indian tribal members

Nov 18 - Notice 2016-70: Extension of information reporting concerning ACA health insurance coverage

Nov 18 - Rev. Rul. 2016-57: Updated “fast track” SB/SE mediation program in collection cases

Nov 17 - Treasury announces $7 billion allocation of New Markets Tax Credit awards

Nov 17 - U.S. Tax Court: Excise taxes under section 4972, nondeductible contributions to defined benefit plan

Nov 16 - U.S. Tax Court: Like-kind exchange treatment disallowed, transaction structured to cash out gain

Nov 14 - KPMG report: Comparison (tables) of Republican House "blueprint" and Trump's tax proposals

Nov 14 - KPMG reports: California (soda tax); Illinois (refunds); Maine (telecommunications); Utah (transfer pricing)

Nov 14 - IRS practice units: Employment taxes of U.S. citizens, resident aliens working abroad

Nov 10 - Notice 2016-69: Employer leave-based donation programs, Hurricane Matthew relief

Nov 9 - Election results: State ballot initiatives and tax proposals

Nov 9 - Regulations: Removal of 36-month non-payment testing period, for deemed cancellation of debt on Form 1099-C

Nov 9 - KPMG report: Possible implications of election on tax policy; preliminary observations

Nov 9 - FASB Revenue TRG holds last scheduled meeting

Nov 8 - IRS practice unit: Portfolio debt exemption

Nov 7 - KPMG report: Tax incentives scheduled to expire at end of 2016

Nov 7 - KPMG reports: Arkansas (manufacturing exemption); California (combined filing); California (Compact election); Virginia (royalties); Washington (broker-dealers)

Nov 4 - Notice 2016-64: Self-insured health insurance annual fee

Nov 4 - Notice 2016-67: “Implicit interest” and pension equity plans

Nov 3 - Ninth Circuit: Employees’ class action challenging tax withholding based on cash tips

Nov 2 - Regulations: “United States property,” foreign partnerships, active rents and royalties

Nov 1 - Mississippi: State high court holds dividend exclusion rule is unconstitutional

Nov 1 - Notice 2016-66: “Micro-captive insurance” identified as “transaction of interest”

October 2016

Oct 31 KPMG reports: Alabama (sales tax); California (software); South Carolina (apportionment); Washington (carbon tax)

Oct 28 - Final regulations: Health insurance; excepted benefits; “short-term, limited-duration insurance” defined

Oct 28 - IRS reminder: Copies of Forms W-2 are due January 31

Oct 27 - Notice 2016-62: Pension plans, cost-of-living adjustments for 2017 

Oct 27 - FASB: Change to primary beneficiary test

Oct 26 - FASB: Accounting changes for income taxes on intercompany transfers

Oct 26 - FASB: Guidance on capitalization of pre-production costs

Oct 25 - Rev. Proc. 2016-55: Inflation adjustments for 2017

Oct 25 - Washington State: Penalties on unfiled annual reconciliation of “apportionable income” 

Oct 24 - KPMG report: Review of partnership projects in IRS guidance plan 2016-2017

Oct 24 - KPMG reports: Colorado (taxable fees); Louisiana (add backs); Missouri (taxable services); West Virginia (raffle tickets)

Oct 21 - Announcement 2016-39: Retirement plan loans, hardship distributions, taxpayers affected by Hurricane Matthew

Oct 21 - Update: Voluntary disclosure for U.S. taxpayers with undisclosed offshore accounts 

Oct 20 - Campaign 2016: Tax proposals of Democratic, Republican presidential candidates (update)

Oct 20 - Notice 2016-63: Updated transition guidance on use of mortality tables (life insurance)

Oct 19 - Tax writing committees, bi-partisan letter: Regulatory recognition period for REIT, RIC conversions

Oct 17 - IRS Chief Counsel Advice: Section 1060 insurance acquisition—deductibility of ceding commissions

Oct 17 - IRS Chief Counsel Advice: Treatment of reimbursements on high
deductible policies under section 832

Oct 17 - IRS expands tax relief for taxpayers affected by Hurricane Matthew

Oct 17 - KPMG reports: Colorado (use tax reporting); New Jersey (credit card sourcing); Oregon (subscriber-based sourcing); Tennessee (nexus)

Oct 14 - Section 385 final regulations: Initial reaction to insurance-specific provisions 

Oct 14 - IRS practice unit: Source of income for nonresident alien individuals

Oct 14 - Section 385 final regulations: Initial reactions

Oct 14 - IRS legal advice memo: Legal responsibilities to protect return information, under OECD’s transmission system

Oct 13 - IRS practice unit: Foreign goodwill or going concern

Oct 13 - Regulations: Timing of losses related to federally declared disasters

Oct 11 - Section 385 update: Hatch letter to Treasury regarding regulatory process

Oct 11 - California: Certiorari denied in Multistate Tax Compact election case

Oct 11 - IRS relief to North Carolina taxpayers affected by Hurricane Matthew

Oct 11 - Some corporate AMT credit refunds reduced under sequestration, says IRS

Oct 10 - KPMG report: Domestic production activities deduction, retail food and beverage sales

Oct 10 - KPMG reports: California (video streaming); California (start-ups); Missouri (airline meals); Puerto Rico (sales tax)

Oct 7 - Puerto Rico: AMT guidance reflecting district court’s decision

Oct 6 - Section 385 update: Treasury’s regulatory guidance process

Oct 6 - IRS reminder to individual taxpayers, renew ITINs

Oct 5 - Section 385 update: Ways and Means Republicans’ letter to administration

Oct 5 - Puerto Rico: Rulings, administrative determination letters to be published anonymously

Oct 4 - Regulations: Partnerships and disguised sales, treatment of partnership liabilities

Oct 4 - California: Final regulation, sourcing of sales other than tangible personal property

Oct 3 - Final regulations: Research credit for internal use software 

Oct 3 - KPMG reports: California (sourcing); California (unclaimed property); Oregon (corporate minimum tax)

September 2016

Sep 30 - Section 385 update: Debt-equity regulations advance towards finalization

Sep 30 - AOD: IRS nonacquiescence, “all events" test in shoppers’ reward program

Sep 29 - Rev. Proc. 2016-51: Employee plan compliance, corrective programs update

Sep 27 - Notice 2016-58: Per diem rates, substantiation of employee lodging, meals, incidentals (2016-2017)

Sep 27 - Notice 2016-59: User fees for substantially identical letter rulings, for foreign insurance excise tax waiver agreement

Sep 27 - Proposed regulations: RIC qualifications; income test and asset diversification requirements

Sep 27 - Rev. Proc. 2016-49: Certain QTIP elections treated as null and void

Sep 26 - IRS practice unit: Sourcing multi-year compensation, stock options, for foreign tax credit limitation

Sep 26 - KPMG report: Primer on qualified real property business indebtedness

Sep 26 - KPMG reports: Arizona (insurance); Kentucky (liability waiver fees)

Sep 26 - U.S. Tax Court: Estate entitled to theft loss incurred by family LLC

Sep 23 - IRS practice units: Applying the arm’s length standard

Sep 23 - Rev. Rul. 2016-24: Fringe benefit aircraft valuations for second half 2016

Sep 23 - KPMG report: Restricted cash in cash flows statement; SEC considers accounting standards

Sep 23 - KPMG report: State, local tax changes (third quarter 2016, table)

Sep 20 - California: Disclosures of fees paid to alternative investment vehicles

Sep 19 - LB&I audit guide under tangible property regulations

Sep 19 - U.S. Tax Court: Like-kind exchange, sales-leaseback rules not satisfied; accuracy-related penalties apply

Sep 19 - Notice 2016-57: Extended relief through 2017, temporary nondiscrimination for closed defined benefit plans

Sep 19 - KPMG reports: Chicago (water tax); Colorado (shipping charges); Louisiana (apportionment); Pennsylvania (tax amnesty); Texas (sourcing)

Sep 16 - Announcement 2016-32: Request for comments, facilitating compliance for qualified plan document requirements

Sep 16 - Notice 2016-55: Employer leave-based donation programs, Louisiana storms relief

Sep 16 - FASB: Financial reporting developments (third quarter 2016)

Sep 15 - Notice 2016-52: Foreign tax credit related to foreign-initiated adjustments

Sep 15 - Campaign 2016: Trump’s tax plan

Sep 14 - Section 385 update: Brady asks Treasury to slow down section 385 regulations

Sep 13 - Treasury responds, EC state aid investigations show need for tax reform

Sep 12 - Eleventh Circuit: Substantial understatement penalty reversed

Sep 12 - FASB: Proposals for changes to hedge accounting

Sep 12 - KPMG report: States adopt, enforce economic nexus for sales tax

Sep 12 - KPMG reports: Indiana (transfer pricing); Puerto Rico (corporate AMT); Utah (sales tax)

Sep 9 - Insurance: PLR allows use of foreign statement reserves

Sep 9 - Notice 2016-51: New address for qualified vehicle submissions

Sep 8 - Final regulations: Benefit plans offering combination of single-sum payment and annuity

Sep 7 - Second Circuit: Consolidated group’s NOL, reduced under section 108

Sep 7 - U.S. Tax Court: Forfeited deposit on canceled sale of hotel not capital asset

Sep 7 - U.S. Tax Court: No section 901 credit, amounts paid as tax to Virgin Islands

Sep 1 - Rev. Proc. 2016-46: Foreign insurance companies; effectively connected net investment income (2015)

Sep 1 - South Carolina: Draft guidance, bank franchise taxation

August 2016

Aug 31 - Final regulations: Defining “married couples” for tax purposes

Aug 30 - Congressional reaction to EC’s state aid investigation 

Aug 30 - Final regulations: Definitions of “real property” for REITs

Aug 30 - IRS announces retirement plan loans, hardship distributions for Louisiana flood victims

Aug 29 - IRS considering changes to “compliance assurance process” (CAP) program

Aug 29 - KPMG report: SEC rules on extraction industry payments

Aug 29 - KPMG reports: Alabama (amusements); Arizona (tax amnesty); Colorado (use tax); Maryland (addbacks) 

Aug 26 - Rev. Proc. 2016-45: Section 355 items removed from “no-rule areas”

Aug 26 - Rev. Proc. 2016-48: Retroactive section 179 expensing, 50% bonus deprecation, election to forgo bonus depreciation

Aug 26 - KPMG report: Revenue recognition standard, Q&As on real estate 

Aug 24 - Ninth Circuit: Builder’s completed contract method of accounting, housing development amenities are included

Aug 24 - Rev. Proc. 2016-47: Waiver of 60-day rollover requirement for retirement plans, IRAs

Aug 24 - U.S. Tax Court: Taxpayer retaining rights to technology not allowed capital gains treatment

Aug 24 - U.S. Treasury “white paper” on EC’s state aid investigations of transfer pricing rulings

Aug 24 - KPMG report: Strategy for minimizing late deposit penalties, avoiding IRS trap 

Aug 23 - IRS practice unit: Taxation on disposition of USRPI by foreign persons

Aug 22 - Tax committee chairmen write Treasury, seeking changes to section 385 proposed regulations

Aug 22 - Announcement 2016-29: IRS corrects enhance oil recovery credit, inflation adjustment factor

Aug 22 - KPMG report: Interest netting after Federal Circuit’s decision

Aug 22 - KPMG reports: Indiana (manufacturing exemption); Massachusetts (apportionment); Virginia (software)

Aug 19 - IRS practice units: Partner's foreign earned income exclusion; foreign housing deduction  

Aug 19 - FASB changes presentation of not-for-profit financial statements

Aug 17 - Insurance initiatives in 2016-2017 priority guidance plan

Aug 17 - Regulations: 2% tax on payments of U.S. government to foreign persons

Aug 17 - Texas: Proposed regulations would revise “producer of goods” for reduced retailer / wholesaler franchise tax rate

Aug 16 - IRS priority guidance plan for 2016-2017

Aug 15 - IRS extends tax relief to taxpayers affected by Louisiana flooding

Aug 15 - KPMG reports: Arkansas (manufacturing exemption); California (throwback); Delaware (unclaimed property); Washington (B&O tax)

Aug 11 - Election-year tax proposals of presidential candidates 

Aug 10 - U.S. Tax Court: Like-kind exchange, property title held by exchange facilitator

Aug 9 - Notice 2016-49: Interim CPEO guidance, employee leasing companies

Aug 8 - KPMG reports: North Carolina (rate reduction); South Carolina (nexus); Wisconsin (tablets)

Aug 5 - D.C. Circuit: Foreign tax credits and totalization agreement with France

Aug 5 - IRS reminder: Highway use tax return due August 31

Aug 4 - Regulations: Early elections into new partnership audit regime

Aug 4 - Notice 2016-48: Guidance for implementing changes to ITIN program

Aug 2 - Proposed regulations: Valuation discounts on transfers of interests in family controlled entities for transfer tax purposes

Aug 1 - KPMG reports:  Alabama (rental property); New York (limitations); South Dakota (economic nexus); Texas (combined group)

July 2016

Jul 29 - Proposed regulations: Information reporting, catastrophic health coverage

Jul 29 - Proposed regulations: Reporting qualified tuition, related expenses on Form 1098-T

Jul 27 - FASB proposes improvements to income tax disclosures

Jul 26 - KPMG report: SEC proposes to eliminate redundant disclosures

Jul 25 - Fifth Circuit: Section 4261 excise tax applies to monthly management fees paid in 2006 and 2007 in fractional-aircraft-ownership program

Jul 25 - Final regulations: Change to section 83(b) election process

Jul 25 - KPMG report: Domestic production activities deduction; survey of compiled guidance

Jul 25 - KPMG report: Enhanced oil recovery credit reinstated for 2016

Jul 25 - KPMG report: Fuel blending, section 199 and excise tax considerations

Jul 25 - KPMG report: Late deposits of federal employment taxes for equity compensation transactions 

Jul 25 - KPMG reports: Indiana (medical equipment); Ohio (staffing services); Texas (waste management); Federal (physical presence)

Jul 22 - Pennsylvania: Tax and unclaimed property changes are enacted

Jul 21 - Regulations: Partner treated as lessee, when lessor elects to pass through investment tax credits to lessee

Jul 21 - U.S. Tax Court: “Geological and geophysical expenses” not limited to taxpayers owning oil and gas interests

Jul 20 - IRS practice units: Qualified business units; currency transaction tax issues

Jul 20 - FASB: New recognition and measurement standard for financial instruments, Q&As

Jul 19 - Announcement 2016-25: Payments made to individuals affected by southern California gas leak

Jul 18 - IRS practice unit: FDAP payments, source of income

Jul 18 - Oil, gas, mining companies’ annual transparency report; one report can satisfy U.S., Canadian, EU rules

Jul 18 - U.S. Tax Court: Newspaper’s motion to intervene in cost-sharing arrangement case held in abeyance

Jul 18 - KPMG reports: Alabama (sales tax); Minnesota (combined group); South Carolina (streaming services); Wisconsin (property tax)

Jul 15 - Nevada: Commerce tax due date, August 15, approaching 

Jul 15 - Rev. Proc. 2016-40: Safe harbors for acquisitions of control, section 355(a)(1)(A)

Jul 15 - Final regulations: Arbitrage investment restrictions, tax-exempt bonds

Jul 15 - SEC proposes raising limit to qualify as “smaller reporting company”

Jul 14 - Proposed regulations: Device prohibition and active trade or business requirement under section 355

Jul 14 - U.S. Tax Court: Credit for fuel from nonconventional source, landfill gas

Jul 12 - Final regulations: “Outside persons” hired by IRS, summoned taxpayer information

Jul 11 - Proposed forms revisions: Form 5500 series, annual information returns

Jul 11 - IRS practice unit: Foreign housing exclusion under section 911

Jul 11 - KPMG report: FASB decisions on intra-entity asset transfers, income tax implications

Jul 11 - KPMG reports: North Carolina (out-of-state trusts); Tennessee (nexus); Texas (franchise tax); Multistate (Tax Compact)

Jul 8 - Comments on proposed regulations under section 385

Jul 8 - Insurance: New York will adopt principle-based reserving (PBR) in 2018

Jul 8- KPMG reports: SEC, accounting standards (second quarter 2016)

Jul 8 - KPMG report: State and local tax, technology-related guidance (table, second quarter 2016)

Jul 7 - Final regulations: Simplified treatment, certain redemptions of floating-NAV money market fund shares

Jul 7 - KPMG report: Transition options, new revenue standard under U.S. GAAP or IFRS

Jul 6 - IRS practice unit: Corporate inversions

Jul 6 - Proposed regulations: Health insurance premium tax credit

Jul 6 - Delaware: Enforcement of unclaimed property laws violated due process

Jul 6 - Louisiana: Tax changes enacted, business taxation affected

Jul 5 - KPMG report: Initial analysis of IRS proposed qualified intermediary (QI) agreement

Jul 5 - Reduction in published oil reference price, enhanced oil recovery credit likely available in 2016

Jul 5 - KPMG report: State, local tax implications of proposed regulations under section 385

Jul 5 - Eighth Circuit: Tax lien primes bank’s deed of trust on taxpayer’s property

Jul 1 - Notice 2016-42: Proposed qualified intermediary agreement (text)

June 2016

Jun 30 - Fourth Circuit: Taxpayer’s FOIA request following the IRS audit

Jun 29 - Federal Circuit: “Same taxpayer” rule, interest netting claims when mergers are involved

Jun 29 - Final regulations: Country-by-country reporting

Jun 29 - Rev. Proc. 2016-37: Determination letter program, six-year cycle for pre-approved plans

Jun 29 - SEC disclosure of government payments, taxes by resource extraction sector

Jun 27 - Protocol to the United States-Luxembourg tax treaty 

Jun 27 - FASB: Proposal to revise “VIE primary beneficiary” test

Jun 27 - KPMG reports: Alabama (customized software); Minnesota (Compact election) Texas (resale exemption); Texas (manufacturing exemption)

Jun 24 - KPMG report: State, local tax changes (second quarter 2016, table)

Jun 23 - Ninth Circuit: Partnership-level proceedings, limitations period for individual partner’s return

Jun 23 - KPMG report: Financial reporting developments (second quarter 2016)

Jun 22 - SEC permits public companies to use inline XBRL

Jun 21 - Empowerment zone designations to remain in effect through 2016

Jun 21 - Final regulations: Section 833 medical loss ratio rules

Jun 21 - Proposed regulations: Section 409A, income inclusion rules and nonqualified deferred compensation plans

Jun 21 - Proposed regulations: Section 457 deferred compensation plans, state and local governments

Jun 20 - Tobacco, alcohol excise tax-related final and proposed rule changes

Jun 20 - KPMG reports: Alabama (nexus); Michigan (pass-through entities); South Carolina (federal conformity); Washington (nexus)

Jun 17 - IRS reminder: FBAR reporting of foreign bank, financial accounts due June 30

Jun 17 - Notice 2016-40: Extended transition relief, work opportunity tax credit (WOTC)

Jun 17 - FASB: Recognition of credit losses

Jun 14 - IRS practice units: Treatment of scholarships for nonresident aliens; transfers of property to foreign corporation

Jun 14 - FASB: Statement of cash flows issues

Jun 13 - KPMG reports: Louisiana (remote sellers); Massachusetts (excise tax); New York (taxable sales); Oklahoma (refund claims); Oregon (gross receipts tax)

Jun 10 - IRS guidance: Payments received from qualified defined benefit plans, from non-qualified contracts

Jun 10 - Notice 2016-36: Updated safe harbor, transfers of property to regulated public utilities by electricity generators

Jun 10 - Rev. Rul. 2016-15: Excluding cancellation of debt income, by real estate developers

Jun 9 - Final regulations: Discharge of indebtedness, income exclusion for grantor trusts, disregarded entities

Jun 9 - U.S. Tax Court: Medical devices and leads transfer pricing issues

Jun 8 - Proposed rule: Expatriate health plans

Jun 7 - Regulations: Tax imposed when C corporation property becomes property of REIT

Jun 7 - FASB: Proposed clarification, scope of de-recognition of nonfinancial assets

Jun 6 - Delaware, Florida LLPs to be treated as corporations by Canada

Jun 6 - Rev. Proc. 2016-33: Detailed certified professional employer organizations (employee leasing companies) procedures

Jun 6 - KPMG report: Effects of proposed section 103 regulations on “dirt bonds”

Jun 6 - KPMG report: Immediate changes possibly required, partnerships employing partners through disregarded entity 

Jun 6 - KPMG report: Revisiting the tax treatment of customer loyalty and rewards programs

Jun 6 - KPMG reports: California (Compact election); Florida (out-of-state deliveries); Louisiana (special session); New York City (bank franchise tax)

Jun 2 - IRS practice units on FDAP payments

Jun 2 - U.S. Tax Court: Timely delivered petition when court was closed because of weather

May 2016

May 31 - KPMG reports: Arkansas (manufacturing exemption); South Carolina (satellite TV); Washington (video game)

May 26 - Puerto Rico: VAT regime repeal is upheld by veto-override

May 24 - Eleventh Circuit: Post-retirement deferred compensation payments to former independent contractor, subject to self-employment tax

May 24 - House Judiciary Committee holds hearing on possible impeachment of IRS Commissioner

May 23 - Puerto Rico: VAT repeal, veto-override update

May 23 - Senators again express concerns about EC state-aid investigations

May 23 - KPMG reports: Colorado (billing services); Connecticut 
(apportionment); Nevada (commerce tax); Oklahoma (sales tax)

May 23 - SEC warns about non-GAAP financial measures

May 19 - FASB: Proposed corrections to address unintended consequences from revenue topic

May 18 - Fifth Circuit: Penalties upheld in “sham partnerships” case

May 18 - Labor Department: New salary threshold for overtime pay

May 18 - Notice 2016-31: Updated guidance, production tax credit “beginning construction” extension

May 17 - Final regulations: Allocation rule for disbursements from designated Roth accounts to multiple destinations

May 16 - KPMG reports: Alabama (financial institutions); Arizona (partnership audits); North Carolina (corporate tax); Ohio (nonresident’s gain) 

May 13 - FASB: Proposal to simplify goodwill impairment accounting

May 12 - IRS practice unit, taxpayer’s affirmative use of section 482

May 12 - FASB: Revenue, extensive new disclosures

May 10 - FASB: Revenue recognition discussions

May 9 - KPMG reports: Alabama (nontaxable service); Louisiana (processing exclusion); South Carolina (nexus)

May 9 - Third Circuit: “All events” test satisfied, shoppers’ reward program liability

May 6 - Customer due diligence requirements for financial institutions, identifying “beneficial owners”

May 6 - Proposed regulations: Reporting obligations of foreign-owned disregarded entity

May 5 - Notice 2016-31: Production tax credit, “beginning construction” extension

May 5 - Notice 2016-32: Diversification requirements for insurance companies under section 817(h)

May 5 - Puerto Rico: VAT repeal bill passes in legislature 

May 5 - Rev. Proc. 2016-29: Automatic change procedures update

May 5 - Rev. Proc. 2016-31: Relief for money market funds, contributions from advisers

May 4 - Regulations: Certified professional employer organizations (employee leasing companies)

May 4 - Rev. Proc. 2016-30: “Pre-filing agreement” update, increased user fee

May 3 - FASB: Potential tax changes, implications of revenue standard

May 3 - Puerto Rico: Bill to repeal VAT moves forward in legislature

May 3 - Regulations: Additional limits on suspension of benefits, pension plans

May 3 - Regulations: Self-employment tax treatment, partners in partnership that owns disregarded entity

May 2 - KPMG report: Accounting for income taxes; implications of changes to accounting for share-based payments

May 2 - KPMG report: Application of SECA to service LLCs and LLPs

May 2 - KPMG report: Incentive stock options; navigating the requirements for compliance

May 2 - KPMG reports: Georgia (sales tax); New Jersey (addback); Texas (advertising revenue)


April 2016

Apr 29 - Louisiana: Sales tax treatment revised; permanently attached “other constructions”

Apr 29 - SEC “concept release” on modernizing disclosure rules

Apr 28 - Rev. Proc. 2016-28: HSA inflation-adjusted amounts for 2017

Apr 28 - Section 45: Renewable electricity, refined coal production inflation factors, reference prices (2016)

Apr 28 - U.S. Tax Court: Golf course’s charitable contribution deduction for conservation easement denied

Apr 26 - Final regulations: Suspension of benefits, “critical and declining status” defined benefit plan

Apr 26 - IRS offers tax relief to Houston area storm victims

Apr 25 - Final regulations: Adjusted federal rate methodologies, sections 382 and 1288

Apr 25 - KPMG reports: Arkansas (manufacturing); Mississippi (franchise tax); Texas (data processing); Texas (apportionment)

Apr 22 - IRS legal advice memo: Change method of accounting for unearned premiums, medical loss ratio

Apr 22 - Puerto Rico: Transitional rules for VAT, implementation on June 1st

Apr 21 - U.S. Tax Court: No AMT credit carryforward allowed from decedent to surviving spouse

Apr 20 - FASB: Revenue recognition implementation issues

Apr 19 - New Markets Tax Credit allocation rounds; increased allocation authority 2015-2016

Apr 19 - U.S. Supreme Court limits damages against California tax agency

Apr 18 - KPMG report: Private equity funds liable for unfunded pension liability

Apr 18 - KPMG reports: California (apportionment); New York (NOLs); South Carolina (rentals); Texas (storage services); Texas (combined return)

Apr 17 - IRS revised position: Nonrecourse carveouts, debt allocation under section 752 and at-risk basis under section 465

Apr 15 - U.S. Tax Court: Economic benefit regime applies, split-dollar insurance arrangements

Apr 15 - FASB: Performance obligations, licensing guidance amended in revenue standard

Apr 14 - Announcement 2016-16: Proposed nondiscrimination rules, retirement plan benefit formula regulations withdrawn

Apr 12 - Proposed regulations: Amount, timing of deemed distributions of stock

Apr 11 - Notice 2016-30: Updated list of “designated private delivery services”

Apr 11 - U.S. Tax Court: IRS can amend answer, grounds not listed in deficiency notice

Apr 11 - FASB, SEC matrix, summaries for first quarter 2016

Apr 11 - KPMG reports: D.C. (tax rate changes); Michigan (unitary group); Missouri (manufacturing exemption); Washington (trade shows)

Apr 8 - Rev. Rul. 2016-10: Fringe benefit aircraft valuations for first half 2016

Apr 7 - No changes to list of countries cooperating with international boycott

Apr 7 - U.S. companies need to prepare for EU audit reforms

Apr 6 - KPMG reports: Initial analyses of regulations on inversions and on debt-equity 

Apr 6 - Final regulations: Fiduciary standard for retirement investment advice

Apr 6 - IRS practice unit examines three requirements to apply section 482

Apr 6 - FASB: Lease accounting standard for real estate, equipment, fleet, automobiles

Apr 4 - Regulations: “Inversions” and earnings stripping; new business tax reform framework

Apr 4 - KPMG report: FBAR filing deadline; FBAR changes made or proposed

Apr 4 - KPMG report: Foreign currency options—section 1256 contracts or not?

Apr 4 - KPMG report: Updated IRS publication, IRM provisions on examination process

Apr 4 - KPMG reports: Alabama (voluntary sales force); Multistate (streamlined update)

Apr 1 - Rev. Proc. 2016-23: Luxury automobile depreciation limitations for 2016

Apr 1 - Puerto Rico: Federal district court enjoins enforcement of AMT

Apr 1 - FASB: Accounting for share-based payment transactions

March 2016

Mar 31 - Puerto Rico: AMT legislative changes held unconstitutional; injunction issued

Mar 31 - Rev. Proc. 2016-18: Updated country list, deposit interest paid to nonresident aliens by U.S. financial institutions

Mar 30 - Proposed regulations reflect current law relating to excise taxes on highway tractors, trailers, trucks, and tires

Mar 28 - KPMG report: State, local tax changes (first quarter 2016, table)

Mar 28 - KPMG reports: Alabama (rental tax); New Jersey (mortgage-backed securities); Tennessee (apportionment); Vermont (in-state sales)

Mar 25 - Regulations: Anti-loss importation rule, net built-in losses in tax-free transactions

Mar 24 - Announcement 2016-14: Transition rules for Form 3115 (Rev. December 2015)

Mar 24 - Notice 2016-27: Extension of time for basis reporting by estates

Mar 23 - Rev. Proc. 2016-22: Revised IRS administrative appeals process for docketed U.S. Tax Court cases

Mar 21 - LB&I practice unit: Inbound resale price method, routine distributor

Mar 21 - Louisiana: New corporate income tax, franchise tax, sales tax laws

Mar 21 - KPMG reports: California (merchandise credits); California (minority interest sale); Louisiana (sales and use taxes)

Mar 21 - FASB: Financial reporting developments (first quarter 2016)

Mar 18 - Final regulations: Guidance on cross-border M&A transactions

Mar 18 - LB&I practice unit: Computing foreign base company income for U.S. individual shareholders

Mar 18 - Notice 2016-26: Recommendations requested for IRS guidance

Mar 17 - LB&I practice units: Foreign personal holding company income, U.S. real property interests

Mar 17 - Rev. Proc. 2016-21: Section 911(d)(1) eligibility requirements waived for Burundi

Mar 17 - FASB: Final amendments, principal-agent guidance in new revenue standard

Mar 16 - KPMG report: Preliminary observations about JCT “Bluebook”
description of partnership audit reforms

Mar 16 - FASB: Retroactive application of equity method, eliminated

Mar 14 - KPMG report: Form 1098-T, reporting educational tax credits

Mar 14 - KPMG report: Tax-exempt bond allocations; discussion of final regulations

Mar 14 - KPMG report: Taxable compensation of travel costs

Mar 14 - KPMG reports: California (single member LLC); New York (customer discounts); Texas (franchise tax); Wyoming (coal extraction)

Mar 14 - LB&I practice unit: Interest expense limitation, section 163(j)

Mar 11 - New York: State’s version of Schedule K-1 for corporate partners

Mar 11 - IRS model closing agreements, tax-exempt bond compliance

Mar 9 - LB&I practice units: Deduction allocation for nonresident aliens, FDAP income

Mar 9 - Puerto Rico: Sales and use tax continues, delayed VAT implementation

Mar 8 - Notice 2016-15: Aviation-grade kerosene, “secured airport terminal” procedures

Mar 8 - Retailers may be entitled to extended deferral period for gift card sales

Mar 8 - FASB: Private company accounting alternatives

Mar 7 - Puerto Rico: VAT effective date is delayed; discussion of draft regulations

Mar 7 - LB&I practice unit: Residual profit split method, outbound

Mar 7 - Notice 2016-21: Housing expense limit adjustments, foreign locations for 2016

Mar 7 - Notice 2016-22: Transition relief, work opportunity tax credit (WOTC)

Mar 7 - FASB: Presentation of restricted cash

Mar 7 - KPMG reports: New York (sale tax refunds); South Dakota (sales tax nexus); Washington (email services)

Mar 4 - LB&I practice units: Transfer pricing documentation, outbound services provided CFCs

Mar 4 - Notice 2016-23: Request for comments, new partnership audit rules

Mar 4 - Rev. Proc. 2016-19: Expanded “industry issue resolution” (IIR) program

Mar 3 - Puerto Rico: Extended deadline for filing pass-through entity returns

Mar 2 - Proposed regulations: FBAR reporting changes

Mar 2 - Puerto Rico: Transition rules for VAT

Mar 2 Regulations: Basis reporting by estates, transition relief

Mar 2 - Regulations: Utility allowance, low-income housing credit

Mar 1 - Claims court: No refund to “collector” of excise tax on communication services

Mar 1 - Rev. Rul. 2016-8: Cuba removed from list for foreign tax credit, CFC purposes

February 2016

Feb 29 - Final regulations: Awards of administrative costs, attorneys’ fees

Feb 29 - U.S. Tax Court: Transfer pricing adjustments involving consolidated group members

Feb 29 - KPMG report: Claiming renewable fuel credits for 2015

Feb 29 - KPMG report: Possible refund opportunities, “cascading” foreign insurance excise tax

Feb 29 - KPMG report: REIT investments in debt instruments

Feb 29 - KPMG reports: Arkansas (manufacturing); California (apportionment); California (sourcing); Delaware (unclaimed property)

Feb 25 - Internet access tax ban is enacted, part of trade legislation

Feb 25 - FASB: Recognition of leases, “on-balance sheet” 

Feb 23 - Puerto Rico: Draft regulations for implementing VAT regime

Feb 23 - IRS forum on taxpayer service

Feb 23 - Regulations: Low-income housing credit compliance monitoring

Feb 22 - KPMG report: Initial analysis of 2016 U.S. model treaty

Feb 22 - KPMG reports: Arizona (online database); North Carolina (repair services); South Carolina (apportionment); West Virginia (nexus)

Feb 22 - LB&I practice units on “inbound” guidance, other foreign corporation issues

Feb 22 - Proposed regulations: Definition of “political subdivision” for tax-exempt bond purposes

Feb 22 - Regulations: Rules for reporting foreign financial assets

Feb 22 - Tenth Circuit: Colorado’s use tax reporting requirements

Proposed regulations: Definition of “political subdivision” for tax-exempt bond purposes
Proposed regulations: Definition of “political subdivision” for tax-exempt bond purposes

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal