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

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TaxNewsFlash-United States

TaxNewsFlash-United States

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Recent Articles

March 2017

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 - 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 - 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 - 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 - 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 - 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 - Tax Court: Excise taxes under section 4972, nondeductible contributions to defined benefit plan

Nov 16 - 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 - 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 - 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 - Tax Court: Forfeited deposit on canceled sale of hotel not capital asset

Sep 7 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 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 - 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

Feb 17 - New U.S. model income tax treaty (2016) is released

Feb 17 - Regulations: Increased FIRPTA withholding tax rate under section 1445(a)

Feb 17 - Final regulations: Broker reporting, premium, basis in securities, debt instruments, options

Feb 16 - FIRPTA withholding tax rate in section 1445(a) increases to 15% beginning February 17, 2016; IRS revises Form 8288 and instructions

Feb 16 - LB&I practice unit: “Physical presence” test, section 911 foreign earned income exclusion

Feb 15 - KPMG report: Research credit made permanent; new potential abilities to use credit to offset AMT, payroll taxes

Feb 15 - FASB reaffirms amendments to revenue standard; discusses potential disclosure relief

Feb 12 - LB&I practice unit: Non-services FDAP income

Feb 12 - Notice 2016-20: QZAB limits for 2015 and 2016

Feb 11 - Notice 2016-19: More time for filing statement on property acquired from estates

Feb 10 - KPMG report: Tax provisions in the administration’s FY 2017 budget

Feb 9 - LB&I practice unit: Dividends or interest received from related CFC

Feb 9 - Proposed regulations: Additional limits on suspension of benefits, certain pension plans

Feb 8 - LB&I practice units: Outbound transfer of domestic stock, platform contribution transaction pricing

Feb 8 - KPMG reports: Illinois (hedging apportionment); North Carolina (market-based sourcing); Pennsylvania (addbacks); Wyoming (manufacturing exemption); multistate (remote sales)

Feb  8 - FASB: Proposed changes to pension disclosures, net benefit cost presentation

Feb 5 - Notice 2016-12: Employer-provided vehicles; 2016 valuation of employee’s personal use

Feb 5 - Rev. Proc. 2016-14: Inflation adjustments

Feb 5 - Eleventh Circuit: Conservation easement valuation; property’s “highest and best use”

Feb 4 - LB&I practice units: Intercompany interest rates, cost sharing arrangements

Feb 3 - Regulations: Partnership allocations of foreign income taxes to partners

Feb 2 - Puerto Rico: Renewed focus on tax debt collection

Feb 1 - IRS announces APMA will accept bilateral APAs with India

Feb 1 - KPMG report: New partnership audit rules

Feb 1 - KPMG reports: California (software); Colorado (sales tax); Colorado (combined reporting); Delaware (apportionment)

Feb 1 - Seventh Circuit: IRS summons upheld; not “re-inspection” of taxpayer’s records

Proposed regulations: Definition of “political subdivision” for tax-exempt bond purposes
Proposed regulations: Definition of “political subdivision” for tax-exempt bond purposes

January 2016

Jan 29 - Notice 2016-13: Transition relief from section 529 qualified tuition program reporting

Jan 29 - Notice 2016-14: Expatriate health plans, 2016 fee year guidance

Jan 29 - Notice 2016-16: Mid-year changes to safe harbor plans, safe harbor notices

Jan 28 - IRS revises Form 3115 and Instructions, for accounting method changes

Jan 28 - Proposed regulations: Nondiscrimination relief for closed defined benefit pension plans

Jan 26 - Proposed regulations: Applicability of retirement age regulations to governmental pension plans

Jan 26 - Treasury’s quarterly list of countries cooperating with international boycott

Jan 25 - KPMG reports: California (Texas franchise tax); Colorado (combined group); Missouri (sales tax); Oregon (nonbusiness income)

Jan 25 - SEC: Proposed rules for extractive industry payments

Jan 22 - IRS relief, Missouri taxpayers affected by storms

Jan 22 - LB&I practice units: Foreign base company sales income

Jan 20 - LB&I practice units: Exchange of information guidance

Jan 20 - Tax Court: Individual liable under “deemed sale” provisions, on expatriation

Jan 19 - Indian coal production: 2015 inflation adjustment factor, credit amount

Jan 19 - IRS Chief Counsel rules favorably on life company DRD

Jan 18 - KPMG report: “Material participation” under section 469

Jan 18 - KPMG report: Notice 2016-10 and foreign tax refunds, RIC election made under section 853(a)

Jan 18 - KPMG reports: Kansas (gaming machines); Utah (online banking); Utah (rent-to-own); Washington (Seattle business tax)

Jan 15 - Senate Finance members urge Treasury intensify efforts, EU state aid investigations

Jan 15 - Notice 2016-10: Foreign tax refunds, RIC election made under section 853(a)

Jan 14 - Notice 2016-5: One-time claim for 2015 biodiesel, alternative fuel excise tax incentives

Jan 12 - Notice 2016-6: Guidance for employers, retroactive increase of employee transit benefits

Jan 12 - Rev. Rul. 2016-2: State-assumed interest rates, insurance company post-2014 reserves

Jan 11 - KPMG reports: Maryland (rentals); New Mexico (interest abatement); Virginia (passthrough entities)

Jan 8 - Fourth Circuit: LLC’s transfer of tax credits was “disguised sale”

Jan 7 - KPMG report: Analysis of year-end tax legislation

Jan 7 - IRS relief, Mississippi taxpayers affected by December 2015 storms

Jan 7 - Puerto Rico: Expanded sales and use tax reporting, VAT guidance

Jan 7 - Sixth Circuit: “Foreign currency option” question remanded to Tax Court

Jan 6 - FASB: New accounting standard for equity investments and financial liabilities

Jan 6 - KPMG report: Potential financial reporting implications, changes to partnership examinations

Jan 5 - Annual revenue procedures for 2016

Jan 4 - California Supreme Court reverses appellate court, apportionment case

Jan 4 - Notice 2016-3: Determination letters issued before January 4, 2016, no longer expire 

2015 Articles

December 2015

Dec 30 - Announcement 2016-2: Extended tax relief for identity protection services

Dec 29 - Notice 2016-4: Extended due dates, health care coverage information reporting

Dec 23 - KPMG report: Country-by-country reporting, proposed regulations in United States

Dec 23 - Rev. Rul. 2016-3: Revised IRS position; no 1% excise tax on foreign reinsurance

Dec 22 - Notice 2016-2: Health coverage tax credit under section 35

Dec 21 - Proposed regulations: Country-by-country reporting; text of regulations

Dec 21 - IRS announces 2016 tax season opens January 19

Dec 21 - KPMG report: State, local tax changes (fourth quarter 2015, table)

Dec 21 - KPMG reports: California (asset managers); Connecticut (apportionment); Kansas (sales tax); Pennsylvania (refund claims)

Dec 21 - SEC and PCAOB developments (December 2015)

Dec 17 - Notice 2016-1: Standard mileage rates decrease for 2016

Dec 17 - FASB / IASB: Principal-agent guidance in revenue standard

Dec 17 - SEC filing requirements, updated

Dec 16 - Final regulations: Health insurance premium tax credit, employer-provided health coverage

Dec 15 - KPMG report: IRS procedures, verifying taxpayer claims under “totalization agreements”

Dec 15 - SEC may consider supplementary reporting under IFRS in 2016

Dec 14 - KPMG reports: Kentucky (consolidated returns); New Jersey (throwout); Wisconsin (sales tax)

Dec 14 - Notice 2015-84: Cumulative list of changes, benefit plan determination letters

Dec 9 - FBAR filing deadline extended to April 2017 for certain individuals having only “signature authority”

Dec 9 - Ninth Circuit: Policyholder lacks basis in mutual insurance company’s membership rights

Dec 9 - Notice 2015-86: Retirement plan Q&As, implications for same-sex spouses

Dec 8 - IRS reminder of health coverage information reporting

Dec 7 - KPMG reports: California (partial dispositions), Indiana (membership fees), Tennessee (inventory), Vermont (unitary business)

Dec  7 - Tax Court: Defining “initial determination” for satisfying penalty procedural requirements

Dec 4 - President signs legislation, highway-related taxes extended

Dec 3 - Federal agencies prohibited from contracting with tax-delinquent corporations

Dec 1 - LB&I practice units: Offshore structures, foreign trusts

November 2015

Nov 25 - Chicago: Lease tax and non-possessory computer leases

Nov 25 - Pennsylvania: Court holds NOL cap violates “Uniformity Clause”

Nov 24 - FASB: Proposal to clarify definition of a “business”

Nov 24 - Notice 2015-82: Increased threshold, deductible capital expenditures by “small businesses”

Nov 23 - FASB: Changes to balance sheet classification of deferred taxes

Nov 23 - KPMG reports: Illinois (apportionment); Louisiana (amnesty); Oregon (NOL); Tennessee (resale exemption)

Nov 23 - LB&I practice units: Penalties, foreign partnership taxation

Nov 20 - KPMG report: Initial impressions of Notice 2015-79 on inversions

Nov 20 - Notice 2015-81: Savings programs for disabled individuals under section 529A

Nov 20 - Tier 2 tax rates for 2016 are unchanged

Nov 19 - Notice 2015-79: Rules on corporate inversions, related transactions

Nov 19 - Rev. Proc. 2015-56: Remodel-refresh safe harbor method of accounting for restaurants and retailers

Nov 19 - Proposed regulations: Relief from joint and several liability, married persons

Nov 18 - Treasury intends to issue targeted guidance on corporate inversions

Nov 18 - FASB: Decisions on financial instruments standards

Nov 18 - IRS Advisory Council: Annual report, recommendations

Nov 16 - FASB: Consensus on three issues

Nov 16 - KPMG reports: Connecticut (digital content); Illinois (manufacturing exemption); New York City (credit ratings); Tennessee (software); Virginia (nexus)

Nov 16 - LB&I practice units: Subpart F overview, CFC status

Nov 13 - Final regulations: Market rate of return rules, hybrid retirement plans

Nov 13 - KPMG report: Potential cash tax savings for energy companies

Nov 13 - Regulations: Group health plans, health insurance coverage

Nov 13 - FASB: Proposed disclosures about receiving government assistance

Nov 12 - FASB: Effective date of 2019, new leases standard

Nov 12 - SEC: “Crowdfunding” rules for start-ups, small companies

Nov 11 - FASB / IASB: Revenue joint transition group meeting

Nov 11 - Tax treaty update: Senate Foreign Relations approves treaties for second time

Nov 9 - KPMG reports: Alabama (sales tax); Maryland (nexus); Missouri (food sales); Puerto Rico (sales tax); Texas (seconded employees)

Nov 3 - Michigan: Manufacturing-related property tax exemption; available beginning 2016

Nov 2 - KPMG report: Preliminary analysis of partnership tax changes in Budget Act

Nov 2 - KPMG reports: Michigan (computing services); Michigan (nexus); Texas (architectural plans); Washington (sourcing)

Nov 2 - Notice 2015-73, Notice 2015-74: Basket options [listed transactions] and basket contracts [transactions of interest]; effective dates clarified

Nov 2 - President signs "Budget Act," partnership provisions enacted

October 2015

Oct 30 - Notice 2015-75: Adjustments, pension plans for 2016

Oct 29 - Insurance: 2015 loss payment patterns, discount factors, salvage discount factors

Oct 29 - Notice 2015-76: Request for comments; excise tax and frequent flyer miles used for non-transportation redemptions

Oct 29 - Seven new LB&I practice units are released

Oct 28 - Fifth Circuit: Methods of accounting for land development contracts

Oct 28 - Tax treaty update: JCT description of Protocol with Japan

Oct 26 - KPMG reports: Illinois (bankruptcy); Michigan (sourcing); Pennsylvania (internet); Tennessee (disregarded entity)

Oct 26 - Regulations: Tax-exempt bonds; private activity restrictions

Oct 26 - Tax treaty update: Senate Foreign Relations hearing is scheduled

Oct 23 - LB&I practice units: Guidance for U.S. and foreign corporations

Oct 23 - Notice 2015-60: Self-insured health insurance annual fee

Oct 21 - Notice 2015-73, Notice 2015-74: Basket options [listed transactions] and basket contracts [transactions of interest]; date for disclosure extended

Oct 21 - Pension plan contribution amounts for 2016, cost-of-living adjustments

Oct 21 - Proposed regulations: Defining “married couples” for tax purposes

Oct 21 - Rev. Proc. 2015-53: Inflation adjustments for 2016

Oct 21 - Treasury opens New Markets Tax Credit program, 2015 round

Oct 19 - Insurance: No section 79 imputed income for optional coverage

Oct 19 - KPMG reports: Alabama (rental tax); California (software); Kentucky (consolidated returns); Wyoming (refunds)

Oct 15 - Notice 2015-72: Proposed changes to administrative appeals review of “docketed cases”

Oct 12 - KPMG reports: Indiana (manufacturing exemption); Oklahoma (reusable bag credit); South Carolina (rentals); Washington (fitness services)

Oct 9 - FASB: Technical redeliberations on leases completed

Oct 9 - Puerto Rico: Corporate tax law changes in Act No. 159

Oct 9 - SEC requests comments on financial disclosures

Oct 9 - Temporary regulations: Notional principal contract swaps with nonperiodic payments; embedded loan rule delayed

Oct 8 - Puerto Rico: Indirect tax reform; fiscal terminal requirements for certain merchants

Oct 7 - FASB: Redeliberates revenue guidance, licensing and performance obligations

Oct 7 - IRS relief, South Carolina taxpayers affected by flooding

Oct 7 - Ninth Circuit: Joint venture not operated as bona fide partnership

Oct 5 - BEPS final recommendations: Reaction from Ways and Means chair

Oct 5 - KPMG reports: California (tax conformity); Michigan (apportionment); Ohio (sales and use tax); Wyoming (temporary storage)

Oct 2 - FASB: Proposal to eliminate effective dates, private company alternatives

Oct 2 - Notice 2015-70: Request for comments, section 48 energy credit regulations

Oct 1 - FASB: Additional proposed amendments to revenue standard

Oct 1 - LB&I practice unit: Treaty exemption, income from teaching

Oct 1 - North Carolina: Update on business tax reform

September 2015

Sep 29 - Puerto Rico: Senate Finance hearing on economic challenges, tax system

Sep 29 - Rev. Proc. 2015-50: Deposit interest paid to nonresident aliens by U.S. financial institutions

Sep 28 - FASB: Proposed changes to materiality for more effective disclosures

Sep 28 - FASB: Simplified measurement-period adjustments in business combinations

Sep 28 - KPMG report: State, local tax changes (third quarter 2015, table)

Sep 28 - KPMG reports: Alabama (tax amnesty); Louisiana (inventory); New Hampshire (budget); Texas (franchise tax)

Sep 23 - North Carolina: “Contingent” business tax reform is enacted

Sep 21 - FASB:  Prepaid stored-value cards, cash flow statement issues

Sep 21 - KPMG report: Accounting for income tax; EU state aid investigations

Sep 21 - KPMG report: Challenges of BEPS documentation

Sep 21 - KPMG reports: California (sales factor); New Hampshire (business tax); New York (investment capital); Oregon (sourcing)

Sep 21 - Tax Court: Residual value insurance is “insurance” for federal income tax purposes 

Sep 18 - Notice 2015-66: Extended FATCA transition rules; Model 1 IGA jurisdictions and exchange of information for 2014

Sep 18 - Notice 2015-67: Certain distributions to Indian tribe members

Sep 18 -  Final regulations: “F reorganizations” and outbound “F reorganizations”

Sep 17 - IRS reorganization: LB&I to be realigned into nine practice areas

Sep 17 - Notice 2015-68: Future regulations to address information reporting for health insurance coverage

Sep 17 - Regulations: Dividend equivalents from U.S. sources paid to nonresidents 

Sep 17Insurance: Dividend equivalents from U.S. sources paid to nonresidents

Sep 16 - Fifth Circuit: Homebuilder must capitalize CEO's salary

Sep 16 - Indiana: Department cannot forcibly combined taxpayer with affiliates

Sep 16 - Notice 2015-63: Per diem rates, substantiation of employee lodging, meals, incidentals (2015-2016) 

Sep 16 - Proposed regulations: “Contemporaneous written acknowledgement,” donee reporting 

Sep 16 - Tax Court:  Gift value reduced by donee's promise to pay estate tax

Sep 15 - Notice 2015-59, Rev. Proc. 2015-43: Guidance under section 355 and distributions to RICs, REITs

Sep 15 - Rev. Proc. 2015-47: Waiver of electronic filing, retirement plan forms

Sep 15 - Rev. Proc. 2015-48: Retroactive 50% first-year “bonus” depreciation guidelines

Sep 14 - Regulations narrow section 367(a) “active trade or business” exception; temporary regulations coordinating section 482 rules

Sep 14 - Final regulations: Revised examples illustrating controlled group rules for RICs

Sep 14 - KPMG reports: Massachusetts (debt); New York (nexus); Virginia (unemployment insurance)

Sep 14 - Regulations coordinating rules under sections 367, 482

Sep 10 - LB&I: Inbound liquidation of foreign corporation into U.S. corporate shareholder

Sep 10 - Oregon: Compact election not available, excise tax apportionment

Sep 9 - LB&I: “Practice unit" on outbound tangible property sales

Sep 9 - Proposed regulations: Tax on gifts, bequests from U.S. expatriates

Sep 9 - Second Circuit: Economic substance doctrine applies to foreign tax credits

Sep 8 - Final regulations: Minimum funding requirements, single-employer defined benefit plans

Sep 8 - KPMG report: Tax issues concerning stock option compensation

Sep 8 - KPMG reports: Arizona (use tax); California (sales tax); California (apportionment); Illinois (delivery charges)

Sep 8 - Rev. Proc. 2015-44: Appeals arbitration program is eliminated

Sep 4 -  California: Date for oral arguments in “Gillette” scheduled

Sep 4 - FASB: Proposed principal-agent amendments, revenue standard

Sep 4 - SEC: Ratio of executive compensation to employee compensation

Sep 3 - Final regulations: Multiple hedges are deemed sold on disposal of terminated hedge

Sep 2 - Puerto Rico: Sales tax on professional services,  business-to-business services

Sep 1 - FASB: Clarifying collectibility, completed contracts guidance

Sep 1 - Subpart F regulations: “United States property,” foreign partnerships, active rents and royalties

August 2015

Aug 31 - Proposed regulations: Health insurance, minimum value of employer-sponsored plans

Aug 31 - Puerto Rico: Commission recommends pursuing VAT system

Aug 31 - Regulations: “Suspension of benefits” votes, plans with insufficient funds

Aug 28 - Eighth Circuit: Reacquisition of property, principal-residence exclusion

Aug 28 - LB&I: “Practice units” on foreign-to-foreign transactions, transfer pricing rules

Aug 28 - Ninth Circuit: Transferee liability, asset sale followed by stock sale

Aug 28 - Notice 2015-58: Pension plans maintained by cooperative, charity groups

Aug 28Sixth Circuit: Railroads’ suit, Tennessee fuel tax 

Aug 27 - Proposed regulations: Penalty for failure to disclose reportable transactions

Aug 26 - New Jersey: Royalty add-backs; holding company must file tax return

Aug 26 - Proposed regulations: 30-day constructive presence, individuals in US territory

Aug 26 - Regulations: Section 199 guidance, W-2 wage limitation

Aug 24 - District of Columbia: Tax haven jurisdictions listed

Aug 24  - KPMG reports: Alabama (nexus); Arizona (website hosting); Illinois (online sales); Washington (resale permit)

Aug 24 - Rev. Proc. 2015-42: Foreign insurance companies; effectively connected net investment income (2014)

Aug 21 - LB&I: International “practice units” guidance in 10 areas

Aug 21 - Notice 2015-57: Consistent basis reporting between estate, person acquiring property from decedent

Aug 18 - IRS legal memo: Excess loss policies do not constitute “insurance”

Aug 18 - Reminder: Highway use tax return is due August 31

Aug 17 - KPMG reports: Colorado (sourcing); Illinois (electronic services); South Dakota (pipelines); Vermont (nexus); Wisconsin (royalties)

Aug 14 - Notice 2015-56: Income tax treatment of cash paid under biodiesel incentive credit for 2014

Aug 14 - FATCA: IDES user guide, XML schema

Aug 14 - FATCA: New FAQ on form and documentary evidence received by facsimile or email

Aug 13 - Announcement 2015-22: Identity protection services not reportable income to “compromised” persons

Aug 13 - Federal Circuit: Refund claims relating to foreign tax credits held untimely

Aug 12 - Regulations: Time for filing information returns; removal of automatic extensions

Aug 12 - Ninth Circuit: No deduction for conservation easement; mortgage not subordinated at time of donation

Aug 12 - Rev. Procs. 2015-40, 2015-41: Guidance for competent authority assistance, APAs 

Aug 11 - Final regulations: Special uniform basis rules for charitable remainder trusts

Aug 11 - FATCA: More favorable terms of Model 1 and Model 2 IGAs

Aug 10 - KPMG report: Certain late taxes can be paid “interest free”

Aug 10 - KPMG report: Inventory valuation, oil and gas industry

Aug 10 - KPMG report: One-year spread, accounting method adjustments relating to mergers, acquisitions

Aug 10 - FATCA: Updated FAQs for IDES

Aug 10 - KPMG reports: Alabama (out-of-state retailers); Illinois (retailers); Oregon (minimum tax); South Dakota (bank tax)

Aug 7 - Ninth Circuit: Home mortgage interest; debt limit applies on per-taxpayer basis; Tax Court reversed

Aug 7 - Reminder: August 8 deadline for claiming 2014 renewable fuel incentives

Aug 7 - FATCA: IGA signed with Portugal

Aug 6 - Implications of EU audit reforms for U.S. companies

Aug 6 - IRS audit guides: Low-income housing credit

Aug 6 - Notice 2015-54: Future regulations to address cost sharing arrangements, controlled transactions with partnerships

Aug 6 - Notice 2015-54: Transfers to partnerships, related foreign partners, controlled transactions

Aug 5 - LB&I: Two new international “practice units” released

Aug 5 - FASB: Employee benefit plans simplified

Aug 3 - FATCA: New FAQs on registration updates

Aug 3 - KPMG report: New tax filing deadlines, other tax provisions now enacted

Aug 3 - KPMG reports: Delaware (unclaimed property); Nebraska (sourcing); New Jersey (consolidated returns); Texas (franchise tax)

Aug 3 - KPMG report: Proposed regulations on disguised payments for services

July 2015

Jul 31 - IFRS: Current status, outlook in United States

Jul 31 - IRS priority guidance plan for 2015-2016

Jul 31 - Regulations: Partner distributive share when change in partner’s interest

Jul 30 - Rev. Proc. 2015-39: Safe harbor for accounting for ratable service contract-related liabilities

Jul 30 - Notice 2015-52: Excise tax, high cost employer-sponsored health coverage

Jul 30 - Tax Court: Timing of field-packing material deductions by farming corporation

Jul 28 - Tax Court: Valuing charitable remainder trusts

Jul 27 - KPMG reports: Arizona (billboards); Illinois (combined group); Massachusetts (tax amnesty); Ohio (gift baskets)

Jul 24 - IRS Chief Counsel: LIFO recapture

Jul 24 - SEC: Audit committee reporting, possible changes

Jul 23 - FASB: Measurement principle for inventory, revised

Jul 23 - Final regulations: Place for filing refund claims

Jul 22 - Proposed regulations: Disguised payments for services; guaranteed payments; other partnership guidance relating to management fee waivers, cashless conversions, and related issues

Jul 21 - Tax Court: Consolidated group’s NOL subject to reduction under section 108

Jul 21 - Announcement 2015-19: Changes to determination letter process, qualified retirement plans

Jul 20 - LB&I: New international “practice units” issued, guidance for examiners

Jul 20 - KPMG reports: Alabama (digital transmissions); Illinois (online fee); Virginia (software); Wisconsin (photocopying medical records)

Jul 20 - KPMG report: IRS excise tax registration renewal

Jul 20 - SEC: Proposed rule for clawback of executive compensation

Jul 17 - New York: Guidance on identifying investment capital

Jul 16 - FASB / IASB: Joint revenue recognition standard

Jul 16 - Proposed regulations: Section 83(b) election process

Jul 15 - Reminder: 2014 renewable fuel incentives; August 8 deadline

Jul 14 - Notice 2015-51: Delayed effective date, small wind energy property certification under section 48

Jul 13 - Reminder: Do not overlook increased information return penalties in trade legislation

Jul 13 - Tax Court: Welfare benefit plans found to be split-dollar life insurance arrangements

Jul 13 - KPMG reports: California (DISCs); Indiana (use tax, cars); New Jersey (property tax exemption); Oregon (tax havens)

Jul 10 - Final regulations: Health care coverage of preventive services

Jul 10 - FASB: Revenue recognition standard deferred one year

Jul 9 - LB&I directive: Treatment of power plant component replacements

Jul 9 - Notices 2015-47, 2015-48: New listed transactions, transactions of interest

Jul 9 - Ninth Circuit: No business expense deductions allowed for medical marijuana dispensary

Jul 9 - Notice 2015-49: Future pension regulations not to allow lump-sum payments to replace lifetime income

Jul 8 - Washington State: Changes relating to B&O tax, nexus rules, unclaimed property

Jul 7 - Treasury: Quarterly list of countries cooperating with international boycott

Jul 2 - Rev. Proc. 2015-36: Expanded pre-approved program covering plans with cash balance and ESOP features

Jul 2 - Correction to regulations: IRS to clarify “stock of corporate partner” in partnership temporary regulations

Jul 2 - FASB: Plans for changes to hedge accounting

June 2015

Jun 30 - Connecticut: Business tax provisions revised in supplemental legislation

Jun 30 - FASB: Proposal to simplify accounting for share-based payments

Jun 30 - KPMG report: State, local tax changes (second quarter, 2015 table)

Jun 30 - Notice 2015-43: Interim guidance, expatriate health insurance and expatriate health plans

Jun 30 - Tax Court: “Investor control” doctrine; funds not insulated from tax by insurance arrangement

Jun 29 - Puerto Rico: Sales tax increase effective July 1; transition rules guidance

Jun 29 - KPMG reports: Delaware (unclaimed property); Illinois (electronic services, Chicago); Indiana (tax on electricity)

Jun 26 - D.C. Circuit: Penalty assessments against partners for tax shelter participation through partnerships

Jun 26 - U.S. Supreme Court: Same-sex marriage

Jun 25 - U.S. Supreme Court: Health care reform law, tax credits

Jun 25 - FASB / IASB: Principal-agent treatment in revenue recognition standard

Jun 24 - Minnesota: Court rejects apportionment using Compact election

Jun 23 - Proposed regulations: Defining “issue price” of tax-exempt bonds, arbitrage restrictions

Jun 23 - U.S. Supreme Court denies certiorari; taxpayer’s claim for interest on cash-bond deposit

Jun 23 - KPMG report: Pending proposed regulations may limit valuation discounts on interests in family entities

Jun 22 - FASB: Update on pending consensuses

Jun 22 - KPMG reports: Kansas (tax rate increase); Florida (communications tax); New York (online retailers); Texas (franchise tax)

Jun 19 - FASB: Comments on proposed revenue deferral standards

Jun 19 - Proposed regulations: Savings programs for disabled individuals; guidance for section 529A plans

Jun 18 - FATCA: IGA signed with UAE

Jun 17 - Regulations: Multiemployer plans lacking sufficient funds to pay full benefits

Jun 17 - Research credit: No tax credit allowed for research funded pursuant to client contracts

Jun 16 - Puerto Rico: Tax reform enacted; certain changes effective July 1

Jun 16 - Louisiana: Individual, corporate tax changes in budget package

Jun 16 - Chicago: Lease transaction tax guidance

Jun 15 - Rev. Proc. 2015-37: IRS not to issue letter rulings, determination letters regarding basis adjustment of assets in certain grantor trusts

Jun 15 - Treasury announces 2014 New Market Tax Credit awards

Jun 15 - KPMG reports: Alabama (sales tax); Nevada (business tax); Puerto Rico (tax reform); South Carolina (amnesty)

Jun 15 - Empowerment zone designations continue through the end of 2014

Jun 15 - Notice 2015-44: Inflation adjustment factor (2015), carbon dioxide sequestration under section 45Q

Jun 12 - Notice 2015-45: Section 45K reference price for 2014

Jun 12 - Rev. Proc. 2015-32: Small retirement plans, penalty relief program made permanent

Jun 12 - FATCA: IGA signed with Korea

Jun 12 - Final regulations: Health plans, health insurance summary of coverage

Jun 12 - Final regulations: Portability of deceased spousal unused exclusion amount

Jun 11 - Connecticut: Mandatory unitary combined reporting, other tax measures

Jun 11 - Regulations: Partnership transactions involving equity interest of partner (section 337(d) regulations); aggregation basis for equity interest distributions (section 732(f) regulations)

Jun 10 - Proposed regulations: Absorption of members’ losses and circular basis rules for consolidated returns

Jun 10 - FASB: Equity method accounting proposals

Jun 10 - FATCA: Reminder of reporting requirements for foreign assets (FBAR and FATCA filings)

Jun 10 -  KPMG report: Active limited partners in investment fund industry, self-employment taxes

Jun 9 - FATCA: XML schema, IDES technical FAQs

Jun 9 - FATCA: FAQs on extensions of time to file Form 8966

Jun 9 - Puerto Rico: Guidance on new VAT regime, other tax changes

Jun 8 - Ninth Circuit: Transferee liability involving asset and stock sale

Jun 8 - Rev. Proc. 2015-36: Opinion, advisory letters for pre-approvals of defined benefits plans

Jun 8 - KPMG reports: New York (banking apportionment); Nevada (commerce tax); Nevada (nexus); Texas (franchise tax)

Jun 8 - SEC: Proposed rules for pay-for-performance

Jun 4 - Final regulations: Effective date of section 382 segregation rules; loss corporation stock under U.S. Treasury program

Jun 4 - Regulations: Effective date for certain broker reporting is extended to 2016

Jun 3 - Final regulations: Substantial business activities in a foreign country; “surrogate foreign corporation” rules

Jun 2 - Tax Court: Receipt of one-time payment under property lease is rental income

June 1 - Rev. Proc. 2015-33: Method of accounting changes; revisions to clarify existing procedures

Jun 1 - KPMG report: Nonperiodic payments on swaps are loans (with two important exceptions)

Jun 1 - KPMG reports: California (space travel); California (combined reporting); New York (unitary filing); Oklahoma (amnesty); Puerto Rico (VAT)

May 2015

May 29 FATCA: IGAs signed with Iceland, Romania

May 29 - Notice 2015-40: IRS request for comments on new financial accounting revenue recognition standards

May 29 - Notice 2015-41: Capital gain dividends of RICs

May 29 - FASB: Credit impairment standard to produce significant change

May 28 - FATCA: IDES digital certificate product, IDES test reminder

May 28 - FATCA: IGA signed with Colombia

May 26 - FATCA: Production data transmitted to IDES production environment

May 26 - Insurance: D.C. Circuit affirms rejection of “cascading” federal excise tax in retrocession insurance case

May 22 - IRS reminds businesses in U.S. possessions and territories of Form 8300 filing requirements

May 20 - FASB: Clarifications to license of intellectual property

May 19 - Proposed regulations: Tax treatment of federal financial assistance provided to banks, other entities

May 19 - Rev. Rul. 2015-13: Effects of state holidays on time for filing individual income tax returns

May 18 - U.S. Supreme Court: Maryland’s law not allowing individuals a credit against county income taxes for taxes paid to other states is unconstitutional

May 18 - KPMG reports: Connecticut (partnerships); Indiana (amnesty); New York (cloud computing); South Carolina (sourcing); Washington (domain registry)

May 18 - BE-10 reports: Reporting by U.S. persons with foreign affiliates

May 14 - Federal Circuit: Economic substance and transaction related to foreign tax credits

May 13 - Texas: Expanded definition of “goods” for COGS; possible refund opportunities

May 11 - KPMG reports: Indiana (corporate tax); Indiana (sourcing); Missouri (sourcing); Washington (nexus)

May 8 - Proposed regulations: Modified carryover basis rules under section 1022

May 8 - IRS Chief Counsel: Consent payments made to note holders

May 8 - IRS Chief Counsel: Sections 382 and 482 implications of transfer of rights in intangible property to foreign subsidiary

May 8 - IRS Chief Counsel: Supplemental claim for refund of federal telephone excise tax not allowed

May 8 - FATCA: New FAQs, new enrollment process under IDES

May 7 - Rev. Rul. 2015-11: Depreciation, capitalization of precious metals used in manufacturing

May 7 - Regulations: Notional principal contract swaps with nonperiodic payments

May 6 - Notice 2015-38: Updated list of designated private delivery services

May 6 - FASB: Guidance excludes certain investments from fair value hierarchy

May 5 - Rev. Proc. 2015-30: HSA inflation-adjusted amounts for 2016

May 5 - Rev. Rul. 2015-09: Corporate reorganization involving foreign subsidiaries, foreign holding company

May 5 - Proposed regulations: Qualifying income, minerals or natural resources-related activities of partnerships

May 4 - KPMG reports: Louisiana (nexus); Missouri (tax amnesty); Missouri (computer hardware); Oregon (apportionment); Washington (B&O tax)

May 4 - KPMG report: Agricultural chemical security credit

May 4 - KPMG report: Granting employees an interest in mineral properties

April 2015

Apr 30 - FASB / IASB: Proposed one-year deferral of revenue standard

Apr 29 - FATCA: IGA signed with Kuwait

Apr 29 - Puerto Rico: New rules for filing import declarations, paying use tax

Apr 28 - Notice 2015-10: Refund claims on non-resident alien, FATCA withholdings not deposited with Treasury

Apr 27 - KPMG reports: Alabama (privilege tax); Minnesota (gift certificates); Missouri (sourcing); North Dakota (sales factor)

Apr 27 - First Circuit: Penalty assessment affirmed, worthless historic preservation easement

Apr 27 - Tennessee: Legislation amending franchise, excise, business and sales and use taxation

Apr 24 - FASB: Proposed changes to not-for-profit financial statements

Apr 24 - FASB: Guidance concerning measurement date, defined benefit plan assets and obligations

Apr 23 - Proposed regulations: Insurance company exception from “passive income” definition under PFIC rules

Apr 23 - SEC: Final revisions for exempt offering rules

Apr 21 - WOTC: Revised certification form; deadline extended to April 30 for certification

Apr 21 - Notice 2015-35: List of tax treaties providing exemption from 2% tax imposed under section 5000C

Apr 21 - FATCA: Metadata user guide for FATCA reporting

Apr 20 - FASB: Guidance issued on cloud computing fees

Apr 20 - Proposed regulations: 2% tax on payments made by U.S. government for foreign contracts

Apr 20 - KPMG reports: California (gross receipts); California (sales and use tax); Maryland (tax amnesty); Oregon (electricity)

Apr 17 - LB&I directive: Safe harbor methods of accounting for cable network assets

Apr 17 - D.C. Circuit: Exclusion of international flight attendant’s income under section 911

Apr 17 - IRS Chief Counsel: No assignment of railroad track maintenance credit between controlled-group members

Apr 16 - Notice 2015-34: Welfare exclusion as applied to Indian tribal government programs

Apr 15 - FATCA: IDES testing opportunity

Apr 14 - FATCA: New FAQ on ICMM notifications

Apr 14 - New York: NYC conformity provisions, technical corrections

Apr 14 - Notice 2015-33: Housing expense limit adjustments for foreign locations for 2015

Apr 14 - Section 45: Renewable electricity, refined coal production inflation factors, reference prices

Apr 13 - Tax treaty update: White House transmits Japan agreement to Senate

Apr 13 - KPMG reports: Colorado (apportionment); Colorado (R&D); New Jersey (virtual currency); New Mexico (NOLs)

Apr 13 - FATCA: IGA signed with Uzbekistan

Apr 13 - KPMG report: FBAR filing deadline for 2014, other considerations

Apr 10 - FASB: Changes to presentation of debt issuance costs

Apr 9 - FATCA: IRS publications on FATCA reports, notifications

Apr 9 - Federal Circuit: Insurance companies can deduct policyholder dividends in years before actual payment

Apr 9 - Puerto Rico: Procedures for payments under amnesty program

Apr 6 - KPMG report: Fifth Circuit decision, related-party indebtedness, section 965 repatriation rules

Apr 6 - KPMG reports: Idaho (streaming services); Texas (franchise tax); Virginia (internet fees); Washington (nexus)

Apr 3 - IRS Chief Counsel: Power of attorney for TEFRA-level proceedings

Apr 3 - California: Draft apportionment rules, action steps for asset managers

Apr 3 - FASB / IASB: Revenue recognition standard issues

Apr 3 - FASB: One-year deferral of revenue standard proposed

Apr 2 - Regulations: Allocation of research credit among members of controlled group

Apr 2 - Rev. Proc. 2015-28: Changes to EPCRS (correction program system for retirement plan sponsors)

Apr 1 - Puerto Rico: Amnesty legislation enacted, preceding tax reform

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