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Tax Reform: Realistic or a Pipe-Dream?

House Ways and Means Committee Chair Paul Ryan, R-Wis, recently stated that Congress has until the 2015 August recess to make progress on comprehensive tax reform. While Ryan stated that comprehensive tax reform will occur in phases over a one to three year period, he believes the first steps must be taken by August. Among…

Treasury Finalizes Foreign Tax Credit Splitter Event Regulations

On February 9, the IRS issued final regulations on foreign tax credit splitting events. The final regulations did not make many significant changes to the temporary regulations that were issued in 2012. The final regulations are issued primarily under IRC § 909, which prevents taxpayers from claiming a foreign tax credit when they have not…

IRS Releases Dirty Dozen Tax Scams for 2015

The IRS released its 2015 “Dirty Dozen” list of tax scams and abuses earlier this week. The list highlights popular abuses, scams and fraudulent endeavors by individuals. The list includes 1) Phone Scams, 2) Phishing, 3) Identity Theft, 4) Return Preparer Fraud, 5) Offshore Tax Avoidance, 6) Inflated Refund Claims, 7) Fake Charities, 8) Hiding…

Treasury Expands Scope of R&D Credit with New Internal Use Software Regulations

On January 16, the Treasury Department issued proposed regulations limiting the definition of internal use software, and thereby broadening the scope of the Research and Development tax credit. Section 41(d)(4)(E) of the Internal Revenue Code excludes internal use software from the definition of “qualified research activities” under § 41(d). Previous guidance under TD 8930 defined…

President Addresses Tax Reform in State of the Union

On January 20, President Obama delivered the annual State of the Union address and, among other topics, discussed the White House’s tax reform proposal. The proposal offers several tax credits and benefits for middle income Americans while levying a tax on large financial institutions, increasing the capital gains rate on high income Americans and limiting…

PCAOB to Review Auditor Independence

The Public Company Accounting Oversight Board (PCAOB) has expressed its commitment to hold auditors accountable for failure to meet the auditor independence rules. PCAOB’s strategic plan for 2014-2018 includes an effort to evaluate the business model of the largest accounting firms and determine whether some of the tax consulting services performed create a conflict with…

Post-Loving: Finance Committee Members Introduce Bill to Regulate Paid Return Preparers

Senate Finance Committee members Ron Wyden (D-OR) and Benjamin Cardin (D-MD) recently introduced the Taxpayer Protection and Preparer Proficiency Act of 2015, granting the IRS authority to regulate paid tax return preparers. The legislation is a response to Loving v. IRS, which weakened taxpayer protections by invalidating the Service’s mandatory registered tax return preparer program.…
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aNlogo-footer3@2x

Washington D.C.
Willard Office Building, Suite 300 1455 Pennsylvania Ave.
Washington, D.C. 20004
202.888.7006

© 2024 alliantNational. - All Rights Reserved.

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