On Thursday, December 11th, 2014 House Ways and Means Committee Chairman Dave Camp, R-Mich. introduced H.R. 1 – Tax Reform Act of 2014. The proposal formalizes the tax reform discussion draft released on February 26, 2014, without modifications. “I hope that the formal introduction of this proposal
Read more →The Financial Crimes Enforcement Network (FinCEN) has announced, in two separate rulings, that companies working with virtual currency in their business operations are money service businesses (MSBs). As an MSB, each company must register with FinCEN, and comply with anti-money laundering risk management and risk mitigation requirements.
Read more →The IRS Chief Counsel determined that interest paid by a foreign disregarded entity of a U.S. domestic corporation to a foreign corporation was U.S. source income under Code Sec. 861(a)(1) and, therefore, subject to withholding under Code Sec. 1442. The foreign corporation payee was a controlled foreign
Read more →In an audit report released on October 23, 2014, the Treasury Inspector General for Tax Administration (TIGTA) has found that the IRS should revise its procedures to better ensure protection of federal tax information scheduled to be released to the health care exchanges under the Patient Protection
Read more →The federal calculator used to determine whether an employer-sponsored insurance plan provides minimum value under the Patient Protection and Affordable Care Act (PPACA) (P.L. 111-148) appears to be malfunctioning, according to benefits experts who are eagerly awaiting guidance from the Treasury Department on a possible fix. The
Read more →Individuals liable for the Code Sec. 5000A shared responsibility payment will make their payments when they file their 2014 returns, William Smits, senior manager, IRS Wage & Investment Division, National ACA Outreach Coordinator for Individual Tax Provisions, reminded practitioners during a webcast sponsored by the American Institute
Read more →The IRS has provided transition relief for its change in the one-per-year limit imposed on tax-free rollovers between Individual Retirement Account (IRA) announced in March 2014. and scheduled to go into effect January 1, 2015. Under the change, the one-per-year rule applies to each individual rather than
Read more →The 2015 tax-filing season will likely be the worst in nearly 30 years, according to National Taxpayer Advocate Nina E. Olson, who spoke to tax practitioners on November 3 at the AICPA’s National Tax Conference in Washington, D.C. Olson told attendees that the filing season will be
Read more →U.S. Attorney General Eric Holder announced on October 17 that the federal government will recognize same-sex marriages performed in seven more states. The U.S. Supreme Court declined to review rulings from federal appeals courts that had struck down bans on same-sex marriage in some of these states.
Read more →The IRS has announced that the Department of Health and Human Services (HHS) and the Treasury Department (including the IRS) will soon issue proposed regulations providing that a group health plan does not provide minimum value if it excludes substantial coverage to employees for in-patient hospitalization services
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