Federal Tax Update - Sept. 16, 2013

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Lynn Nichols from Nichols Patrick CPE delivers the weekly podcast on federal tax issues.  For all of your CPE needs, please go to www.ficpa.org/cpe.  This week’s podcast covers the following topics:


(‘Doc’ numbers are citations to the listed item in Tax Analysts’ Tax Notes Today. The author relies on, and recommends, Tax Notes Today and Tax Analysts’ Federal Research Library as essential tools for the tax professional.)

See more at www.taxanalysts.com

  1. Proposed Regs on Limitations on Importation of Net Built-In Losses
    (REG-161948-05; 78 F.R. 54971-54986; 9/9/2013)
    The IRS has published proposed regulations under sections 334(b)(1)(B) and 362(e)(1) that apply to some nonrecognition transfers of loss property to corporations that are subject to federal income tax.
    [Doc 2013-21253] 
  2. IRS Issues Guidance Clarifying Treatment of Preventive Healthcare Services
    (Notice 2013-57; 2013-40 IRB 1; 9/9/2013
    The IRS has issued guidance clarifying that preventive healthcare required to be provided under a provision of the Public Health Service Act qualifies as preventive care that may be provided without application of the minimum deductible of a high-deductible health plan.
    [Doc 2013-21351]
  3. Federal Circuit Affirms Payroll Company is Not Employer for FICA and FUTA
    (Cencast Services LP et al. v. United States; Fed Cir; 9/10/2013)
    The Federal Circuit, affirming the Court of Federal Claims, held that wage caps are determined based on common law employment relationships for FUTA and FICA tax purposes and that the variance doctrine barred payroll service companies' claims that they were entitled to employment tax refunds based on an independent contractor theory. Payroll service company is statutory employer, not common law employer
    [Doc 2013-21487]
  4. No Refund to Estate; Remittance Was a Payment, Not a Deposit
    (Laura Harris Winford v. United States; DC W LA; No. 2:12-cv-00322; 9/9/2013)
    A U.S. district court held that an estate was barred by the section 6511 limitations period from recovering an estate tax overpayment, finding that the estate's remittance was an estimated tax payment and not a deposit as demonstrated by the facts and circumstances of the case.
    [Doc 2013-21563] 
  5. Q&A on Health Insurance Premium Tax Credit
    (Questions and Answers on the Premium Tax Credit; 9/12/2013)
    The IRS has released a list of questions and answers on the health insurance premium tax credit, which was created to help eligible individuals and families with low or moderate income afford health insurance purchased through an exchange beginning in 2014.
    [Doc 2013-21727] 
  6. FAQ on Individual Shared Responsibility Provision of Affordable Care Act
    (Questions and Answers on the Individual Shared Responsibility Provision; 9/6/2013)
    The IRS has updated its list of frequently asked questions on the individual shared responsibility provision of the Affordable Care Act, adding links and information on transition relief for individuals who are eligible to enroll in non-calendar year employer-sponsored health plans if the plan year begins in 2013 and ends in 2014.
    [Doc 2013-21766] 
  7. IRS Publication Explains Taxpayer Advocate Service
    (Publication 1546; available 9/13/2013)
    The IRS has released Publication 1546 (rev. Jul. 2013), The Taxpayer Advocate Service of the IRS -- How to Get Help With Unresolved Tax Problems, which describes the Taxpayer Advocate Service, outlines who may use the program, and lists contact information for the service.
  8. Final Regs on Deduction and Capitalization of Tangible Assets
    (T.D. 9636; 9/13/2013)
    The IRS has issued final regulations that address the application of sections 162(a) and 263(a) to amounts paid to acquire, produce, or improve tangible property.
    [Doc 2013-21816]
  9. Proposed Regs on Dispositions of Tangible Depreciable Property
    (REG-110732-13; 9/13/2013)
    The IRS has issued proposed regulations on dispositions of property subject to    depreciation under section 168.
    [Doc 2013-21818]
LAST UPDATED 9/16/2013