Federal Tax Update - Sept. 23, 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

  • Guidance on Dispositions of Tangible Depreciable Property
    (REG-110732-13; 78 F.R. 57547-57567; 9/19/2013)
    The IRS has published proposed regulations on dispositions of property subject to depreciation under section 168.
    [Doc 2013-21818]
  • Guidance on Application of ACA Provisions to Healthcare Arrangements
    (Notice 2013-54; 2013-40 IRB 1; 9/13/2013)
    The IRS has issued guidance on the application of market reform and other provisions of the Affordable Care Act to health reimbursement arrangements, employer payment plans, and health flexible spending arrangements.
    [Doc 2013-21869]
  • Revised Rules for Spouses Requesting Equitable Relief From Tax Liability
    (Rev. Proc. 2013-34; 2013-42 IRB 1; 9/16/2013)
    The IRS has issued guidance revising the rules for spouses requesting equitable relief from income tax liability under sections 66(c) or 6015(f).
    [Doc 2013-21960]
  • IRS Enforcement Revenue and Employment Both Down Double Digits
    (Tax Notes Today; 9/18/2013; Article by William Hoffman)
    The IRS in fiscal 2012 collected less in enforcement revenue for a second straight year, bringing in just $50.2 billion compared with $55.2 billion in fiscal 2011 and $57.6 billion in fiscal 2010 -- a 13 percent drop in the same two years that the agency also lost 14 percent of its enforcement personnel.
    [Doc 2013-22057]
  • TIGTA Recommends Improved Paid Preparer Penalty Assessment and Enforcement
    (TIGTA Report 2013-30-075; 9/9/2013)
    Managers did not properly approve preparer penalty assessments in eight of a statistical sample of 98 section 6694 preparer penalty cases, the Treasury Inspector General for Tax Administration found in a September 9 report, which recommended that the IRS develop procedures to improve assessment and enforcement of section 6694 penalties.
    [Doc 2013-22245]
LAST UPDATED 9/23/2013