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1. IRS finalizes rules on relief from failure to file GRAs   WebExclusive

BY Sally P. Schreiber, J.D.
The IRS finalized proposed regulations to update the rules that apply to U.S. taxpayers that fail to file gain recognition agreements (GRAs) when they transfer certain property to foreign corporations in nonrecognition transactions (T.D. 9704). The rules change the standards under which transferors are required to recognize gain on the transfer of stock or securities.Under Sec.

2. G-20 leaders commit to automatic exchange of tax information   WebExclusive

BY Alistair M. Nevius, J.D.
“Profits should be taxed where economic activities deriving the profits are performed and where value is created”—so said the leaders of the G-20 major economies as they endorsed the Organisation for Economic Co-operation and Development’s (OECD’s) global standard for automatic exchange of tax information at the G-20 summit in Brisbane, Australia, on Sunday.

3. IRS fills in details of one-a-year IRA rollover rule   WebExclusive

BY Sally P. Schreiber, J.D.
The IRS clarified how the recently announced change in how it interprets the statutory one-rollover-per-year rule for individual retirement arrangements (IRAs) will affect 2014 rollovers and how the rules will apply starting in 2015 (Announcement 2014-32).Sec. 408(d)(3)(A)(i) permits a tax-free rollover of funds in a taxpayer’s IRA as long as the amount distributed to the taxpayer is paid into an IRA for the taxpayer’s benefit within 60 days, subject to the one-rollover-per-year limit of Sec.

4. Regulations finalize rules on all-cash D reorganizations   WebExclusive

BY Sally P. Schreiber, J.D.
On Monday, the IRS finalized temporary regulations regarding the determination of the basis of stock or securities in all-cash D reorganizations where no stock or securities of the issuing corporation is issued and distributed in the transaction (T.D. 9702). The regulations clarify that in these transactions, only a shareholder that owns actual shares of the issuing corporation will be able to designate the issuing corporation’s share of stock to which the basis (if any) of the stock or securities surrendered will attach.

5. Final rules determine how E&P is treated in corporate reorganizations   WebExclusive

BY Sally P. Schreiber, J.D.
New rules under Sec. 381 will change which corporation succeeds to the tax attributes, including the earnings and profits (E&P), of the transferor or distributor corporation in certain acquisitions. T.D. 9700, issued on Friday by the IRS, also finalizes other related proposed regulations under Sec. 312 clarifying that, in certain corporate reorganizations, the “acquiring corporation” succeeds to the full E&P account of the transferor corporation.

6. Filing season complications loom, IRS commissioner tells AICPA   WebExclusive

BY Paul Bonner
The 2015 tax filing season “will be one of the most complicated filing seasons we’ve ever had,” IRS Commissioner John Koskinen said in a keynote address Tuesday to hundreds of attendees at the AICPA National Tax Conference in Washington. He also held out hope of penalty relief for taxpayers affected by the IRS’s shutdown of its e-services over the Columbus Day weekend.Two new provisions for tax year 2014 introduced by the Patient Protection and Affordable Care Act of 2010 (PPACA), P.L.

7. Father was custodial parent for dependency exemption and earned income credit  

BY James M. Hopkins, CPA
The IRS misapplied the Sec. 152(e) waiver requirements, the Tax Court holds.Even though a divorce instrument awarded custody of a child to her mother, the child’s father could claim the child for a dependency exemption and earned income tax credit because he was the custodial parent, the Tax Court held.Facts: Patrick A.

8. Effective filing dates of returns are disputable issues of fact  

BY Charles J. Reichert, CPA
The IRS’s motion for dismissal was denied in a case where determining the timeliness of a taxpayer’s refund claims depended on determining the effective filing date of the taxpayer’s returns.The Court of Federal Claims denied a motion by the IRS to dismiss a taxpayer’s refund claim for two prior tax years, holding that a trial is required to resolve a genuine factual dispute concerning whether the refund claims had been filed before the statute of limitation expired.Facts: Maria Montiel, a citizen and resident of Mexico, filed Form 1040, U.S.

9. Research and experimentation expenditures clarified  

BY Alistair M. Nevius
With enhanced definitions and numerous additional examples, final regulations issued in July (T.D. 9680) clarify research and experimentation (R&E) expenditures under Sec. 174 that may be deducted currently or capitalized and amortized. Under the final regulations, the ultimate success, failure, sale, or use of a product is not relevant to a determination of eligibility under Sec.

10. Form 990: Late filing penalty abatement  

BY Vani Murthy, CPA
Many small and medium-size not-for-profit organizations are mostly run by volunteers, and the staff of these charities may forget or inadvertently fail to timely file Form 990, Return of Organization Exempt From Income Tax, Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, or even Form 990-N, Annual Electronic Filing Requirement for Small Exempt Organizations, which is a postcard-size information return that is electronically filed.
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