Tax Law Updates

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Klauer v. Commissioner: Step Transaction Doctrine Does Not Apply to Multi-Step Bargain Sales to Charity

By H. Jacob Lager of Zuber & Taillieu

The Tax Court has held that the step transaction doctrine did not apply to a series of bargain sales from a family-owned S Corp. to a charitable organization. As a result, the shareholders were entitled to charitable contribution deductions related to the sales. In William R. Klauer v. Commissioner of… More...

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TIGTA Proposes Improvements to Offshore Accounts Voluntary Disclosure Program

The 2009 Offshore Voluntary Disclosure Initiative Increased Taxpayer Compliance, but Some Improvements Are Needed  |  Reference Number: 2011-30-118  |  9/21/2011

Voluntary disclosure practices that allow taxpayers to voluntarily disclose the existence of offshore accounts or assets to the Internal Revenue Service (IRS) are generally effective, according to a new report publicly released by the Treasury Inspector General for Tax Administration (TIGTA). More...

New York Leaders Unveil Overhaul of State Tax Code

New York – Major Restructuring of State Tax Code  |  No. _____  |  12/6/2011

Governor Andrew M. Cuomo, Senate Majority Leader Dean Skelos and Assembly Speaker Sheldon Silver have reached a proposed three-way agreement on legislative and executive proposals to cut taxes for middle class New Yorkers. More...

IRS Issues Proposed Regulations That Would Require Tax Preparers to File Due Diligence Checklist with All EITC Claims Submitted in 2012

Proposed Regulations on EITC Due Diligence Checklist  |  IR-2011-98  |  10/6/2011

The Internal Revenue Service is issuing proposed regulations that would require paid tax return preparers, beginning in 2012, to file a due diligence checklist, Form 8867, with any federal return claiming the Earned Income Tax Credit (EITC). More...

Treasury, IRS Propose Regulations to Provide Safe Harbor for Employers under Affordable Care Act

Health Coverage Affordability Safe Harbor for Employers (Section 4980H)  |  Notice 2011-73  |  9/23/2011

The Treasury Department and Internal Revenue Service have requested public comment on a proposed affordability safe harbor for employers under the shared responsibility provisions included in the Affordable Care Act that will apply to certain employers starting in 2014. More...

California BOE Proposes to Amend Regulation on Sales Tax on Indian Tribes’ Property

Proposal to Amend Proposed Amendments to California Code of Regulations, Title 18, Section 1616  |  New subdivision (d)(4)(G) to Regulation 1616  |  9/9/2011

The California State Board of Equalization (BOE) has propos­ed to amend Regulation 1616, Federal Areas, to clarify the additional circumstances under which sales of tangible personal property to and the use of tangible personal property by the governments of federally-recognized Indian tribes are exempt from California sales and use tax under Revenue and Taxation Code (RTC) section 6352. More...

IRS Publishes Proposed User Fees Relating to the Registered Tax Return Preparer Competency Examination and Fingerprinting Participants

User Fees Relating to the Registered Tax Return Preparer Competency Examination and Fingerprinting Participants in the Preparer  |  26 CFR Part 300, REG-116284-11, RIN 1545-BK24  |  9/21/2011

The IRS has published proposed regulations that would establish user fees for fingerprinting and taking the competency examination. More...

TIGTA: IRS Allowed Improper Claims for First-Time Homebuyer Credit On Amended Returns

Control Weaknesses Over Amended Returns Allowed Some Inappropriate Claims for the First-Time Homebuyer Credit to Be Allowed  |  Reference Number: 2011-41-057  |  6/24/2011

While the Internal Revenue Service (IRS) has made improvements in its processing of First-Time Homebuyer Credits, additional steps are necessary to prevent erroneous claims for the Credit on amended returns, according to a new report publicly released by the Treasury Inspector General for Tax Administration (TIGTA). More...

California BOE Announces Next Steps in Enforcement of On-Line Retailer Tax Law as State Prepares for Possible Referendum against It

Proposed Regulation to Amend Regulation 1684 on Sales and Use Tax Law – ABx1  |  Stats. 2011, Ch. 7  |  7/12/2011

The California Board of Equalization (BOE) has announced the next steps in enforcing ABx1 28, the measure passed by the Legislature and signed into law by the Governor on June 28, 2011. The law establishes use tax collection obligations on out-of-state retailers. More...

Treasury and IRS Issue Guidance Outlining Phased Implementation of FATCA Beginning in 2013

Chapter 4 Implementation Notice  |  Notice 2011-53  |  7/14/2011

The Treasury Department and the Internal Revenue Service have issued a notice announcing plans to phase in the requirements of the Foreign Account Tax Compliance Act (FATCA). More...

TIGTA Report: IRS Needs to Fully Use Third-Party Data to Identify and Prevent Potentially Erroneous Refunds

Better Use of Available Third-Party Data Could Identify and Prevent More Than $1 Billion in Potentially Erroneous Refunds  |  Reference Number: 2010-40-062  |  7/23/2010

The Internal Revenue Service (IRS) should make better use of the third-party data it receives from employers, government agencies and financial institutions to reduce erroneous refunds, increase revenues and promote voluntary compliance, according to a new audit report released on September 21. 2010 by the Treasury Inspector General for Tax Administration (TIGTA). More...

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Companies Mentioned

Tax Law

The following companies are mentioned in Tax Law Updates:

Internal Revenue Service

Swallows Holding, Inc.

The State of New York

New York State Department of Taxation and Finance

Amazon.com LLC

Amazon Services, LLC

Textron Inc.

County of Los Angeles

Agere Systems, Inc. f.k.a. Lucent Technologies, Inc.

Detroit Medical Center

Department of Justice

Santini Stone LLC

City of Chicago

StubHub, Inc.

Mayer Brown LLP d.b.a. Mayer, Brown, Rowe & Maw LLP

Additional Resources

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