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TIFD III-E, Inc. v. United States: Second Circuit Rejects Debt Holder as Partner, Enforces § 6662 Penalties

The Second Circuit recently found that partners whose interests are bound by overwhelmingly debt-like features are not partners for tax purposes. In TIFD III-E, Inc. v. United States, 666 F.3d 836 (2d. Cir. 2012), the Second Circuit rejected taxpayer’s argument that I.R.C. § 704(e)(1) broadened existing law to include debt… More...

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Treasury Department Recommends Changes to Tax Code Section 529 College Savings and Tuition Plan

Analysis of Section 529 College Savings and Prepaid Tuition Plans | Amendments to Section 529 | 9/10/2009

September 9, 2009 report issued by the Department of Treasury (”Department”) discussed the benefits of 529s as a way to build savings for this critically important investment, the extent to which Section 529 plans serve various income groups, and how well the plans keep costs low so as to maximize returns to savers. More...

IRS Proposes Regulations on Reporting Sales of Securities by Brokers

Basis Reporting by Securities Brokers and Basis Determination for Stock | 26 CFR Parts 1, 31, and 301, (REG-101896-09) | 12/17/2009

The Internal Revenue Service (“IRS”) has issued proposed regulations relating to reporting sales of securities by brokers and determining the basis of securities. More...

IRS Issues Proposed Regulations on Reporting Requirement for Payment Card and Third-Party Payment Transactions

Information Reporting for Payments Made in Settlement of Payment Card and Third Party Network Transaction | 26 CFR Parts 1, 31, and 301; REG-139255-08; RIN 1545-BI51 | 11/23/2009

The Internal Revenue Service (:IRS”) has issued proposed regulations under a new statute requiring that, starting with transactions in calendar year 2011, the gross amount of payment card and third-party network transactions be reported annually to participating merchants and the IRS. More...

IRS Releases 2009 IRPAC Advisory Report

2009 Information Reporting Program Advisory Committee Public Report | IR-2009-097 | 10/28/2009

The Information Reporting Program Advisory Committee (“IRPAC”) has released the advisory group’s 2009 recommendations on a wide range of tax administration issues. More...

European Union Proposes Regulation on Anti-Tax Fraud Cooperation

EU Proposal for Council Regulation Against Tax Fraud | COM(2009) 427 | 8/18/2009

In an effort to combat tax evasion and fraud, the European Commission has proposed a revenue regulation that seeks to foster administrative cooperation in the field of valued added tax. More...

IRS Proposes Regulations on Determination of Distributive Share When a Partner's Interest Changes

Determination of Distributive Share When a Partner's Interest | 26 CFR Part 1, REG-144689-04, RIN 1545-BD71 | 4/14/2009

The Internal Revenue Service (“IRS”) has released proposed regulations regarding the determination of partners' distributive shares of partnership items of income, gain, loss, deduction and credit when a partner's interests varies during a partnership taxable year. More...

Changes on Income Tax Withholding Regulations Proposed

Withholding Under Internal Revenue Code Section 3402(t) | 26 CFR Part 31, REG-158747-06, RIN 1545-BG45 | 3/19/2009

The Internal Revenue Service (“IRS”) has issued a document provides for a public hearing regarding a proposed rulemaking. More...

California FTB Seeks to Revise Sales and Use Tax Regulation on Computer Programs

Proposed Amendments to Regulation 1502 | Regulation 1502 | 1/23/2009

The California Franchise Tax Board (“FTB”) seeks to amend regulation pertaining to sale and use tax. Specifically, the FTB’s proposed regulation clarifies the definition of the term “program” as it relates to computers and data processing. More...

IRS Seeks to Amend Regulation on Definition of an Interest in Real Property

Infrastructure Improvements under Section 897 | REG–130342–08, Announcement 2008–115 | 12/2/2008

The Internal revenue Service ("IRS") has issued a document describing issues that it and the Treasury Department are considering addressing, in a notice of proposed rulemaking, regarding the definition of an interest in real property within the meaning of section 897(c) of the Internal Revenue Code ("IRC"). More...

Proposed Tax Regulation Reflects Changes Set by the Tax Increase Prevention and Reconciliation Act of 2005

Withholding Under Internal Revenue Code Section 3402(t) | 26 CFR Part 31, REG-158747-06, RIN 1545-BG45 | 12/5/2008

The Internal Revenue Service ("IRS") has released proposed regulations relating to withholding under section 3402(t) of the Internal Revenue Code ("IRC"). More...