Page maintained by Professor Annette Nellen.
The table below lists tax regulations issued by the Treasury Department and IRS in 2011 in chronological order. The links will take you to the text of the regulations (usually in the Federal Register) and other helpful information.
Federal tax regulations issued in: 2012 2013 2014
|
Title of Regulation |
Status |
Citation |
IRC Sections |
Additional Information |
|
Modifications
of Debt Instruments |
Final regs |
TD
9513 (1/7/11) |
1001 |
"clarify the extent
to which the deterioration in the financial condition of the issuer is
taken into account to determine whether a modified debt instrument will
be recharacterized as an instrument or property right that is not debt." |
|
Property Traded
on an Established Market |
Proposed |
REG–131947–10 (1/7/11) |
1273 1274 1275 |
"determining when
property is traded on an established market (that is, publicly traded)
for purposes of determining the issue price of a debt instrument." |
|
Guidance on
Reporting Interest Paid to Nonresident Aliens |
Proposed |
REG–146097–09 (1/7/11)
Correction (1/18/11)
(2/11/11) |
6049 |
"guidance on the
reporting requirements for interest on deposits maintained at |
|
Rewards and
Awards for Information Relating to Violations of Internal Revenue Laws |
Proposed |
REG–131151–10 (1/18/11) |
7623 |
"relating to the
payment of rewards under section 7623(a) of the Internal Revenue Code
and awards under section 7623(b). The guidance is necessary to clarify
the definition of proceeds of amounts collected and collected proceeds
under section 7623. ... provides needed guidance to the general public
as well as officers and employees of the IRS who review claims under
section 7623." |
|
Nuclear
Decommissioning Funds |
Final regs |
TD 9512 |
468A |
Correction – page
3837
(1/21/11) – “correction to final regulations (TD
9512) that were published in the
Federal
Register on Thursday,
December 23, 2010 (75 FR 80697) relating to deductions for contributions
to trusts maintained for decommissioning nuclear power plants.” |
|
Hybrid Retirement Plans |
Rule document |
TD 9505 |
411 |
|
|
Source Rules Involving |
Final regs |
TD 9391 |
932 |
Correction – page
4244
(1/25/11) – “correction to final regulations (TD
9391) that were published in the
Federal Register on
Wednesday, April 9, 2008 (73 FR 19350) providing rules under section
937(b) of the Internal Revenue Code for determining whether income is
derived from sources within a U.S. possession or territory specified in
section 937(a)(1) (generally referred to in this preamble as a
‘‘territory’’) and whether income is effectively connected with the
conduct of a trade or business within a territory as well as providing
guidance under section 932 and other provisions related to the
territories.” |
|
Time and Manner for
Electing Capital Asset Treatment for Certain Self-Created Musical Works |
Final regs and
removal of temporary regs |
TD 9514
(2/7/11) |
1221 |
“provides the time and manner rules for
electing to treat the sale or exchange of a musical composition or a
copyright in a musical work created by the taxpayer (or received by the
taxpayer from the composition or work’s creator in a transferred basis
transaction) as the sale or exchange of a capital asset. The regulation
reflects changes to the law made by the Tax Increase Prevention and
Reconciliation Act of 2005 and the Tax Relief and Health Care Act of
2006. The regulation affects taxpayers who elect to treat gain or loss
from such a sale or exchange as capital gain or loss.” |
|
Amendment to the
Bank Secrecy Act Regulations: Reports of Foreign Financial
Accounts |
Final rule |
RIN
1506–AB08 (2/24/11) |
FBAR
31 CFR Part 1010 |
"FinCEN is issuing
this final rule to amend the Bank Secrecy Act (BSA) regulations
regarding reports of foreign financial accounts. The rule addresses the
scope of the persons that are required to file reports of foreign
financial accounts. The rule further specifies the types of accounts
that are reportable, and provides filing relief in the form of
exemptions for certain persons with signature or other authority over
foreign financial accounts. Finally, the rule adopts provisions intended
to prevent persons subject to the rule from avoiding their reporting
requirement." |
|
Guidance under
Section 1502; Amendment of Matching Rule for Certain Gains on Member
Stock |
Final and temporary
regs |
TD 9515
(3/4/11) |
1502 |
“the treatment of certain intercompany gain
with respect to stock owned by members of a consolidated group. These
regulations provide for the redetermination of intercompany gain as
excluded from gross income in certain transactions involving stock
transfers between members of a consolidated group. The temporary
regulations contained in this document are solely for the purpose of
retaining the portion of the existing temporary regulations that were in
the same temporary regulation section but that are not being promulgated
as final regulations at this time. These regulations affect corporations
filing consolidated returns.” Correction – page
20524
(4/13/11) Correcting amendment
– page
17781 (3/31/11) |
|
Disclosure of Return Information in Connection
With Written Contracts Among the IRS, Whistleblowers, and Legal
Representatives of Whistleblowers |
Final regs and
removal of temporary regs |
TD 9516
(3/15/11) |
6103 |
“disclosure of return information by an officer
or employee of the Treasury Department, to a whistleblower and, if
applicable, the legal representative of the whistleblower, to the extent
necessary in connection with a written contract among the IRS, the
whistleblower and, if applicable, the legal representative of the
whistleblower, for services relating to the detection of violations of
the internal revenue laws or related statutes. The final regulations
will affect officers and employees of the Treasury Department who
disclose return information to whistleblowers or their legal
representatives in connection with written contracts among the IRS,
whistleblowers and, if applicable, their legal representatives, for
services relating to the detection of violations of the internal revenue
laws or related statutes. The final regulations will also affect any
whistleblower or legal representative of a whistleblower who receives
return information in connection with a written contract among the IRS,
the whistleblower and, if applicable, the legal representative of the
whistleblower, for services relating to the detection of violations of
the internal revenue laws or related statutes.” |
|
Disclosure of
Information to State Officials Regarding Tax-Exempt Organizations |
Proposed regs |
REG–140108–08 (3/15/11) |
6104 |
“reflect[s] changes to section 6104(c) of the
Internal Revenue Code (Code) made by the Pension Protection Act of 2006
(PPA). These rules provide guidance to states regarding the process by
which they may obtain or inspect certain returns and return information
(including information about final and proposed denials and revocations
of tax-exempt status) for the purpose of administering state laws
governing certain tax-exempt organizations and their activities. These
regulations will affect such exempt organizations, as well as those
state agencies choosing to obtain information from the Internal Revenue
Service (IRS) under section 6104(c).” |
|
Disclosure of
Returns and Return Information to Designee of Taxpayer |
Proposed regs |
REG–153338–09 (3/18/11) |
6103 |
“pertaining to the period for submission to the
IRS of taxpayer authorizations permitting disclosure of returns and
return information to third-party designees. Specifically, the proposed
regulation extends from 60 days to 120 days the period within which a
signed and dated authorization must be received by the IRS (or an agent
or contractor of the IRS) in order for it to be effective. The proposed
regulation extends the period as some institutions charged with
assisting taxpayers in their financial dealings have encountered
difficulty in obtaining written authorizations and submitting the
authorizations within the 60-day period allowed by the existing
regulations. The proposed regulation will affect taxpayers who submit
authorizations permitting disclosure of returns and return information
to third party designees.” |
|
Regulations
Governing Performance of Actuarial Services under 1974 Employee
Retirement Income Security Act |
Final regs |
TD 9517
(3/31/11) |
20 CFR part 901 |
“regulations under section 3042 of the Employee
Retirement Income Security Act of 1974 (ERISA) relating to the
enrollment of actuaries. These regulations update the eligibility
requirements for performing actuarial services for ERISA-covered
employee pension benefit plans, including the continuing professional
education requirements, and the standards for performing such actuarial
services. These regulations will affect employee pension benefit plans
and the actuaries providing actuarial services to those plans.” |
|
Specified Tax Return
Preparers Required To File Individual Income Tax Returns Using Magnetic
Media |
Final regs |
TD 9518
(3/30/11) |
6011 |
"requirement for
‘‘specified tax return preparers’’ to file individual income tax returns
using magnetic media pursuant to section 6011(e)(3) of the Internal
Revenue Code (Code). The final regulations reflect changes made to the
law by the Worker, Homeownership, and Business Assistance Act of 2009.
These regulations provide guidance to specified tax return preparers who
prepare and file individual income tax returns. Unless an exception in
these regulations applies, a tax return preparer who meets the
definition of a ‘‘specified tax return preparer’’ must electronically
file Federal income tax returns that the preparer prepares and files for
individuals, trusts, and estates. These regulations provide a two-year
transition period for certain specified tax return preparers." Correction – page
22611
(4/22/11) |
|
Taxpayer Assistance
Orders |
Final regs |
TD 9519
(4/1/11) |
7811 |
"reflect changes to
the law made by the Taxpayer Bill of Rights II, the Internal Revenue
Service Restructuring and Reform Act of 1998, the Community Renewal Tax
Relief Act of 2000, and the American Jobs Creation Act of 2004. The
final regulations affect taxpayers in cases where a taxpayer assistance
order is being considered or issued." |
|
Withdrawal of
Regulations Related to Validity and Priority of Federal Tax Lien |
Final regs |
TD 9520
(4/4/11) |
6323 |
"validity and
priority of the Federal tax lien against certain persons under section
6323 of the Internal Revenue Code (the Code). The final regulations
update the corresponding Treasury Regulations to reflect changes in the
law and in IRS practice." |
|
Reduction of Foreign
Tax Credit Limitation Categories under Section 904(d) |
Final regs and
removal of temporary regs |
TD 9521
(4/7/11) |
904 |
"guidance relating
to the reduction of the number of separate foreign tax credit limitation
categories under section 904(d) of the Internal Revenue Code. Changes to
the applicable law were made by the American Jobs Creation Act of 2004
(AJCA) reducing the number of section 904(d) separate categories from
eight to two, effective for taxable years beginning after December 31,
2006. The final regulations provide guidance needed to comply with these
changes and affect individuals and corporations claiming foreign tax
credits." Correction – page
27609 (5/12/11) |
|
Clarification of
Controlled Group Qualification Rules |
Final regs |
TD 9522
(4/11/11) |
1563 |
"clarifies that a
corporation that satisfies the controlled group rules for stock
ownership and qualification is a member of such group, without regard to
its status as a component member." |
|
Guidance Concerning
the Exclusion of Section 61 Discharge of Indebtedness Income of a
Grantor Trust or a Disregarded Entity |
Proposed regs |
REG–154159–09 (4/13/11) |
108 |
"exclusion from
gross income under section 108(a) of discharge of indebtedness income of
a grantor trust or an entity that is disregarded as an entity separate
from its owner. The proposed regulations provide rules regarding the
term ‘‘taxpayer’’ for purposes of applying section 108 to discharge of
indebtedness income of a grantor trust or a disregarded entity. The
proposed regulations affect grantor trusts, disregarded entities, and
their owners." |
|
Controlled Groups;
Deferral of Losses |
Proposed regs |
REG–118761–09 (4/21/11) |
267 |
“guidance concerning the time for taking into
account deferred losses on the sale or exchange of property between
members of a controlled group. These proposed regulations affect members
of a controlled group and their shareholders.” Correction – page
30052 (5/24/11) |
|
User Fees Relating
to Enrolled Agents and Enrolled Retirement Plan Agents |
Final regs |
TD 9523
(4/19/11) |
9701 |
"imposition of user
fees for enrolled agents and enrolled retirement plan agents. The final
regulations lower the initial enrollment and renewal of enrollment user
fees for enrolled agents and enrolled retirement plan agents and
separate the enrolled retirement plan agent user fees from the enrolled
agent user fees. The final regulations affect individuals who are, or
apply to become, enrolled agents or enrolled retirement plan agents." |
|
Controlled Groups;
Deferral of Losse |
Proposed |
REG–118761–09 (4/21/11) |
267 |
"guidance concerning
the time for taking into account deferred losses on the sale or exchange
of property between members of a controlled group. These proposed
regulations affect members of a controlled group and their
shareholders." |
|
Extension of
Withholding to Certain Payments Made by Government Entities |
Final regs Proposed regs |
TD 9524 (5/9/11)
REG–151687–10 (5/9/11) |
3402(t) |
"affect Federal,
State, and local government entities that will be required to withhold
and report tax from payments to persons providing property or services
and also affect the persons receiving payments for property or services
from the government entities." Correction – page
32864 (6/7/11) Correction – page
32885 (6/7/11) |
|
Modifications to
Treatment of Aircraft and Vessel Leasing Income |
Final regs and
removal of temporary regs |
TD 9525 (5/6/11) |
367 |
"treatment of
certain income and assets related to the leasing of aircraft or vessels
in foreign commerce." |
|
Treatment of
Property Used to Acquire Parent Stock or Securities in Certain
Triangular Reorganizations Involving Foreign Corporations |
Final regs and
removal of temporary regs |
TD 9526 (5/19/11) |
367 |
"relating to the
treatment of property used to acquire parent stock or securities in
certain triangular reorganizations involving foreign corporations."
q
Journal
of Accountancy, “New "Killer
B" Regulations Issued,” (5/18/11)
q
http://www.journalofaccountancy.com/Web/20114166
|
|
Practice Before the
Internal Revenue Service |
Final regs |
TD 9527 (6/3/11) |
Changes to Circular 230 |
"final
regulations governing practice before the Internal Revenue Service
(IRS). The regulations affect individuals who practice before the IRS
and providers of continuing education programs. The regulations modify
the general standards of practice before the IRS and the standards with
respect to tax returns."
Correction – page
49650 (8/11/11) |
|
Alternative
Simplified Credit |
Final regs and
removal of temporary regs |
TD 9528 (6/10/11) |
41 |
"election and
calculation of the alternative simplified credit under section 41(c)(5)
of the Internal Revenue Code (Code). The final regulations affect
certain taxpayers claiming the credit under section 41. These final
regulations implement changes to the credit for increasing research
activities under section 41 made by the Tax Relief and Health Care Act
of 20
n
Can make
or revoke an election to use ASC using Form 6765 but not on an amended
return
n
No relief
to make late election or revocation under �301.9100-3
n
“short
taxable years be prorated by the number of days in the year instead of
the number of months in the year for taxable years ending after June 9,
2011” |
|
Encouraging New
Markets Tax Credit Non-Real Estate Investments |
Proposed regs |
REG–114206–11 (6/7/11)
REG–101826–11 (6/7/11) |
|
"invites comments
from the public on issues that the Treasury Department and the IRS may
address in regulations relating to the new markets tax credit." "proposed
regulations modifying the new markets tax credit program to facilitate
and encourage investments in non-real estate businesses in low-income
communities." Correction – page
39341 (7/6/11) Correction – page
39343 (7/6/11) |
|
Requirements
for Taxpayers Filing
Form 5472 |
Temporary regs |
TD 9529 (6/10/11)
REG–101352–11 (6/10/11) |
6038A |
"remove the
duplicate filing requirement for Form 5472, ‘‘Information Return of a
25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a
U.S. Trade or Business.’’" Correction – page
36995 (6/24/11) Correction – page
36996 (6/24/11)
n
Reason:
“advances in electronic processing and data collection in the IRS”
n
Duplicate
used to be sent to |
|
Claims for
credit or refund |
Proposed regs |
REG–137128–08 (6/10/11) |
6402 |
"provide guidance to
taxpayers generally as to the proper place to file a claim for credit or
refund. The regulations are updated to reflect changes made by the
enactment of the Tax Reform Act of 1976, the Internal Revenue Service
Restructuring and Reform Act of 1998, and the Community Renewal Tax
Relief Act of 2000. The regulations further are updated to reflect that
the IRS may prescribe additional claim forms." |
|
Guidance Under
Section 956 for Determining the Basis of Property Acquired in Certain
Nonrecognition Transactions |
Final and temporary
regs |
TD 9530 (6/24/11) |
956 |
"determination of
basis in certain Correction – page
43891 (7/22/11) Effective 6/24/11 |
|
Extension of Time
for Filing Returns |
Final regs and
removal of temporary regs |
TD 9531 (6/24/11) |
6081 |
" automatic
extensions of time to file returns for partnership, trust, and estate
taxpayers, and automatic extensions of time for filing returns for
pension excise taxes. The objective of these final regulations is to
reduce overall taxpayer burden by providing an extension period that
strikes the most reasonable balance for these pass-through entities and
the large number of taxpayers who require information from these
entities for completion of their income tax returns." |
|
Group Health Plans
and Health Insurance Issuers: Internal Claims and Appeals
and External Review Processes |
Amendment to interim
final rules with request
for comments |
TD 9532 (6/24/11)
REG–125592–10 (6/24/11) |
9851 |
"amendments to
interim final regulations implementing the requirements regarding
internal claims and appeals and external review processes for group
health plans and health insurance coverage in the group and individual
markets under provisions of the Affordable Care Act. These rules are
intended to respond to feedback from a wide range of stakeholders on the
interim final regulations and to assist plans and issuers in coming into
full compliance with the law through an orderly and expeditious
implementation process." Correction – page
44491 (7/26/11) |
|
Deduction Limitation
for Certain Employee Remuneration in Excess of $1,000,000 |
Proposed regs |
REG–137125–08 (6/24/11) |
162(m) |
"clarify that
qualified performance-based compensation attributable to stock options
and stock appreciation rights must specify the maximum number of shares
with respect to which options or rights may be granted to each
individual employee. The proposed regulations also clarify the
application of the transition rule for taxpayers that are not publicly
held corporations and then become publicly held corporations." Correction – page
55321 (9/7/11) |
|
Modification of
Regulations Under |
Final and temporary
regs |
TD 9533 (7/6/11)
REG–118809–11 (7/6/11) |
150 171 197 249 475 860G 1001 |
"remove any
reference to, or requirement of reliance on, ‘‘credit ratings’’ in
regulations under the Internal Revenue Code (Code) and provides
substitute standards of creditworthiness where appropriate. This action
is required by the Dodd-Frank Wall Street Reform and Consumer Protection
Act." |
|
Methods of
Accounting Used by Corporations That Acquire the Assets of Other
Corporations |
Final regs 1.381(c)(4)-1 and
1.381(c)(5)-1 |
TD 9534 (8/1/11) |
381 446 |
"methods of
accounting, including the inventory methods, to be used by corporations
that acquire the assets of other corporations in certain corporate
reorganizations and tax-free liquidations. These regulations clarify and
simplify the rules regarding the accounting methods to be used following
these reorganizations and liquidations." Correction – page
53819 (8/30/11) J of A article -
http://www.journalofaccountancy.com/Web/20114428.htm
|
|
Determining Amount
of Taxes Paid for Purposes of Foreign Tax Credit |
Final regs and
removal of temporary regs |
TD 9535 (7/18/11) |
901 |
" address certain
highly structured arrangements that produce inappropriate foreign tax
credit results. The regulations affect individuals and corporations that
claim direct and indirect foreign tax credits."
n
Journal
of Accountancy article
(7/13/11)
q
http://www.journalofaccountancy.com/Web/20114358 |
|
Final and temporary
regs |
TD 9536 (7/18/11)
REG–126519–11 (7/18/11) |
901 |
||
|
Highway Use
Tax; Filing and Payment for Taxable Period Beginning July 1, 2011 |
Final and temporary
regs |
TD 9537 (7/20/11)
REG–122813–11 (7/20/11) |
6001 6071 6151 |
"guidance on the
filing of Form 2290 (‘‘Heavy Highway Vehicle Use Tax Return’’) and
payment of the associated highway use tax for the taxable period
beginning July 1, 2011. The regulations affect owners and operators of
highway motor vehicles with a taxable gross weight of 55,000 pounds or
more." |
|
Modifications
of Certain Derivative Contracts |
Final and temporary
regs |
TD 9538 (7/22/11)
REG–109006–11 (7/22/11) |
1001 |
" address when a
transfer or assignment of certain derivative contracts does not result
in an exchange to the nonassigning counterparty for purposes of �
1.1001–1(a)." |
|
Election of
Reduced Research Credit Under Section 280C(c)(3) |
Final regs |
TD 9539 (7/27/11) |
280C |
�
Make
election on Form 6765
�
"must be
filed with an original return for the taxable year filed on or before
the due date (including extensions) for filing the income tax return for
such year, regardless of whether any research credits are claimed on the
original return. An election, once made for any taxable year, is
irrevocable for that taxable year."
�
Explanation and examples for controlled groups |
|
Use of
Actuarial Tables in Valuing Annuities, Interests for Life or Terms of
Years, and Remainder or Reversionary Interests |
Final regs and
removal of temp regs |
TD 9540 (8/10/11) |
170 642 664 2031 2032 2055 2056A 2512 2522 7520 |
"use of actuarial
tables in valuing annuities, interests for life or terms of years, and
remainder or reversionary interests. These regulations will affect the
valuation of inter vivos and testamentary transfers of interests
dependent on one or more measuring lives. These regulations are
necessary because section 7520(c)(3) directs the Secretary to update the
actuarial tables to reflect the most recent mortality experience
available." |
|
Elections Regarding
Start-up Expenditures, Corporation Organizational Expenditures, and
Partnership Organizational Expenses |
Final regs and
removal of temp regs |
TD 9542 (8/17/11) |
195 248 709 |
Guidance on how to
elect to deduct these start-up and organization expenditures per
modifications made by the American Jobs Creation Act of 2004 Correction – page
56973 (9/15/11) |
|
Health
Insurance Premium Tax Credit |
Proposed regs |
REG–131491–10 (8/17/11) |
36B 6011 6012 |
"guidance to
individuals who enroll in qualified health plans through Affordable
Insurance Exchanges and claim the premium tax credit, and to Exchanges
that make qualified health plans available to individuals and
employers." |
|
Branded
Prescription Drug Fee |
Temporary and
proposed regs |
TD 9544 (8/18/11) |
51 |
"guidance on the
annual fee imposed on covered entities engaged in the business of
manufacturing or importing branded prescription drugs."
Correction
– page
59897
(9/28/11)
Correction
– page
59897-98
(9/28/11)
Correction
– page
59898
(9/28/11)
|
|
Interest and Penalty
Suspension Provisions Under Section 6404(g) of the Internal Revenue Code |
Final regs and
removal of temporary regs |
TD 9545 (8/22/11) |
6404 |
“suspension of interest, penalties, additions
to tax, or additional amounts under section 6404(g) of the Internal
Revenue Code. The final regulations explain the general rules for
suspension and exceptions to those general rules, and incorporate a
special rule from Notice 2007–93, 2007– 48 IRB 1072, regarding the
effective date of the changes to section 6404(g) made by the Small
Business and Work Opportunity Tax Act of 2007. The final regulations
affect taxpayers who file timely individual income tax returns and who
fail to receive notification from the IRS of additional tax liability
within the time period prescribed by section 6404(g).”
Correction – page
60373 (9/29/11) |
|
Definition of
Solid Waste Disposal Facilities for Tax-Exempt Bond Purposes |
Final regs |
TD 9546 (8/19/11) |
103 142 |
"final rules for
determining whether a facility is a solid waste disposal facility under
section 142(a)(6)." |
|
Summary of Benefits and Coverage and the Uniform
Glossary |
Proposed regs |
REG–140038–10 (8/22/11) |
5000A 6056 |
“disclosure of the summary of benefits and
coverage and the uniform glossary for group health plans and health
insurance coverage in the group and individual markets under the Patient
Protection and Affordable Care Act. This document implements the
disclosure requirements to help plans and individuals better understand
their health coverage, as well as other coverage options. The templates
and instructions to be used in making these disclosures are being issued
separately in today’s
Federal Register.” |
|
Election to Expense Certain Refineries |
Final regs and
removal of temporary regs |
TD 9547 (8/23/11) |
179C |
“election to expense qualified refinery
property under section 179C of the Internal Revenue Code (Code). These
final regulations adopt the temporary regulations with certain
modifications to reflect changes to the law made by the Energy
Improvement and Extension Act of 2008.” |
|
Timely Mailing
Treated as Timely Filing |
Final regs |
TD 9543 (8/23/11) |
7502 |
“guidance as to the only ways to establish
prima facie evidence of delivery of documents that have a filing
deadline prescribed by the internal revenue laws, absent direct proof of
actual delivery. The regulations provide that the proper use of
registered or certified mail, or a service of a private delivery service
(PDS) designated under criteria established by the IRS, will constitute
prima facie evidence of delivery. The regulations are necessary to
provide greater certainty on this issue and to provide specific
guidance. The regulations affect taxpayers who mail Federal tax
documents to the Internal Revenue Service or the United States Tax
Court.”
Correction – page
61947 (10/6/11)
Correction – page
62607 (10/11/11) |
|
Section 6707A and the Failure To Include on Any
Return or Statement Any Information Required To Be Disclosed Under
Section 6011 With Respect to a Reportable Transaction |
Final regs and
removal of temporary regs |
TD 9550 (9/7/11) |
6707A |
“guidance regarding section 6707A of the
Internal Revenue Code (Code) with respect to the penalties applicable to
the failure to include on any return or statement any information
required to be disclosed under section 6011 with respect to a reportable
transaction. These final regulations reflect amendments under the Small
Business Jobs Act of 2010 that revise the penalty calculation.” |
|
Section 67
Limitations on Estates or Trusts |
Issuance and
withdrawal of proposed regs |
REG–128224–06 (9/7/11) |
67 |
“withdraws the notice of proposed rulemaking
that was published in the
Federal Register on July 27, 2007, providing guidance on which
costs incurred by estates or trusts other than grantor trusts
(non-grantor trusts) are subject to the 2-percent floor for
miscellaneous itemized deductions under section 67(a). This document
contains proposed regulations that provide guidance on which costs
incurred by estates or trusts other than grantor trusts (non-grantor
trusts) are subject to the 2-percent floor for miscellaneous itemized
deductions under section 67(a). The regulations affect estates and
non-grantor trusts.”
Also see Notice
2011-37 - Extension of Interim
Guidance on Section 67 Limitations on Estates or Trusts |
|
Implementation of Form 990 |
Final regs and
removal of temporary regs |
TD 9549 (9/8/11) |
170A 507 509 6033 |
“final regulations necessary to implement the
redesigned Form 990, ‘‘Return of Organization Exempt From Income Tax.’’
These final regulations make revisions to the regulations to allow for
new threshold amounts for reporting compensation, to require that
compensation be reported on a calendar year basis, and to modify the
scope of organizations subject to information reporting requirements
upon a substantial contraction. The final regulations also eliminate the
advance ruling process for new organizations, change the public support
computation period for publicly supported organizations to five years,
consistent with the revised Form 990, and clarify that support must be
reported using the organization’s overall method of accounting. All
tax-exempt organizations required to file annual information returns are
affected by these regulations.”
Correction – page
61946 (10/6/11)
Correction – page
61946-7 (10/6/11)
Journal of Accountancy article
– 9/7/11 |
|
Swap Exclusion for
Section 1256 Contracts |
Proposed regs |
REG–111283–11 (9/16/11) |
446 512 863 954 988 1256 |
“swaps and similar agreements that fall within
the meaning of section 1256(b)(2)(B) of the Internal Revenue Code
(Code). This document also contains proposed regulations that revise the
definition of a notional principal contract under � 1.446–3 of the
Income Tax Regulations.” |
|
User Fees
Relating to the Registered Tax Return Preparer Competency Examination
and Fingerprinting Participants in the Preparer Tax Identification
Number, Acceptance Agent, and Authorized E-File Provider Programs |
Proposed regs |
REG–116284–11 (9/26/11) |
26 CFR Part 300 |
"proposed amendments
to the user fee regulations. The proposed regulations would establish a
new user fee for individuals to take the registered tax return preparer
competency examination and a new user fee for certain persons to be
fingerprinted in conjunction with the preparer tax identification
number, acceptance agent, and authorized e-file provider programs. The
proposed regulations also would redesignate � 300.12, Fee for obtaining
a preparer tax identification number, as � 300.13. The proposed
regulations affect individuals who take the registered tax return
preparer competency examination and applicants and certain participants
in the preparer tax identification number, acceptance agent, or
authorized e-file provider programs. The charging of user fees is
authorized by the Independent Offices Appropriations Act of 1952." PTIN renewal page -
here |
|
Deduction for
Qualified Film and Television Production Costs |
Final regs and
removal of temporary regs |
TD 9551 (9/30/11) |
181 |
“final regulations relating to deductions for
the costs of producing qualified film and television productions. These
final regulations reflect changes to the law made by the American Jobs
Creation Act of 2004 and the Gulf Opportunity Zone Act of 2005, and
affect persons that produce film and television productions within the |
|
Retail Inventory
Method |
Proposed regs |
REG–125949–10 (10/7/11) |
471 |
“proposed regulations relating to the retail
inventory method of accounting. The regulations restate and clarify the
computation of ending inventory values under the retail inventory method
and provide a special rule for certain taxpayers that receive margin
protection payments and similar vendor allowances. The regulations
affect taxpayers that are retailers and elect to use a retail inventory
method.” |
|
Tax Return Preparer
Penalties Under Section 6695 |
Proposed regs Note – finalized by
TD 9570 (12/20/11) (see below) |
REG–140280–09 (10/11/11) |
6695 |
“proposed regulations that would modify
existing regulations related to the tax return preparer penalties under
section 6695 of the Internal Revenue Code (Code). These proposed
regulations are necessary to monitor and to improve compliance with the
tax return preparer due diligence requirements of section 6695(g). The
proposed regulations affect tax return preparers.”
Correction – page
63574 (10/13/11)
Correction – page
65138 (10/20/11)
Calls for all paid return preparers to include
Form
8867 on returns and claims for refund claiming EITC after 2011.
Current EITC due diligence requirements –
here.
Tax preparer EITC
information from the IRS. |
|
Deduction for
Qualified Film and Television Production Costs |
Temporary and
proposed regs |
TD 9552 (10/19/11)
REG–146297–09 (10/19/11) |
181 |
“final and temporary regulations relating to
deductions for the cost of producing film and television productions.
These temporary regulations reflect changes to the law made by the Tax
Extenders and Alternative Minimum Tax Relief Act of 2008, and affect
taxpayers that produce films and television productions within the
Correction – page
71450 (11/18/11)
|
|
Guidance Regarding
the Treatment of Stock of a Controlled Corporation
Under Section
355(a)(3)(B) |
Final regs and
removal of temporary regs |
TD 9548 (10/20/11) |
355 |
“final regulations regarding the distribution
of stock of a controlled corporation acquired in a transaction described
in section 355(a)(3)(B) of the Internal Revenue Code (Code). This action
is necessary in light of amendments to section 355(b). These final
regulations will affect corporations and their shareholders.”
|
|
Redetermination of
the Consolidated Net Unrealized Built-In Gain and Loss |
Proposed regs |
REG–133002–10 (10/24/11) |
1502 |
“proposed regulations under section 1502 of the
Internal Revenue Code. The regulations will apply to corporations filing
consolidated returns. The regulations will require a loss group or loss
subgroup to redetermine its consolidated net unrealized built-in gain
and loss in certain circumstances.” |
|
Partner's
Distributive Share |
Proposed regs |
REG–109564–10 (10/25/11) |
704 |
"proposed regulations removing
� 1.704–1(b)(2)(iii)(e) (the de minimis partner rule) because the rule
may have resulted in unintended tax consequences. The proposed
regulations affect partnerships and their partners." |
|
Disregarded
Entities; Excise Taxes and Employment Taxes |
Final regs and
removal of temporary regs |
TD 9553 (10/26/11) |
7701 |
"final regulations
relating to disregarded entities and excise taxes. These regulations
also make conforming changes to the tax liability rule for disregarded
entities and the treatment of entity rule for disregarded entities with
respect to employment taxes. These regulations affect disregarded
entities in general and, in particular, disregarded entities that pay or
pay over certain federal excise taxes or that are required to be
registered by the IRS." |
|
Extending Religious
and Family Member FICA and FUTA Exceptions to Disregarded Entities |
Final and temp regs |
TD 9554 (11/1/11)
REG–136565–09 (11/1/11) |
3121 3127 3306 7701 |
"final and temporary
regulations amending 26 CFR parts 31 and 301. These regulations extend
the exceptions from taxes under the Federal Insurance Contributions Act
(‘‘FICA’’) and the Federal Unemployment Tax Act (‘‘FUTA’’) under
sections 3121(b)(3) (concerning individuals who work for certain family
members), 3127 (concerning members of religious faiths), and 3306(c)(5)
(concerning persons employed by children and spouses and children under
21 employed by their parents) of the Internal Revenue Code (‘‘Code’’) to
entities that are disregarded as separate from their owners for federal
tax purposes. The temporary regulations also clarify the existing rule
that the owners of disregarded entities, except for qualified subchapter
S subsidiaries, are responsible for backup withholding and related
information reporting requirements under section 3406." Correction – page
70057 (11/10.11) Correction
- page
71259 (11/17/11)
Correction – page
76037 (12/6/11)
Journal
of Accountancy
article
– 10/31/11 |
|
Income of Foreign
Governments and International Organizations |
Proposed regs |
REG–146537–06 (11/3/11) |
892 |
"guidance relating
to the taxation of the income of foreign governments from investments in
the Correction – page
72367 (11/23/11)
Bloomberg story – 11/3/11 |
|
Tax Accounting
Elections on Behalf of Foreign Corporations |
Proposed regs and
withdrawal of earlier proposed regs |
REG–114749–09 (11/4/11) |
964 |
“clarify the rules for controlling domestic
shareholders to adopt or
change a method of accounting or taxable year on behalf of a foreign
corporation. The regulations affect |
|
Graduated Retained
Interests |
Final regs |
TD 9555 (11/8/11) |
2036 |
“guidance on the portion of property (held in
trust or otherwise) includible in the grantor’s gross estate if the
grantor has retained the use of the property, the right to an annuity,
unitrust, graduated retained
interest, or other payment from the property for life, for any period not
ascertainable without reference to the grantor’s death, or for a period
that does not in fact end before the grantor’s death. The final
regulations will affect estates that file Form 706, United States Estate
(and Generation-Skipping Transfer) Tax Return.” |
|
Determination of Governmental Plan Status |
Advance Notice of
Proposed Rulemaking |
REG–157714–06 (11/8/11) |
414 |
“The Treasury Department and IRS anticipate
issuing regulations under section 414(d) of the Internal Revenue Code
(Code) to define the term ‘‘governmental plan.’’ This document describes
the rules that the Treasury Department and IRS are considering proposing
relating to the determination of whether a plan is a governmental plan
within the meaning of section 414(d) and contains an appendix that
includes a draft notice of proposed rulemaking on which the Treasury
Department and IRS invite comments from the public. This document
applies to sponsors of, and participants and beneficiaries in, employee
benefit plans that are determined to be governmental plans.”
Correction – page
76633 (12/8/11) |
|
Indian Tribal Governmental Plans |
Advance Notice of
Proposed Rulemaking |
REG–133223–08 (11/8/11) |
414 |
“The Treasury Department and IRS anticipate
issuing regulations under section 414(d) of the Internal Revenue Code
(Code) to define the term ‘‘governmental plan.’’ This document describes
the rules the Treasury Department and IRS are considering proposing
relating to the determination of whether a plan of an Indian tribal
government is a governmental plan within the meaning of section 414(d)
and contains an appendix that includes a draft notice of proposed
rulemaking on which the Treasury Department and IRS invite comments from
the public. This document applies to sponsors of, and participants and
beneficiaries in, employee benefit plans of Indian tribal governments.”
Correction – page
76633 (11/8/11) |
|
Generation-Skipping
Transfers (GST) Section 6011 Regulations and Amendments to the Section
6112 Regulations |
Final regs |
TD 9556 (11/14/11) |
6011 6111 6112 |
“rules relating to the disclosure of listed
transactions and transactions of interest with respect to the
generation-skipping transfer tax under section 6011 of the Internal
Revenue Code (Code), conforming amendments under sections 6111 and 6112,
and rules relating to the preparation and maintenance of lists with
respect to reportable transactions under section 6112. The regulations
affect taxpayers participating in listed transactions and transactions
of interest and material advisors to such transactions. The final
regulations also contain rules under section 6112 that affect material
advisors to reportable transactions. These regulations provide guidance
regarding the length of time a material advisor has to prepare the list
that must be maintained after the list maintenance requirement first
arises with respect to a reportable transaction. These regulations also
clarify guidance regarding designation agreements.” |
|
Application of
Section 108(e)(8) to Indebtedness Satisfied by a Partnership Interest |
Final regs |
TD 9557 (11/17/11) |
108 704 |
"final regulations
relating to the application of section 108(e)(8) of the Internal Revenue
Code (Code) to partnerships and their partners. These regulations
provide guidance regarding the determination of discharge of
indebtedness income of a partnership that transfers a partnership
interest to a creditor in satisfaction of the partnership’s
indebtedness. The final regulations also address the application of
section 721 to a contribution of a partnership’s recourse or nonrecourse
indebtedness by a creditor to the partnership in exchange for a capital
or profits interest in the partnership. Moreover, the final regulations
address how a partnership’s discharge of indebtedness income is
allocated as a minimum gain chargeback under section 704. The
regulations affect partnerships and their partners." |
|
Gross Estate;
Election to Value on
Alternate
Valuation Date |
Proposed regs |
REG–112196–07 (11/18/11) |
2032 |
"guidance respecting
the election to use the alternate valuation method under section 2032 of
the Internal Revenue Code (Code). The proposed regulations will affect
estates that file Form 706, United States Estate (and Generation-
Skipping Transfer) Tax Return and elect to use the alternate valuation
method." |
|
Corporate
Reorganizations; Allocation
of Basis in
‘‘All Cash D’’
Reorganizations |
Final and temp regs Prop regs |
TD 9558 (11/21/11)
REG–101273–10 (11/21/11) |
358 |
"temporary
regulations regarding the determination of the basis of stock or
securities in a reorganization where no stock or securities of the
issuing corporation is issued and distributed in the transaction. These
temporary regulations clarify that, in certain reorganizations where no
stock or securities of the issuing corporation is issued and distributed
in the transaction, the ability to designate the share of stock of the
issuing corporation to which the basis, if any, of the stock or
securities surrendered will attach applies only to a shareholder that
owns actual shares in the issuing corporation. These temporary
regulations affect corporations engaging in such transactions and their
shareholders." |
|
Application of
the Segregation Rules to Small Shareholders |
Prop regs |
REG–149625–10 (11/23/11) |
382 |
"guidance regarding
the application of the segregation rules to public groups under section
382 of the Code. These regulations affect corporations." Correction – page
78182 (12/16/11) |
|
User Fee To Take the
Registered Tax Return Preparer Competency Examination |
Final regs |
TD 9559 (11/25/11) |
Reg
300.12 |
"redesignate rules
pertaining to fees for obtaining a preparer tax identification number.
These final regulations also establish a user fee for individuals to
take the registered tax return preparer competency examination. The
final regulations affect individuals who take the registered tax return
preparer competency examination. The charging of user fees is authorized
by the Independent Offices Appropriations Act of 1952. |
|
Basis Reporting by
Securities Brokers and Basis Determination for Debt Instruments and
Options |
Prop. regs |
REG–102988–11 (11/25/11) |
6045 6045A |
"proposed
regulations relating to reporting by brokers for transactions related to
debt instruments and options"` Correction – page
78182 (12/16/11) |
|
Passive
Activity Losses and Credits Limited |
Prop. regs |
REG–109369–10 (11/298/11) |
469 |
These regulations
define "an ‘‘interest in a limited partnership as a limited
partner’’ for purposes of determining whether a taxpayer materially
participates in an activity under section 469 of the Internal Revenue
Code (Code). These proposed regulations affect individuals who are
partners in partnerships." Per Section
469(h)(2), "Except as provided in regulations, no interest in a limited
partnership as a limited partner shall be treated as an interest with
respect to which a taxpayer materially participates." The regulations at
1.469-5T and -5 provide that if a limited partner also owns a general
partner interest, any of the 7 material participation tests can be
applied. Otherwise, a limited partner may only be treated as a material
participant for a particular year if they meet one of three of the
material participation tests: (1) over 500 hours, (2) material
participant in 5 of the prior 10 years, or (3) personal service activity
and was a material participant in any three prior years. An issue arose
subsequent to issuance of these regulations in the late 1980s as to
whether a member of an LLC should be treated as a limited partner. Litigation in recent
years has resulted in the courts holding that an LLC is not a limited
partnership under state law and thus, for �469 purposes. See Newell,
et ux., TC Memo 2010-23, Thompson, 104 AFTR 2d 2009-5381
(Fed. Cl. 2009), acq. AOD 2010-001; and Garnett v. Comm’r,
132 T.C. 368 (2009), Thus, courts allows additional material
participation tests to be used. The proposed
regulations take a different approach. Prop. Reg. 1.469-5(e)(3) would
broaden the definition of a limited partnership interest for �469
purposes as the IRS views that as in line with the intent of �469. This
proposed regulation would read: "interest in an entity shall be treated
as an interest in a limited partnership as a limited partner if— (A) The entity in
which such interest is held is classified as a partnership for Federal
income tax purposes under �301.7701–3;
and (B) The holder of
such interest does not have rights to manage the entity at all times
during the entity’s taxable year under the law of the jurisdiction in
which the entity is organized and under the governing agreement."
|
|
Targeted Populations
Under Section 45D(e)(2) |
Final regs |
TD 9560 (12/5/11) |
45D |
"how an entity
serving certain targeted populations can meet the requirements to be a
qualified active low-income community business for the new markets tax
credit. The regulations reflect changes to the law made by the American
Jobs Creation Act of 2004. The regulations will affect certain taxpayers
claiming the new markets tax credit." |
|
Treasury
Inflation-Protected Securities Issued at a Premium |
Prop and temp regs |
TD 9561 (12/5/11) |
1275 |
Related to "Treasury
Inflation-Protected Securities issued with more than a de minimis amount
of premium." Temp regs serve as text of proposed regs. |
|
Conduit Financing
Arrangements |
Final reg |
TD 9562 (11/9/11) |
881 |
"apply to
multiple-party financing arrangements that are effected through
disregarded entities, and are necessary in order to determine which of
those arrangements should be recharacterized as a conduit financing
arrangement." Correction – FR
page 22480 (4/13/12) |
|
Employer's Annual
Federal Tax Return and Modifications to the Deposit Rules |
Final reg and
removal of temp reg |
TD 9566 (12/14/11) |
6011 6071 6302 |
"final regulations
relating to the Employers’ Annual Federal Tax Program (the Form 944
Program) and the requirements for depositing social security, Medicare,
and withheld Federal income taxes (collectively ‘‘employment taxes’’).
These final regulations allow certain employers to file a Form 944,
‘‘Employer’s ANNUAL Federal Tax Return,’’ rather than Forms 941,
‘‘Employer’s QUARTERLY Federal Tax Return.’’ Additionally, these final
regulations provide guidance related to the lookback periods and deposit
requirements for employers required to file Forms 941 and Form 944.
These final regulations affect taxpayers that file Forms 941, Form 944,
and any related Spanish-language returns or returns for |
|
Corporate
Reorganizations; Guidance on the Measurement of Continuity of Interest |
Final reg and
removal of temp reg |
TD 9565 (12/19/11) |
368 |
"guidance regarding
the continuity of interest requirement for corporate reorganizations.
The guidance is necessary to establish the date upon which continuity of
interest is measured. These regulations affect corporations and their
shareholders." |
|
Corporate
Reorganizations; Guidance on the Measurement of Continuity of Interest |
Proposed regs |
REG–124627–11 (12/19/11) |
368 |
"necessary to
clarify the manner in which the continuity of interest requirement is
measured in particular circumstances. The proposed regulations affect
corporations and their shareholders." |
|
Guidance Regarding
Foreign Base Company Sales Income |
Final reg and
removal of temp reg |
TD 9563 (12/19/11) |
954 |
"guidance relating
to foreign base company sales income when personal property sold by a
controlled foreign corporation (CFC) is purchased, sold, manufactured,
produced, constructed, grown or extracted by one or more branches of the
CFC. The regulations finalize proposed regulations and withdraw
temporary regulations published on December 29, 2008. These regulations,
in general, affect controlled foreign corporations and their |
|
Reporting of
Specified Foreign Financial Assets |
Temp regs Proposed regs |
TD 9567 (12/19/11)
REG–130302–10 (12/19/11) |
6038D |
" relating to the
provisions of the Hiring Incentives to Restore Employment (HIRE) Act
that require foreign financial assets to be reported to the Internal
Revenue Service for taxable years beginning after March 18, 2010. In
particular, the temporary regulations provide guidance relating to the
requirement that individuals attach a statement to their income tax
return to provide required information regarding foreign financial
assets in which they have an interest. The temporary regulations affect
individuals required to file Form 1040, ‘‘U.S. Individual Income Tax
Return,’’ and certain individuals required to file Form 1040– NR,
‘‘Nonresident Alien Income Tax Return.’’" Text of temporary regs serves
as text of proposed regs. IRS webiste on Form
8938 -
here AICPA FATCA website
-
here Correction – FR
page 9845 (2/21/12) and
here and
here Correction – FR
page 10422 (2/22/12) |
|
Tax Return Preparer
Penalties Under Section 6695 |
Final regs |
TD 9570 (12/20/11) |
6695 |
"modify existing
regulations related to the tax return preparer penalties under section
6695 of the Internal Revenue Code (Code). The final regulations are
necessary to monitor and to improve compliance with the tax return
preparer due diligence requirements of section 6695(g). The final
regulations affect paid tax return preparers." |
|
Section 482: Methods
To Determine Taxable Income in Connection With a Cost Sharing
Arrangement |
Final reg and
removal of temp reg |
TD 9568 (12/22/11) |
482 367 6662 |
" methods to
determine taxable income in connection with a cost sharing arrangement
under section 482 of the Internal Revenue Code (Code). The final
regulations address issues that have arisen in administering the current
cost sharing regulations. The final regulations affect domestic and
foreign entities that enter into cost sharing arrangements described in
the final regulations." |
|
Use of Differential
Income Stream as a Consideration in Assessing the Best Method |
Final and temp regs Prop regs |
TD 9569 (12/23/11)
REG–145474–11 (12/23/11) |
482 |
"implement the use
of the differential income stream as a consideration in assessing the
best method in connection with a cost sharing arrangement. The text of
these temporary regulations also serves as part of the text of proposed
regulations contained in a cross-reference notice of proposed rulemaking
(REG–145474–11) published in the Proposed Rules section in this issue of
the Federal Register.
This document also contains final regulations that provide
cross-references in the final cost sharing regulations to relevant
sections of these temporary regulations." |
|
Guidance Regarding
Deduction and Capitalization of Expenditures Related to Tangible
Property |
Temp regs Prop regs |
TD 9564 (12/27/11)
REG–168745–03 (12/27/11) |
162 167 168 263 263A 1016 |
"guidance on the
application of sections 162(a) and 263(a) of the Internal Revenue Code
to amounts paid to acquire, produce, or improve tangible property. The
temporary regulations clarify and expand the standards in the current
regulations under sections 162(a) and 263(a) and provide certain
bright-line tests (for example, a de minimis rule for certain
acquisitions) for applying these standards. The temporary regulations
also provide guidance under section 168 regarding the accounting for,
and dispositions of, property subject to section 168. The temporary
regulations also amend the general asset account regulations. The
temporary regulations will affect all taxpayers that acquire, produce,
or improve tangible property. The text of the temporary regulations also
serves as the text of proposed regulations" Correction – FR
page 18145 and
page 18146 (3/27/12) Correction – FR
page 18167 (3/28/12)
Modification to TD 9564 (12/17/12)
Correction –
FR 75016 (12/19/12)
Final
regs released Sept 2013 -
TD
9636 (9/19/13). |
| This page last updated October 5, 2013. |
|
Page maintained by Professor Annette Nellen. |