Source: https://www.law.cornell.edu/cfr/text/26/301.7701-15
Timestamp: 2017-02-20 18:02:16
Document Index: 684913068

Matched Legal Cases: ['art 301', 'art 301', '§ 301', '§ 301', 'art 301', '§\u2009301', 'art 301', '§\u2009301', 'art 301', '§\u2009301', 'art 301', 'art 301', '§\u2009301', 'art 301', 'arts 301', 'art 301', 'arts 1', 'arts 1', '§\u2009301', 'arts 301', '§\u2009301', 'art 301', 'art 301', '§\u2009301', 'art 301', 'arts 1', '§\u2009301', 'art 301', '§\u2009301', 'art 301']

26 CFR 301.7701-15 - Tax return preparer. | US Law | LII / Legal Information Institute
CFR › Title 26 › Chapter I › Subchapter F › Part 301 › Subpart - Information and Returns › Section 301.7701-15 26 CFR 301.7701-15 - Tax return preparer.
There are 16 Updates appearing in the Federal Register for 26 CFR Part 301. View below or at eCFR (GPOAccess)
§ 301.7701-15 Tax return preparer.
(a)In general. A tax return preparer is any person who prepares for compensation, or who employs one or more persons to prepare for compensation, all or a substantial portion of any return of tax or any claim for refund of tax under the Internal Revenue Code (Code).
(b)Definitions - (1)Signing tax return preparer. A signing tax return preparer is the individual tax return preparer who has the primary responsibility for the overall substantive accuracy of the preparation of such return or claim for refund.
(2)Nonsigning tax return preparer - (i)In general. A nonsigning tax return preparer is any tax return preparer who is not a signing tax return preparer but who prepares all or a substantial portion of a return or claim for refund within the meaning of paragraph (b)(3) of this section with respect to events that have occurred at the time the advice is rendered. In determining whether an individual is a nonsigning tax return preparer, time spent on advice that is given after events have occurred that represents less than 5 percent of the aggregate time incurred by such individual with respect to the position(s) giving rise to the understatement shall not be taken into account. Notwithstanding the preceding sentence, time spent on advice before the events have occurred will be taken into account if all facts and circumstances show that the position(s) giving rise to the understatement is primarily attributable to the advice, the advice was substantially given before events occurred primarily to avoid treating the person giving the advice as a tax return preparer, and the advice given before events occurred was confirmed after events had occurred for purposes of preparing a tax return. Examples of nonsigning tax return preparers are tax return preparers who provide advice (written or oral) to a taxpayer (or to another tax return preparer) when that advice leads to a position or entry that constitutes a substantial portion of the return within the meaning of paragraph (b)(3) of this section.
(ii)Examples. The provisions of this paragraph (b)(2) are illustrated by the following examples:
Attorney A, an attorney in a law firm, provides legal advice to a large corporate taxpayer regarding a completed corporate transaction. The advice provided by A is directly relevant to the determination of an entry on the taxpayer's return, and this advice leads to a position(s) or entry that constitutes a substantial portion of the return. A, however, does not prepare any other portion of the taxpayer's return and is not the signing tax return preparer of this return. A is considered a nonsigning tax return preparer.
Attorney B, an attorney in a law firm, provides legal advice to a large corporate taxpayer regarding the tax consequences of a proposed corporate transaction. Based upon this advice, the corporate taxpayer enters into the transaction. Once the transaction is completed, the corporate taxpayer does not receive any additional advice from B with respect to the transaction. B did not provide advice with respect to events that have occurred and is not considered a tax return preparer.
The facts are the same as Example 2, except that Attorney B provides supplemental advice to the corporate taxpayer on a phone call after the transaction is completed. Attorney B did not provide advice before the corporate transaction occurred with the primary intent to avoid being treated as a tax return preparer. The time incurred on this supplemental advice by B represented less than 5 percent of the aggregate amount of time spent by B providing tax advice on the position. B is not considered a tax return preparer.
(3)Substantial portion.
(i) Only a person who prepares all or a substantial portion of a return or claim for refund shall be considered to be a tax return preparer of the return or claim for refund. A person who renders tax advice on a position that is directly relevant to the determination of the existence, characterization, or amount of an entry on a return or claim for refund will be regarded as having prepared that entry. Whether a schedule, entry, or other portion of a return or claim for refund is a substantial portion is determined based upon whether the person knows or reasonably should know that the tax attributable to the schedule, entry, or other portion of a return or claim for refund is a substantial portion of the tax required to be shown on the return or claim for refund. A single tax entry may constitute a substantial portion of the tax required to be shown on a return. Factors to consider in determining whether a schedule, entry, or other portion of a return or claim for refund is a substantial portion include but are not limited to - (A) the size and complexity of the item relative to the taxpayer's gross income; and
(B) the size of the understatement attributable to the item compared to the taxpayer's reported tax liability.
(A) For purposes of applying the rules of paragraph (b)(3)(i) of this section to a nonsigning tax return preparer within the meaning of paragraph (b)(2) of this section only, the schedule or other portion is not considered to be a substantial portion if the schedule, entry, or other portion of the return or claim for refund involves amounts of gross income, amounts of deductions, or amounts on the basis of which credits are determined that are - (1) Less than $10,000; or
(2) Less than $400,000 and also less than 20 percent of the gross income as shown on the return or claim for refund (or, for an individual, the individual's adjusted gross income).
(B) If more than one schedule, entry or other portion is involved, all schedules, entries or other portions shall be aggregated in applying the de minimis rule in paragraph (b)(3)(ii)(A) of this section.
(C) The de minimis rule in paragraph (b)(3)(ii)(A) of this section shall not apply to a signing tax return preparer within the meaning of paragraph (b)(1) of this section.
(iii) A tax return preparer with respect to one return is not considered to be a tax return preparer of another return merely because an entry or entries reported on the first return may affect an entry reported on the other return, unless the entry or entries reported on the first return are directly reflected on the other return and constitute a substantial portion of the other return. For example, the sole preparer of a partnership return of income or small business corporation income tax return is considered a tax return preparer of a partner's or a shareholder's return if the entry or entries on the partnership or small business corporation return reportable on the partner's or shareholder's return constitute a substantial portion of the partner's or shareholder's return.
(iv)Examples. The provisions of this paragraph (b)(3) are illustrated by the following examples:
Accountant C prepares a Form 8886, “Reportable Transaction Disclosure Statement”, that is used to disclose reportable transactions. C does not prepare the tax return or advise the taxpayer regarding the tax return reporting position of the transaction to which the Form 8886 relates. The preparation of the Form 8886 is not directly relevant to the determination of the existence, characterization, or amount of an entry on a tax return or claim for refund. Rather, the Form 8886 is prepared by C to disclose a reportable transaction. C has not prepared a substantial portion of the tax return and is not considered a tax return preparer under section 6694.
Accountant D prepares a schedule for an individual taxpayer's Form 1040, “U.S. Individual Income Tax Return”, reporting $4,000 in dividend income and gives oral or written advice about Schedule A, which results in a claim of a medical expense deduction totaling $5,000, but does not sign the tax return. D is not a nonsigning tax return preparer because the total aggregate amount of the deductions is less than $10,000.
(4)Return and claim for refund - (i)Return. For purposes of this section, a return of tax is a return (including an amended or adjusted return) filed by or on behalf of a taxpayer reporting the liability of the taxpayer for tax under the Code, if the type of return is identified in published guidance in the Internal Revenue Bulletin. A return of tax also includes any information return or other document identified in published guidance in the Internal Revenue Bulletin and that reports information that is or may be reported on another taxpayer's return under the Code if the information reported on the information return or other document constitutes a substantial portion of the taxpayer's return within the meaning of paragraph (b)(3) of this section.
(ii)Claim for refund. For purposes of this section, a claim for refund of tax includes a claim for credit against any tax that is included in published guidance in the Internal Revenue Bulletin. A claim for refund also includes a claim for payment under section 6420, 6421, or 6427.
(c)Mechanical or clerical assistance. A person who furnishes to a taxpayer or other tax return preparer sufficient information and advice so that completion of the return or claim for refund is largely a mechanical or clerical matter is considered a tax return preparer, even though that person does not actually place or review placement of information on the return or claim for refund. See also paragraph (b)(3) of this section.
(d)Qualifications. A person may be a tax return preparer without regard to educational qualifications and professional status requirements.
(e)Outside the United States. A person who prepares a return or claim for refund outside the United States is a tax return preparer, regardless of the person's nationality, residence, or the location of the person's place of business, if the person otherwise satisfies the definition of tax return preparer. Notwithstanding the provisions of § 301.6109-1(g), the person shall secure an employer identification number if the person is an employer of another tax return preparer, is a partnership in which one or more of the general partners is a tax return preparer, is a firm in which one or more of the equity holders is a tax return preparer, or is an individual not employed by another tax return preparer.
(f)Persons who are not tax return preparers.
(1) The following persons are not tax return preparers:
(i) An official or employee of the Internal Revenue Service (IRS) performing official duties.
(ii) Any individual who provides tax assistance under a Volunteer Income Tax Assistance (VITA) program established by the IRS, but only with respect to those returns prepared as part of the VITA program.
(iii) Any organization sponsoring or administering a VITA program established by the IRS, but only with respect to that sponsorship or administration.
(iv) Any individual who provides tax counseling for the elderly under a program established pursuant to section 163 of the Revenue Act of 1978, but only with respect to those returns prepared as part of that program.
(v) Any organization sponsoring or administering a program to provide tax counseling for the elderly established pursuant to section 163 of the Revenue Act of 1978, but only with respect to that sponsorship or administration.
(vi) Any individual who provides tax assistance as part of a qualified Low-Income Taxpayer Clinic (LITC), as defined by section 7526, subject to the requirements of paragraphs (f)(2) and (3) of this section, but only with respect to those returns and claims for refund prepared as part of the LITC program.
(vii) Any organization that is a qualified LITC, as defined by section 7526, subject to the requirements of paragraphs (f)(2) and (3) of this section.
(viii) An individual providing only typing, reproduction, or other mechanical assistance in the preparation of a return or claim for refund.
(ix) An individual preparing a return or claim for refund of a taxpayer, or an officer, a general partner, member, shareholder, or employee of a taxpayer, by whom the individual is regularly and continuously employed or compensated or in which the individual is a general partner.
(x) An individual preparing a return or claim for refund for a trust, estate, or other entity of which the individual either is a fiduciary or is an officer, general partner, or employee of the fiduciary.
(xi) An individual preparing a claim for refund for a taxpayer in response to - (A) A notice of deficiency issued to the taxpayer; or
(B) A waiver of restriction on assessment after initiation of an audit of the taxpayer or another taxpayer if a determination in the audit of the other taxpayer affects, directly or indirectly, the liability of the taxpayer for tax.
(xii) A person who prepares a return or claim for refund for a taxpayer with no explicit or implicit agreement for compensation, even if the person receives an insubstantial gift, return service, or favor.
(2) Paragraphs (f)(1)(vi) and (vii) of this section apply only if any assistance with a return of tax or claim for refund is directly related to a controversy with the IRS for which the qualified LITC is providing assistance or is an ancillary part of an LITC program to inform individuals for whom English is a second language about their rights and responsibilities under the Code.
(3) Notwithstanding paragraph (f)(2) of this section, paragraphs (f)(1)(vi) and (f)(1)(vii) of this section do not apply if an LITC charges a separate fee or varies a fee based on whether the LITC provides assistance with a return of tax or claim for refund under the Code or if the LITC charges more than a nominal fee for its services.
(4) For purposes of paragraph (f)(1)(ix) of this section, the employee of a corporation owning more than 50 percent of the voting power of another corporation, or the employee of a corporation more than 50 percent of the voting power of which is owned by another corporation, is considered the employee of the other corporation as well.
(5) For purposes of paragraph (f)(1)(x) of this section, an estate, guardianship, conservatorship, committee, or any similar arrangement for a taxpayer under a legal disability (such as a minor, an incompetent, or an infirm individual) is considered a trust or estate.
(6)Examples. The mechanical assistance exception described in paragraph (f)(1)(viii) of this section is illustrated by the following examples:
A reporting agent received employment tax information from a client from the client's business records. The reporting agent did not render any tax advice to the client or exercise any discretion or independent judgment on the client's underlying tax positions. The reporting agent processed the client's information, signed the return as authorized by the client pursuant to Form 8655, Reporting Agent Authorization, and filed the client's return using the information supplied by the client. The reporting agent is not a tax return preparer.
A reporting agent rendered tax advice to a client on determining whether its workers are employees or independent contractors for Federal tax purposes. For compensation, the reporting agent received employment tax information from the client, processed the client's information and filed the client's return using the information supplied by the client. The reporting agent is a tax return preparer.
(g)Effective/applicability date. This section is applicable to returns and claims for refund filed, and advice provided, after December 31, 2008.
[T.D. 9436, 73 FR 78463, Dec. 22, 2008, as amended by T.D. 9436, 74 FR 5107, Jan. 29, 2009]
Title 26 published on 2015-12-02The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 26 CFR Part 301 after this date.2017-01-19; vol. 82 # 12 - Thursday, January 19, 201782 FR 6370 - Definition of Dependent
2017-01-06; vol. 82 # 4 - Friday, January 6, 201782 FR 2046 - Regulations Regarding Withholding of Tax on Certain U.S. Source Income Paid to Foreign Persons, Information Reporting and Backup Withholding on Payments Made to Certain U.S. Persons, and Portfolio Interest Treatment
2016-12-19; vol. 81 # 243 - Monday, December 19, 201681 FR 91755 - Premium Tax Credit Regulation VI
2016-12-09; vol. 81 # 237 - Friday, December 9, 201681 FR 89004 - Disclosures of Return Information Reflected on Returns to Officers and Employees of the Department of Commerce for Certain Statistical Purposes and Related Activities
typeregulations.gov FR Doc.2016-29488 RIN1545-BN64 TD9802 DEPARTMENT OF THE TREASURY, Internal Revenue Service Temporary regulations. Effective Date: These temporary regulations are effective on December 9, 2016. Applicability Date: For dates of applicability, see § 301.6103(j)(1)-1T(e). 26 CFR Part 301 SummaryThis document contains temporary regulations that authorize the disclosure of certain items of return information to the Bureau of the Census (Bureau) in conformance with section 6103(j)(1) of the Internal Revenue Code (Code). These temporary regulations are made pursuant to a request from the Secretary of Commerce. These temporary regulations also provide clarifying language for an item of return information and remove duplicative paragraphs contained in the existing regulations. These temporary regulations require no action by taxpayers and have no effect on their tax liabilities. Thus, no taxpayers are likely to be affected by the disclosures authorized by this guidance. The text of the temporary regulations also serves as the text of the proposed regulations set forth in the Proposed Rules section in this issue of the Federal Register .
typeregulations.gov FR Doc.2016-29490 RIN1545-BN63 REG-133353-16 DEPARTMENT OF THE TREASURY, Internal Revenue Service Notice of proposed rulemaking by cross-reference to temporary regulation. Written and electronic comments and requests for a public hearing must be received by March 9, 2017. Applicability Date: For dates of applicability, see § 301.6103(j)(1)-1(e). 26 CFR Part 301 SummaryIn the Rules and Regulations section of this issue of the Federal Register the IRS is issuing temporary regulations authorizing the disclosure of specified return information to the Bureau of the Census (Bureau) for purposes of structuring the censuses and national economic accounts and conducting related statistical activities authorized by title 13. The temporary regulations are made pursuant to a request from the Secretary of Commerce. The temporary regulations also provide clarifying language for an item of return information and remove duplicative paragraphs contained in the existing final regulations. These regulations require no action by taxpayers and have no effect on their tax liabilities. Thus, no taxpayers are likely to be affected by the disclosures authorized by this guidance. The text of the temporary regulations published in the Rules and Regulations section of the Federal Register serves as the text of these proposed regulations.
2016-08-05; vol. 81 # 151 - Friday, August 5, 201681 FR 51795 - Election Into the Partnership Audit Regime Under the Bipartisan Budget Act of 2015
typeregulations.gov FR Doc.2016-18638 RIN1545-BN34 TD9780 DEPARTMENT OF THE TREASURY, Internal Revenue Service Temporary regulations. Effective date: These regulations are effective August 5, 2016. Applicability Date: For dates of applicability, see § 301.9100-22T(e) and (f). 26 CFR Part 301 SummaryThis document contains temporary regulations pursuant to section 1101(g)(4) of the Bipartisan Budget Act of 2015 regarding an election to apply the new partnership audit regime enacted by that act to certain returns of a partnership. The regulations provide the time, form, and manner for making this election. The regulations affect any partnership that wishes to elect to have the new partnership audit regime apply to its returns filed for certain taxable years beginning before January 1, 2018.
typeregulations.gov FR Doc.2016-18632 RIN1545-BN33 REG-105005-16 DEPARTMENT OF THE TREASURY, Internal Revenue Service Notice of proposed rulemaking by cross-reference to temporary regulations. Written or electronic comments and requests for a public hearing must be received by October 4, 2016. 26 CFR Part 301 SummaryThis document contains proposed regulations pursuant to section 1101(g)(4) of the Bipartisan Budget Act of 2015 regarding an election to apply the new partnership audit regime enacted by that act to certain returns of a partnership. The regulations provide the time, form, and manner for making this election. The regulations affect any partnership that wishes to elect to have the new partnership audit regime apply to its returns filed for certain taxable years beginning before January 1, 2018.
2016-07-21; vol. 81 # 140 - Thursday, July 21, 201681 FR 47534 - Proposed Revision of Annual Information Return/Reports
2016-07-14; vol. 81 # 135 - Thursday, July 14, 201681 FR 45409 - Participation of a Person Described in Section 6103(n) in a Summons Interview Under Section 7602(a)(2) of the Internal Revenue Code
typeregulations.gov FR Doc.2016-16606 RIN1545-BM24 TD9778 DEPARTMENT OF THE TREASURY, Internal Revenue Service Final regulations and removal of temporary regulations. Effective Date: These regulations are effective on July 14, 2016. Applicability Date: For date of applicability, see § 301.7602-1(d). 26 CFR Part 301 SummaryThis document contains final regulations modifying regulations under section 7602(a) of the Internal Revenue Code relating to administrative summonses. Specifically, these final regulations clarify that persons with whom the IRS or the Office of Chief Counsel (Chief Counsel) contracts for services described in section 6103(n) and its implementing regulations may be included as persons designated to receive summoned books, papers, records, or other data and, in the presence and under the guidance of an IRS officer or employee, participate fully in the interview of a witness summoned by the IRS to provide testimony under oath. These regulations may affect taxpayers, a taxpayer&apos;s officers or employees, and any third party who is served with a summons, as well as any other person entitled to notice of a summons.
2016-07-12; vol. 81 # 133 - Tuesday, July 12, 201681 FR 45012 - Certified Professional Employer Organizations; Correction
typeregulations.gov FR Doc.2016-16400 RIN1545-BN20 TD9768 DEPARTMENT OF THE TREASURY, Internal Revenue Service Final and temporary regulations; correction. This correction is effective on July 12, 2016 and applicable on May 6, 2016. 26 CFR Parts 301 and 602 SummaryThis document contains corrections to final and temporary regulations (TD 9768) that were published in the Federal Register on May 6, 2016 (81 FR 27315). The final and temporary regulations are relating to certified professional employer organizations (CPEOs). The Stephen Beck, Jr. Achieving a Better Life Experience Act of 2014 requires the IRS to establish a voluntary certification program for professional employer organizations. These final and temporary regulations contain the requirements a person must satisfy in order to become and remain a CPEO.
2016-07-08; vol. 81 # 131 - Friday, July 8, 201681 FR 44557 - Premium Tax Credit NPRM VI
2016-07-05; vol. 81 # 128 - Tuesday, July 5, 201681 FR 43488 - Self-Employment Tax Treatment of Partners in a Partnership That Owns a Disregarded Entity; Correction
typeregulations.gov FR Doc.2016-15739 RIN1545-BM87 TD9766 DEPARTMENT OF THE TREASURY, Internal Revenue Service Final and temporary regulations; correcting amendment. This correction is effective on July 5, 2016 and applicable on May 4, 2016. 26 CFR Part 301 SummaryThis document contains a correction to final and temporary regulations (TD 9766) that were published in the Federal Register on May 4, 2016 (81 FR 26693). The final and temporary regulations clarify the employment tax treatment of partners in a partnership that owns a disregarded entity.
2016-06-14; vol. 81 # 114 - Tuesday, June 14, 201681 FR 38637 - Consistent Basis Reporting Between Estate and Person Acquiring Property From Decedent; Hearing
typeregulations.gov FR Doc.2016-14010 RIN1545-BM97 REG-127923-15 DEPARTMENT OF THE TREASURY, Internal Revenue Service Notice of public hearing on proposed rulemaking. The public hearing is being held on Monday, June 27, 2016 at 10:00 a.m. The IRS must receive outlines of the topics to be discussed at the public hearing by Monday, June 20, 2016. 26 CFR Parts 1 and 301 SummaryThis document provides notice of public hearing on the proposed regulations that provide guidance regarding the requirement that a recipient&apos;s basis in certain property acquired from a decedent be consistent with the value of the property as finally determined for Federal estate tax purposes.
2016-05-10; vol. 81 # 90 - Tuesday, May 10, 201681 FR 28784 - Treatment of Certain Domestic Entities Disregarded as Separate From Their Owners as Corporations for Purposes of Section 6038A
typeregulations.gov FR Doc.2016-10852 RIN1545-BM94 REG-127199-15 DEPARTMENT OF THE TREASURY, Internal Revenue Service Notice of proposed rulemaking. Written or electronic comments and requests for a public hearing must be received by August 8, 2016. 26 CFR Parts 1 and 301 SummaryThis document contains proposed regulations that would treat a domestic disregarded entity wholly owned by a foreign person as a domestic corporation separate from its owner for the limited purposes of the reporting, record maintenance and associated compliance requirements that apply to 25 percent foreign-owned domestic corporations under section 6038A of the Internal Revenue Code. These changes are intended to provide the IRS with improved access to information that it needs to satisfy its obligations under U.S. tax treaties, tax information exchange agreements and similar international agreements, as well as to strengthen the enforcement of U.S. tax laws.
2016-05-06; vol. 81 # 88 - Friday, May 6, 201681 FR 27315 - Certified Professional Employer Organizations; Final and Temporary Regulations
typeregulations.gov FR Doc.2016-10700 RIN1545-BN20 TD9768 DEPARTMENT OF THE TREASURY, Internal Revenue Service Final and temporary regulations. Effective Date: These final and temporary regulations are effective on May 6, 2016. Applicability Date: For date of applicability, see § 301.7705-2T(o). 26 CFR Parts 301 and 602 SummaryThis document contains final and temporary regulations relating to certified professional employer organizations (CPEOs). The Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 requires the IRS to establish a voluntary certification program for professional employer organizations. These final and temporary regulations contain the requirements a person must satisfy in order to become and remain a CPEO. The final and temporary regulations will affect persons that apply to be CPEOs and are certified by the IRS as meeting the applicable requirements. The text of these final and temporary regulations also serves, in part, as the text of the proposed regulations (REG-127561-15) set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section of this issue of the Federal Register .
2016-05-04; vol. 81 # 86 - Wednesday, May 4, 201681 FR 26693 - Self-Employment Tax Treatment of Partners in a Partnership That Owns a Disregarded Entity
typeregulations.gov FR Doc.2016-10383 RIN1545-BM87 TD9766 DEPARTMENT OF THE TREASURY, Internal Revenue Service Final and temporary regulations. Effective date: These regulations are effective on May 4, 2016. Applicability date: For date of applicability, see § 301-7701-2T(e)(8). 26 CFR Part 301 SummaryThis document contains final and temporary regulations that clarify the employment tax treatment of partners in a partnership that owns a disregarded entity. These regulations affect partners in a partnership that owns a disregarded entity. The text of these temporary regulations serves as the text of proposed regulations (REG-114307-15) published in the Proposed Rules section in this issue of the Federal Register .
typeregulations.gov FR Doc.2016-10384 RIN1545-BM77 REG-114307-15 DEPARTMENT OF THE TREASURY, Internal Revenue Service Notice of proposed rulemaking by cross-reference to temporary regulations. Comments and requests for a public hearing must be received by August 2, 2016. 26 CFR Part 301 SummaryIn the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations that clarify the employment tax treatment of partners in a partnership that owns a disregarded entity. These regulations affect partners in a partnership that owns a disregarded entity. The text of those temporary regulations serves as the text of these proposed regulations.
2016-04-28; vol. 81 # 82 - Thursday, April 28, 201681 FR 25328 - Section 6708 Failure To Maintain List of Advisees With Respect to Reportable Transactions
typeregulations.gov FR Doc.2016-09765 RIN1545-BF39 TD9764 DEPARTMENT OF THE TREASURY, Internal Revenue Service Final regulations. Effective Date: These regulations are effective on April 28, 2016. Applicability Date: For date of applicability see § 301.6708-1(i). 26 CFR Part 301 SummaryThis document contains final regulations relating to the penalty under section 6708 of the Internal Revenue Code for failing to make available lists of advisees with respect to reportable transactions. Section 6708 imposes a penalty upon material advisors for failing to make available to the Secretary, upon written request, the list required to be maintained by section 6112 of the Internal Revenue Code within 20 business days after the date of such request. The final regulations primarily affect individuals and entities who are material advisors, as defined in section 6111 of the Internal Revenue Code.
2016-03-04; vol. 81 # 43 - Friday, March 4, 201681 FR 11486 - Consistent Basis Reporting Between Estate and Person Acquiring Property From Decedent
typeregulations.gov FR Doc.2016-04718 RIN1545-BM97 REG-127923-15 DEPARTMENT OF THE TREASURY, Internal Revenue Service Notice of proposed rulemaking, and notice of proposed rulemaking by cross-reference to temporary regulations. Written or electronic comments and requests for a public hearing must be received by June 2, 2016. 26 CFR Parts 1 and 301 SummaryThis document contains proposed regulations that provide guidance regarding the requirement that a recipient&apos;s basis in certain property acquired from a decedent be consistent with the value of the property as finally determined for Federal estate tax purposes. In addition, these proposed regulations provide guidance on the reporting requirements for executors or other persons required to file Federal estate tax returns. Temporary regulations in the Rules and Regulations section of this issue of the Federal Register provide transition relief to executors and other persons required to file or furnish certain statements. The text of those temporary regulations (TD 9757) published in the Rules and Regulations section of this issue of the Federal Register also serves as the text of the proposed regulations regarding the transition relief. These proposed regulations as well as TD 9757 published elsewhere in the Rules and Regulations section of this issue of this Federal Register affect executors or other persons who file estate tax returns after July 31, 2015. The proposed regulations also affect beneficiaries who acquire certain property from these estates, and subsequent transferees to whom beneficiaries transfer the property in transactions that do not result in the recognition of gain or loss for Federal income tax purposes.
2016-03-01; vol. 81 # 40 - Tuesday, March 1, 201681 FR 10479 - Regulations Under IRC Section 7430 Relating to Awards of Administrative Costs and Attorneys&apos; Fees
typeregulations.gov FR Doc.2016-04401 RIN1545-AX46 TD9756 DEPARTMENT OF THE TREASURY, Internal Revenue Service Final regulations. Effective date: The final regulations are effective on March 1, 2016. Applicability date: For date of applicability, see § 301.7430-6. 26 CFR Part 301 SummaryThis document contains final regulations relating to awards of administrative costs and attorneys&apos; fees. The final regulations conform the regulations to the amendments made in the Taxpayer Relief Act of 1997 and the IRS Restructuring and Reform Act of 1998. The regulations affect taxpayers seeking attorneys&apos; fees and costs.
2016-02-26; vol. 81 # 38 - Friday, February 26, 201681 FR 9766 - Disclosures of Return Information Reflected on Returns to Officers and Employees of the Department of Commerce for Certain Statistical Purposes and Related Activities
typeregulations.gov FR Doc.2016-04310 RIN1545-BL59 TD9754 DEPARTMENT OF THE TREASURY, Internal Revenue Service Final regulations and removal of temporary regulations. Effective Date: These regulations are effective on February 26, 2016. Applicability Date: For dates of applicability, see § 301.6103(j)(1)-1(e). 26 CFR Part 301 SummaryThis document contains final regulations that authorize the disclosure of certain items of return information to the Bureau of the Census (Bureau) in conformance with section 6103(j)(1) of the Internal Revenue Code (Code). These regulations finalize temporary regulations that were made pursuant to a request from the Secretary of Commerce. These regulations require no action by taxpayers and have no effect on their tax liabilities. Thus, no taxpayers are likely to be affected by the disclosures authorized by this guidance.
26 CFR 1.6109-2A — Furnishing Identifying Number of Income Tax Return Preparer.
26 CFR 1.6694-1 — Section 6694 Penalties Applicable to Tax Return Preparers.
26 CFR 1.6109-2 — Tax Return Preparers Furnishing Identifying Numbers for Returns or Claims for Refund and Related Requirements.
26 CFR 1.6694-2 — Penalty for Understatement Due to an Unreasonable Position.
26 CFR 1.6695-1 — Other Assessable Penalties With Respect to the Preparation of Tax Returns for Other Persons.
26 CFR 1.6694-4 — Extension of Period of Collection When Tax Return Preparer Pays 15 Percent of a Penalty for Understatement of Taxpayer's Liability and Certain Other Procedural Matters.
26 CFR 301.6011-7 — Specified Tax Return Preparers Required to File Individual Income Tax Returns Using Magnetic Media.
26 CFR 1.6060-1 — Reporting Requirements for Tax Return Preparers.
26 CFR 1.6107-1 — Tax Return Preparer Must Furnish Copy of Return or Claim for Refund to Taxpayer and Must Retain a Copy or Record.
Title 26 published on 2015-12-02.The following are only the Rules published in the Federal Register after the published date of Title 26.For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.2017-01-06; vol. 82 # 4 - Friday, January 6, 201782 FR 2046 - Regulations Regarding Withholding of Tax on Certain U.S. Source Income Paid to Foreign Persons, Information Reporting and Backup Withholding on Payments Made to Certain U.S. Persons, and Portfolio Interest Treatment