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The IRS updated its annual guidance on what is a sufficient disclosure made by a taxpayer for the purpose of reducing or avoiding substantial understatement or return preparer penalties. - See more at: http://www.grantthornton.com/issues/library/newsletters/tax/2016/hot-topics/February-23/Tax-return-disclosures.aspx?_cldee=cHJvY2Vzc2luZ0Btb25kYXEuY29t#sthash.oEfmWrkV.dpuf

House Ways and Means Chair Paul Ryan, R-Wis., said he will begin negotiating a compromise on the extenders after returning from the August recess in September.

Tax writers have begun negotiating in earnest to extend the 50-plus tax provisions that expired at the end of 2013.

President Obama has signed a bill reauthorizing the Federal Aviation Administration (FAA) and extending aviation taxes for 15 months.

The change is effective for any refund claim that has not yet been reported by the IRS to JCT as of the date the bill is signed into law.

Senate Majority Leader Mitch McConnell, R-Ky., said last week that he was committed to revenue-neutral tax reform, but warned that the Senate could not pass a bill with the House's border...

The IRS concluded that for purposes of Section 199, a television broadcaster that produced and broadcast a professional sports team's games under a license granted by the team was the producer of the game broadcasts on its own behalf.

In Notice 2015-59, the IRS announced there are several areas that are currently under study based upon characteristics of certain Section 355 spin-offs that concern the IRS due to possible abuse.

In Advisory Opinion TSB-A-13(5)I, the New York State Department of Taxation and Finance ruled that a lump-sum settlement received by a nonresident from a supplemental employee retirement plan and a deferred compensation plan pursuant to an order of bankruptcy was exempt from New York State personal income tax.

The IRS and Treasury issued temporary regulations (T.D. 9685) on July 30 that try to resolve an unintended glitch in the prior, final regulations (T.D. 9638).

The Court of Federal Claims on Oct. 15 dismissed a taxpayer's refund suit, for erroneously calculated large corporate underpayment (LCU) interest resulting from certain partnership adjustments...

Rep. Paul Ryan, R-Wis., is largely expected to be elected speaker of the House on Oct. 28, leaving a void on the Ways and Means Committee that complicates the outlook for tax legislation.

The IRS has issued proposed regulations to modify existing rules on gain recognition agreement reporting.

The IRS has concluded in a recent private letter ruling that the provision of software to clients in a like-kind exchange program does not affect a taxpayer's status as a qualified intermediary.

Republicans are struggling to move forward on a budget resolution that would allow them to create reconciliation instructions to ease the passage of tax reform.

Senate Republicans blocked a vote on legislation to extend more than 50 expired tax provisions over a disagreement on amendments.

The Sixth Circuit Court of Appeals has denied an IRS request for an "en banc" rehearing of its decision in United States v. Quality Stores, Inc., which held that certain severance payments were not subject to payroll taxes under the Federal Insurance Contributions Act.