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Drafts

New form sets out rules for reporting basis of decedent-owned property

New form sets out rules for reporting basis of decedent-owned property

Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent (January 2016). IRS has released the final version of new Form 8971, which, pursuant to legislation enacted in 2015, must be used to report the final estate tax value of property distributed or to be distributed from an estate, if the estate filed a Federal […]

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2015 Form 1040NR-EZ includes new asset reporting rules and additional treaty reporting

2015 Form 1040NR-EZ includes new asset reporting rules and additional treaty reporting

2015 Form 1040NR-EZ, U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents   IRS has issued 2015 Form 1040NR-EZ, U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents, and the instructions for that form. Among the items that are new for 2015 is a reminder about reduced reporting requirements of specified […]

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Draft 2015 Form 1042 changes include conversions from optional to required reporting

Draft 2015 Form 1042 changes include conversions from optional to required reporting

Draft 2015 Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons (Sept. 30, 2015). Draft 2015 Instructions for Form 1042 (Oct. 28, 2015). IRS has issued drafts of 2015 Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, and of the instructions to that form. Included among […]

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What’s New on the 2015 draft Form 1040 and related forms and schedules – Part II

What’s New on the 2015 draft Form 1040 and related forms and schedules – Part II

IRS has released on its website a number of draft tax forms and instructions for the 2015 tax year, including Form 1040 and its related schedules. They reflect several changes that take effect in 2015 and the fact that several tax provisions that have historically been extended have not yet been extended to 2015. Click […]

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Draft Instructions confirm Form 1041 for 2015 will reflect consistent basis reporting rules

Draft Instructions confirm Form 1041 for 2015 will reflect consistent basis reporting rules

Recently issued draft instructions for Schedule D, Form 1041 (U.S. Income Tax Return for Estates and Trusts) for 2015 confirm that estates will have to follow new consistent basis reporting rules on 2015 returns. These rules were enacted as part of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Transportation […]

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IRS releases draft of 2015 Form 8966 (FATCA Report)

IRS releases draft of 2015 Form 8966 (FATCA Report)

IRS has released a draft version of the 2015 Form 8966 (FATCA Report). The form is used by certain foreign financial institutions (FFIs) and others to report information with respect to U.S. accounts under the Foreign Account Tax Compliance Act (FATCA).  Click here to view draft 2015 Form 8966, FATCA Report (Oct. 6, 2015) Background […]

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IRS issues new draft of accounting method change Form 3115

IRS issues new draft of accounting method change Form 3115

IRS has issued a draft of a revised Form 3115, Application for Change in Accounting Method, which contains a few changes from the current version. It is anticipated that the bulk of the changes with respect to the form will be contained in the instructions to the form, a draft of which has not yet […]

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IRS releases updated application form for qualified intermediaries

IRS releases updated application form for qualified intermediaries

IRS has released 2015 Form 14345 (Application for Qualified Intermediary, Withholding Foreign Partnership, or Withholding Foreign Trust). The form has been updated to reflect Foreign Account Tax Compliance Act (FATCA) information.  Click here to view 2015 Form 14345, Application for Qualified Intermediary, Withholding Foreign Partnership, or Withholding Foreign Trust. Background on withholding under Code Chapters […]

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2014 partnership return unchanged, but instructions reflect changed reporting rules

2014 partnership return unchanged, but instructions reflect changed reporting rules

Click here for draft 2014 Form 1065, U.S. Return of Partnership Income. Click here for draft 2014 Instructions for Form 1065, U.S. Return of Partnership Income. IRS recently issued draft instructions for the 2014 partnership income tax return, Form 1065; it issued the draft form itself this past summer. While the form itself is identical […]

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Draft Instructions For Form 1120-S For S Corporation Released By IRS

Draft Instructions For Form 1120-S For S Corporation Released By IRS

Click here for the draft Instructions for Form 1120S, U.S. Income Tax Return for an S Corporation. IRS has released draft Instructions for Form 1120S, U.S. Income Tax Return for an S Corporation. The instructions include information on what’s new on the 2014 Form 1120S and other new requirements for S corporations. Background. A domestic corporation […]

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Instructions to Form 706 for Decedents Dying in 2014 Reflect Some Changes

Instructions to Form 706 for Decedents Dying in 2014 Reflect Some Changes

Instructions for Form 706 (Rev. August 2014) IRS has issued instructions for Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return for decedents dying after Dec. 31, 2013. Note: IRS has not issued a draft or final Form 706 for decedents dying after 2013. Presumably, that’s because the Form 706 (Rev. August 2013) is to […]

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IRS Releases Draft Instructions For 2014 Form 1120S For S Corporation

IRS Releases Draft Instructions For 2014 Form 1120S For S Corporation

Click here for the draft Instructions for Form 1120S, U.S. Income Tax Return for an S Corporation. IRS has released draft Instructions for Form 1120S, U.S. Income Tax Return for an S Corporation. The instructions include information on what’s new on the 2014 Form 1120S and other new requirements for S corporations. Background. A domestic corporation […]

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IRS: 2014 Form 1099 may be used for FATCA compliance

IRS: 2014 Form 1099 may be used for FATCA compliance

Click here for IRS’s “FATCA Supplement to the 2014 General Instructions for Certain Information Returns Reporting on Forms 1099” (Sept. 29, 2014). IRS has posted to its website instructions that supplement its “2014 General Instructions for Certain Information Returns,” i.e., the general instructions for preparing forms in the 1099 series. The supplemental instructions allow some […]

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Draft form 1040 reflects new health coverage rules and other changes

Draft form 1040 reflects new health coverage rules and other changes

Draft Forms, Schedules, and Instructions, IRS website IRS has released on its website a number of draft tax forms and instructions for the 2014 tax year, including Form 1040 and its related schedules. They reflect key health coverage changes that first went into effect in 2014, including the premium assistance credit and the penalty for […]

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Draft 2015 1099 forms and instructions provide for FATCA compliance

Draft 2015 1099 forms and instructions provide for FATCA compliance

Click here for 2015 draft Form 1099-INT. Click here for 2015 draft Instructions for Form 1099-INT and 1099-OID. IRS has recently issued draft instructions for four 2015 forms in the 1099 series – Forms 1099-DIV, 1099-INT, 1099-OID and 1099-MISC – for which the draft 2015 forms themselves were previously issued in July. Each of the […]

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IRS issues draft instructions to forms for reporting employee health coverage

IRS issues draft instructions to forms for reporting employee health coverage

Click here for the draft version of the Instructions for Form 1095-A (Health Insurance Marketplace Statement). Click here for the draft version of the Instructions for Forms 1094-C (Transmittal of Health Coverage Information Returns) and 1095-C (Employer-Provided Health Insurance Offer and Coverage). Click here for the draft version of the Instructions for Forms 1094-B (Transmittal […]

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IRS releases draft forms for reporting health coverage offered to employees

IRS releases draft forms for reporting health coverage offered to employees

Click here for the draft instructions on Form 1095-B (Health Coverage) and click here for the draft version of Form 1095-B (Health Coverage). Click here for the draft version of Form 1095-C (Employer-Provided Health Insurance Offer and Coverage). Click here for the draft version of Form 1094-B (Transmittal of Health Coverage Information Returns). Click here […]

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IRS releases draft Instructions for Form 5471

IRS releases draft Instructions for Form 5471

Click here for draft Instructions to Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. IRS has released the draft Instructions to Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. The Instructions remind taxpayers that they may be subject to the net investment income surtax and […]

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IRS releases draft of streamlined application for tax-exempt status

IRS releases draft of streamlined application for tax-exempt status

IRS has released Draft Form 1023-EZ (Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code) and its draft instructions. The 2-page Form 1023-EZ is a shorter, less burdensome version of the regular Form 1023; it may be used if an organization meets specific criteria.  Click here for the Draft From […]

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2013 draft Form 5227 requires Net Investment Income (NII) reporting by charitable remainder trusts

2013 draft Form 5227 requires Net Investment Income (NII) reporting by charitable remainder trusts

2013 draft Form 5227, Split-Interest Trust Information Return, and Instructions to 2013 draft Form 5227.  Click here for 2013 draft Form 5227, Split-Interest Trust Information Return.Click here for 2013 draft Instructions for Form 5227. IRS has issued 2013 draft Form 5227, Split-Interest Trust Information Return, and the Instructions to that form. The most significant changes […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney