Daily Tax Update - July 16, 2015: Proposed Regulations Eliminate Property Transfer Requirement

Proposed Regulations Eliminate Property Transfer Requirement:  Treasury and the IRS issued proposed regulations under section 83 relating to property transferred in connection with the performance of services.  The proposed regulations eliminate the requirement that taxpayers submit a copy of a section 83(b) election with their tax returns for the year in which the property subject to the elections was transferred.  The requirement was eliminated to remove obstacles to e-filing for individual taxpayers.


IRS Releases Draft Revised Form for Accounting Method Change:  Today, the IRS released a revised draft of Form 3115, Application for Change in Accounting Method, for the 2015 tax year.  The revised draft incorporates changes made in Revenue Procedure 2015-13 for granting of automatic and non-automatic accounting method changes.


Senate Finance Committee Working Group Reports: Steptoe has prepared an analysis of the recently released Senate Finance Committee Working Group Reports.