2010 Amended Tax Form
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2010 Amended Tax Form
2010 amended tax form Publication 225 - Additional Material Prev Up Next Home More Online Publications
Offshore Voluntary Disclosure Initiative: Passive Foreign Income Company Investment Computations
A significant number of Offshore Voluntary Disclosure Practice (VDP) cases involve Passive Foreign Investment Company (PFIC) investments. A lack of historical information on the cost basis and holding period of many PFIC investments makes it difficult for taxpayers to prepare statutory PFIC computations and for the Service to verify them. As a result, resolution of many VDP cases is being unduly delayed. Therefore, for purposes of this initiative, the Service is offering taxpayers an alternative to the statutory PFIC computation that will resolve PFIC issues on a basis that is consistent with the Mark to Market (MTM) methodology authorized in Internal Revenue Code section 1296 but will not require complete reconstruction of historical data.
The terms of this alternative resolution are as follows:
- If elected, the alternative resolution will apply to all PFIC investments in cases that have been accepted into the VDP and that qualify for the special civil penalty framework announced by the IRS on March 23, 2009. The initial MTM computation of gain or loss under this methodology will be for the first year of the VDP application but could be made after 2003 depending on when the first PFIC investment was made. Generally, under the terms of the March 23, 2009 framework, the first year of the VDP application will be for the calendar year ending December 31, 2003. This will require a determination of the basis for every PFIC investment, which should be agreed between the taxpayer and the Service based on the best available evidence.
- A tax rate of 20% will be applied to the MTM gain(s), MTM net gain(s) and gains from all PFIC dispositions during the VDP period, in lieu of the rate contained in section 1291(a)(1)(B) for the amount allocable to the current year and section 1291(c)(2) for the deferred tax amount(s) allocable to any other taxable year.
- A rate of 7% of the tax computed for PFIC investments marked to market in the first year of the VDP application will be added to the tax for that year, in lieu of the interest charge mechanism described in sections 1291(c) and 1296(j).
- MTM losses will be limited to unreversed inclusions (generally, previously reported MTM gains less allowed MTM losses) on an investment-by-investment basis in the same manner as section 1296. During the VDP period, these MTM losses will be treated as ordinary losses (IRC 1296[c][B]) and the tax benefit is limited to the tax rate applicable to the MTM gains derived during the VDP period (20%). This limitation is accomplished by multiplying the MTM loss by 20% and applying the result as a credit against the tax liability for the year.
- Regular and Alternative Minimum Tax are both to be computed without the PFIC dispositions or MTM gains and losses. The tax from the PFIC transactions (20% plus the 7% for 2003, if applicable) is added to (or subtracted from) the applicable total tax (either regular or AMT, whichever is higher). The tax and interest (i.e., the 7% for the first year of the VDP) computed under the VDP alternative MTM can be added to the applicable total tax (either regular or AMT, whichever is higher) and placed on the amended return in the margin, with a supporting schedule.
- Underpayment interest and penalties on the deficiency are computed in accordance with the Internal Revenue Code and the terms of the VDP.
- For any PFIC investment retained beyond 12/31/2008, the taxpayer must continue using the MTM method, but will apply the normal statutory rules of section 1296 as well as the provisions of sections 1291-1298, as applicable.
Taxpayers should direct questions regarding PFICs and how the alternative resolution will affect their cases to the examiners assigned to their cases. Before electing the alternative PFIC resolution, taxpayers with PFIC investments should consult their tax advisors to ensure that the issue is material in their cases and that the alternative is in fact preferable to the statutory computation in their situation. If the taxpayer does not elect to use the alternative PFIC computation, then the PFIC provisions of section 1291-1298 apply.
Page Last Reviewed or Updated: 09-Jan-2014
The 2010 Amended Tax Form
2010 amended tax form Publication 15-B - Introductory Material Table of Contents Future Developments What's New Reminders Introduction Future Developments For the latest information about developments related to Publication 15-B, such as legislation enacted after it was published, go to www. 2010 amended tax form irs. 2010 amended tax form gov/pub15b. 2010 amended tax form What's New Cents-per-mile rule. 2010 amended tax form The business mileage rate for 2014 is 56 cents per mile. 2010 amended tax form You may use this rate to reimburse an employee for business use of a personal vehicle, and under certain conditions, you may use the rate under the cents-per-mile rule to value the personal use of a vehicle you provide to an employee. 2010 amended tax form See Cents-Per-Mile Rule in section 3. 2010 amended tax form Qualified parking exclusion and commuter transportation benefit. 2010 amended tax form . 2010 amended tax form For 2014, the monthly exclusion for qualified parking is $250 and the monthly exclusion for commuter highway vehicle transportation and transit passes is $130. 2010 amended tax form See Qualified Transportation Benefits in section 2. 2010 amended tax form Same-sex Marriage. 2010 amended tax form For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. 2010 amended tax form For more information, see Revenue Ruling 2013-17, 2013-38 I. 2010 amended tax form R. 2010 amended tax form B. 2010 amended tax form 201, available at www. 2010 amended tax form irs. 2010 amended tax form gov/irb/2013-38_IRB/ar07. 2010 amended tax form html. 2010 amended tax form Notice 2013-61 provides special administrative procedures for employers to make claims for refund or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. 2010 amended tax form Notice 2013-61, 2013-44 I. 2010 amended tax form R. 2010 amended tax form B. 2010 amended tax form 432, is available at www. 2010 amended tax form irs. 2010 amended tax form gov/irb/2013-44_IRB/ar10. 2010 amended tax form html. 2010 amended tax form Recent changes to certain rules for cafeteria plans. 2010 amended tax form Notice 2013-71, 2013-47 I. 2010 amended tax form R. 2010 amended tax form B. 2010 amended tax form 532, available at www. 2010 amended tax form irs. 2010 amended tax form gov/irb/2013-47_IRB/ar10. 2010 amended tax form html, discusses recent changes to the “use-or-lose” rule for health flexible spending arrangements (FSAs) and clarifies the transitional rule for 2013-2014 non-calendar year salary reduction elections. 2010 amended tax form See Notice 2013-71 for details on these changes. 2010 amended tax form Reminders $2,500 limit on a health flexible spending arrangement (FSA). 2010 amended tax form For plan years beginning after December 31, 2012, a cafeteria plan may not allow an employee to request salary reduction contributions for a health FSA in excess of $2,500. 2010 amended tax form For plan years beginning after December 31, 2013, the limit is unchanged at $2,500. 2010 amended tax form For more information, see Cafeteria Plans in section 1. 2010 amended tax form Additional Medicare Tax withholding. 2010 amended tax form In addition to withholding Medicare tax at 1. 2010 amended tax form 45%, you must withhold a 0. 2010 amended tax form 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. 2010 amended tax form You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. 2010 amended tax form Additional Medicare Tax is only imposed on the employee. 2010 amended tax form There is no employer share of Additional Medicare Tax. 2010 amended tax form All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. 2010 amended tax form Unless otherwise noted, references to Medicare tax include Additional Medicare Tax. 2010 amended tax form For more information on what wages are subject to Medicare tax, see Table 2-1, later, and the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15, (Circular E), Employer's Tax Guide. 2010 amended tax form For more information on Additional Medicare Tax, visit IRS. 2010 amended tax form gov and enter “Additional Medicare Tax” in the search box. 2010 amended tax form Photographs of missing children. 2010 amended tax form The IRS is a proud partner with the National Center for Missing and Exploited Children. 2010 amended tax form Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 2010 amended tax form You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 2010 amended tax form Introduction This publication supplements Publication 15 (Circular E), Employer's Tax Guide, and Publication 15-A, Employer's Supplemental Tax Guide. 2010 amended tax form It contains information for employers on the employment tax treatment of fringe benefits. 2010 amended tax form Comments and suggestions. 2010 amended tax form We welcome your comments about this publication and your suggestions for future editions. 2010 amended tax form You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 2010 amended tax form NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. 2010 amended tax 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