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November 2019

Tax Extenders Remain Top Contender for Hitching a Ride on Must-Pass Government Funding Bill

"A thumb goes up, a car goes by…" Tax extenders remain a top contender for "hitching a ride" on November’s Read more [...]

IRS Provides Section 199A Safe Harbor for Rental Real Estate

The IRS has issued a revenue procedure with a safe harbor that allows certain interests in rental real Read more [...]

Cryptocurrency Guidance, Virtual Currency FAQs Released

The IRS has released cryptocurrency guidance and frequently asked questions (FAQs) on virtual currency. Read more [...]

SALT Cap Not Unconstitutionally Coercive

A district court has dismissed a lawsuit filed by four states’ against the federal government, ruling Read more [...]

Final Regs Revert Back to Prior Partnership Disguised Sale Rules

New final regulations that address the allocation of partnership liabilities for disguised sale purposes Read more [...]

Preceding Year Disaster Loss Election Final Regulations

The IRS has released final regulation on the election to take a loss resulting from a federally declared Read more [...]

Proposed Regs Address Tax Implications of LIBOR Elimination

Proposed regulations provide guidance on the potential tax consequences of replacing the London interbank Read more [...]

October 2019

Final Regulations on 100 Percent Bonus Depreciation Issued, Along With New Proposals

Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired Read more [...]

Proposed Regulations Provide Guidance on Section 382(h) Built-in Gain and Loss Computation

Proposed regulations would provide guidance on the inclusion of income and deduction items in the calculation Read more [...]

Final Regulations Amend Hardship Distribution Rules from Section 401(k) Plans

The IRS has issued final regulations that amend the rules relating to hardship distributions from Code Read more [...]

Proposed Regulations Released on Applicable Financial Statement for All-Events Test

For a taxpayer using an accrual method of accounting, the all events test is not met for item of gross Read more [...]

Advance Payment Proposed Regulations Released

Proposed regulations provide rules for accrual method taxpayers who receive advance payments. The proposed Read more [...]

Automatic Accounting Change Procedures for All Events Test and Advance Payment Deferral

Taxpayers may use the automatic consent procedures to change accounting methods to comply with the recent Read more [...]

Proposed Regulations Update Exempt Organization Reporting Requirements; Penalty Relief Provided

Amendments to have been proposed to update the information reporting regulations under Code Sec. 6033, Read more [...]

September 2019

August 2019

July 2019

Bipartisan IRS Reform Bill

The Senate has approved a bipartisan IRS reform bill, which now heads to President Trump’s desk. Trump Read more [...]

Employers Can Offer HRAs Integrated with Individual Coverage

Final rules allow employers to use health reimbursement arrangements (HRAs) to reimburse employees for Read more [...]

Final Regs Address CPEO Requirements, Responsibilities

Final regulations provide requirements that a person must satisfy to become and remain a certified professional Read more [...]

June 2019

Corporate Challenge 2019

6/4/19:  Team FS CPAs participated in the 2019 J. P. Morgan Corporate Challenge, in support of the Read more [...]

May 2019

April 2019

Tim Flaherty Radio Interview With Steve Hausmann (WBEE)

Managing Partner Tim Flaherty was interviewed by WBEE's Steve Hausmann on income taxes, tax season Read more [...]

Correction to Penalty Relief for Missing Negative Tax Basis Capital Account Info

The IRS has corrected Notice 2019-20, which provided a waiver of penalties under Code Secs. Read more [...]
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