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May 2019

Wolters Kluwer Interview: A Two-Part Q&A Series on the Section 199A Deduction (Part 1 & 2)

Wolters Kluwer Interview: A Two-Part Q&A Series on the Section 199A Deduction (Part 1) Republicans’ Read more [...]

Bipartisan House Bill Aims to Fix “Retail Glitch”

A bipartisan House bill has been introduced that would fix a GOP tax law drafting error known as the "retail Read more [...]

House Approves Bipartisan IRS Reform Bill

The House on April 9 approved by voice vote a bipartisan, bicameral IRS reform bill. The IRS bill, which Read more [...]

Proposed Reliance Regs Address Qualified Opportunity Funds, Zones and Businesses

Proposed regulations address gains that may be deferred when taxpayers invest in a qualified opportunity Read more [...]

Safe Harbor Provided for Basis of Professional Sports Contracts for Players Traded Between Teams

The IRS has provided a safe harbor for professional sports teams to avoid the recognition of gain or Read more [...]

April 2019

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 [...]

CFC Partners Required to Increase E&P for Subpart F Inclusions

The upper-tier controlled foreign corporation (CFC) partners of a domestic partnership were required Read more [...]

Proposed Regulations on Reporting Life Insurance Policy Sales and Death Benefit Payments

The IRS has issued proposed regulations on the information reporting requirements under Code Secs. Read more [...]

National Taxpayer Advocate Nina Olson Announces Retirement

Nina E. Olson, the National Taxpayer Advocate (NTA), has announced her decision to retire this summer Read more [...]

March 2019

Compliance Monitoring Obligations of Low-Income Housing Credit Agencies Finalized

Final regulations relating to the low-income housing tax credit revise and clarify requirements Read more [...]

Wyden Urges Treasury, IRS to “Do More” to Waive Underpayment Penalties

The Senate’s top Democratic tax writer is calling on the IRS and Treasury to further waive underpayment Read more [...]

Senators Introduce Bipartisan Craft Beverage Modernization and Tax Reform Bill

Senators have introduced a bipartisan bill specifically tailored to reduce excise taxes and regulations Read more [...]

Opportunity Zone’s Tax Writers, Stakeholders Criticize IRS’s 50-Percent Locational Rule

The IRS’s proposed 50-percent gross income locational rule on the active conduct of Opportunity Read more [...]

IRS Postpones Canceling Tax Transcript Faxing Service After Grassley, Wyden Urge Delay

The IRS has said that it is postponing its plan to discontinue faxing taxpayer transcripts. The IRS Read more [...]

February 2019

IRS Extends Passthrough Deduction to Real Estate Rental Activities, Provides Other Guidance

New IRS guidance fills in several more pieces of the Code Sec. 199A passthrough deduction puzzle. Read more [...]

Interim Guidance for Excise Tax on Excess Remuneration and Parachute Payments

The IRS has issued interim guidance on the excise tax payable by exempt organizations on remuneration Read more [...]

Safe Harbors Provided for Business Payments Made in Exchange for SALT Credits

The IRS has provided safe harbors for business entities to deduct certain payments made to a charitable Read more [...]

Final Transition Tax Regulations Issued

The Treasury and IRS have issued final regulations for determining the inclusion under Code Sec. Read more [...]

IRS Issues 2019 Updates for Ruling Requests, Technical Advice, and No-Rule Procedures

The IRS has issued its annual revisions to the general procedures for ruling requests, technical Read more [...]

January 2019

Proposed Regs Provided for Code Sec. 163(j) Limit

The IRS has proposed regulations on the limitation on the business interest expense deduction under Read more [...]

Deductions Denied to Medical Marijuana Dispensary

A nonprofit corporation that operated a medical-marijuana dispensary legally under California law Read more [...]

2019 Standard Mileage Rates Released

The IRS released the optional standard mileage rates for 2019. Most taxpayers may use these rates Read more [...]

Guidance Issued on Nondeductible Portion of Parking Fringe Expenses and UBTI

The IRS has provided guidance and examples for calculating the nondeductible portion of parking expenses. Read more [...]

Guidance on Tax Benefit for Stock Options and Restricted Stock Units

The IRS has released initial guidance on the new Code Sec. 83(i), added by the 2017 Tax Cuts and Read more [...]

Proposed Regs Address Foreign Tax Credit Changes

Highly anticipated foreign tax credit regulations have been issued that provide guidance on the significant Read more [...]
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