Chat with us, powered by LiveChat

Blog

Ways and Means Democrats Criticize IRS of Overreach

House Ways and Means Democrats, in a March 5 letter to Acting IRS Commissioner David J. Kautter, criticized the Service’s interpretation of certain provisions within the Tax Cuts and Jobs Act of 2017 (TCJA). In the letter to Kautter, lawmakers accused the IRS of alleged “bureaucratic overreach.” Kautter…

Read more

Trump to Nominate Michael Desmond as IRS Chief Counsel

President Trump has announced his intent to nominate Michael J. Desmond as IRS chief counsel and assistant general counsel at Treasury. Desmond, currently a tax attorney, has run his own law firm in California for the last six years. He has represented businesses and individuals in tax…

Read more

IRS Needs More Funding, Mnuchin Tells Lawmakers

Treasury Secretary Steven Mnuchin told House lawmakers in a March 6 hearing that the IRS needs additional funding to properly implement the Tax Cuts and Jobs Act (TCJA). Mnuchin’s testimony before the House Appropriations Financial Services Subcommittee centered on the Trump Administration’s fiscal year (FY) 2019 budget…

Read more

New Carried Interest Holding Period to Apply to S Corps

Carried Interests For carried interests that are applicable partnership interests, the Tax Cuts and Jobs Act of 2017 effectively extended the capital-gains holding period from one year to three years. The three-year period applies regardless of Code Sec. 83 and any Code Sec 83(b) election in effect. Thus,…

Read more

IRS Alerts Taxpayers About Corrected Forms 1095-A

Taxpayers who receive corrected 2017 Forms 1095-A, Health Insurance Marketplace Statement, may need to file an amended return, if they have already filed, the IRS has reported. The Service highlighted some corrections that may require an amended return. The Service also instructed taxpayers what to do if…

Read more

Tax Groups Urge Congress To Boost IRS Funding

The American Bar Association (ABA) Section of Taxation, American Institute of CPAs (AICPA) and the National Society of Accountants (NSA) are urging lawmakers to fully fund the IRS, especially as the Service works to implement the Tax Cuts and Jobs Act. The professional associations highlighted the IRS’s…

Read more

Trump Announces IRS Commissioner Nominee

President Trump on February 8 announced his nomination of Charles P. Rettig for IRS Commissioner. Rettig is currently a tax attorney in California. “During his 35+ year professional career with Hochman, Salkin, Rettig, Toscher & Perez, PC, Chuck Rettig has represented numerous taxpayers before every administrative level…

Read more

Trump Signs Bipartisan Budget Act; Tax Extenders Included

President Trump on February 9 signed the Bipartisan Budget Act into law after a brief government shutdown occurred overnight. The House approved the legislation, which contains a continuing resolution to fund the government and federal agencies through March 23, in the early morning hours of February 9,…

Read more

Extenders Could Move Soon

Tax extenders and the state and local sales tax deduction continue to drive discussions on Capitol Hill. Lawmakers from both sides of the aisle have expressed support for extending the expired tax breaks. At this time, talks have surfaced that the extenders could be part of a…

Read more

Tax Provisions Expiring in 2016

There are 34 temporary tax provisions scheduled to expire at the end of 2016. These provisions can be categorized as primarily affecting individuals, businesses, or being energy-related. These categorizations follow those used in past “tax extender” legislation. Individuals Four individual tax provisions are scheduled to expire at…

Read more