Temporary Regulations Clarify Employment Tax Treatment of Partners in Partnership That Owns a Disregarded Entity

The IRS has issued temporary regulations under Code Sec. 7701 to clarify that a disregarded entity that is treated as a corporation for employment tax purposes is not treated as a corporation for purposes of employing an individual who is a partner in a partnership that owns

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Treasury Inspector Suggests Improvements to Identify Unsupported Claims for Foreign Tax Credits

The IRS did not have sufficient controls and processes in place to identify erroneous Foreign Tax Credit (FTC) claims, the Treasury Inspector General for Tax Administration (TIGTA) has reported. The audit was initiated to determine whether the IRS controls ensured that the FTC was accurately claimed on

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Understanding Minimum Essential Coverage

The Affordable Care Act requires any person or organization that provides minimum essential coverage, including employers that provide self-insured group health plans, to report this coverage to the IRS and furnish statements to the covered individuals. These reporting requirements affect: Health insurance issuers or carriers The executive

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