Archive for the Tax Planning Category

Neal Asks Treasury, IRS for Pass-through Deduction Guidance

House Ways and Means Committee ranking member Richard Neal, D-Mass., has asked the Treasury and the IRS for guidance on the tax code’s new pass-through deduction. In a May 1 letter, Neal asked Treasury Secretary Steven Mnuchin. and Acting IRS Commissioner David Kautter, for clarifying guidance on…

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Brady Talks “Phase Two” of Tax Reform

President Donald Trump and the House’s top tax writer think Congress and the president should work to make the tax code better every year. House Ways and Means Committee Chairman Kevin Brady, R-Tex., said in an interview that he and the president share this goal and are…

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Customer Contract Revenue Recognition Accounting Method Change Provided

The IRS has provided an automatic consent procedure for taxpayers to change to an accounting method that uses new standards issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) for recognizing revenue from customer contracts. Revenue Recognition Accounting Method Change On…

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IRS Outlines Guidance on Business Interest Deduction

The IRS has announced initial guidance for computing the business interest expense deduction under Code Sec. 163(j) effective for tax years beginning after 2017, and aspects that will be covered in future regulations. The deduction is generally limited to the taxpayer’s business interest income plus 30 percent…

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Tax Reform Guidance Will Take Years, IRS Chief Says

Acting IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS’s highest priorities, but issuing guidance will likely take years. “Preliminary efforts to implement this new law are already underway,” Kautter said during a House Appropriations Financial Services Subcommittee hearing. The…

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Ways and Means Approves Bipartisan IRS Reform Package

The House Ways and Means Committee, in an April 11 markup, approved a bipartisan package of nine bills to restructure the IRS for the first time in 20 years. The IRS reform package was approved in committee by a voice vote and is reportedly expected to reach…

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Taxpayers Urged to Check Income Tax Withholding

The IRS has urged specific groups of taxpayers to check if the right amount of tax is being withheld from their paychecks following the recently enacted Tax Cuts and Jobs Act. The new law increased the standard deduction, eliminated personal exemptions, increased the Child Tax Credit (CTC),…

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IRS Issues Additional Guidance on Transition Tax on Foreign Earnings

April 2, 2018 The Treasury Department and the Internal Revenue Service today provided additional guidance (Notice 2018-26) for computing the “transition tax” on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act enacted on Dec. 22, 2017. The Treasury…

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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,…

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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,…

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