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Archive for the Tax Planning Category

White House GOP Leaders Predict Tax Reform Bill in Fall

Administration officials and senior GOP leaders in Congress have predicted that tax reform legislation will be drafted this Fall and come to the floors of both the House and Senate for a vote before year-end. The officials and lawmakers outlined broad principles for individual and business tax…

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IRS’ Processes Inadequate for Notifying Individuals Without Health Insurance

The IRS did not issue the required notification letters by June 30, 2015, to taxpayers without Minimum Essential Coverage under the Patient Protection and Affordable Care Act (ACA) for tax year 2014, the Treasury Inspector General for Tax Administration (TIGTA) reported. In March 2016, the IRS’s ACA…

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District Court Nixes Constitutional Challenge To Income Tax Return And FBAR Filing Requirements

A federal district court has rejected a taxpayer’s argument that statutes and regs requiring U.K. citizens with U.S. permanent resident status to file income tax returns and Reports of Foreign Bank and Financial Accounts (FBARs), when read with the U.S.-U.K tax treaty, are so ambiguous that they…

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Texas Gross Receipts: Payments to Other Company Not Excludable From Total Revenue & Certain Purchases Not Deductible as COGS

A taxpayer’s payments to another company could not be excluded from the taxpayer’s total revenue for Texas franchise tax purposes as flow-through funds, because there was insufficient evidence to establish that the taxpayer had a fiduciary duty to make payments to the company on behalf of customers.…

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House Lawmakers Introduce Bipartisan Dependent Care Tax Relief Bill

Taxwriters on the House Ways and Means Committee have introduced a bipartisan bill that would increase the maximum amount of pre-tax dollars employees can set aside for dependent care. The Working Families Relief Bill (HR 2618) was introduced by Rep. Mike Kelly, R-Pa., and House Democratic Caucus…

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IRS Highlights Form 1042-S Filing, Common Errors, Amended Forms and Extensions

The IRS has reminded withholding agents of their responsibilities, some reporting changes and some common errors. The IRS also described filing requirements for non-U.S. citizens in certain circumstances. The due date for Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, is March 15. To request…

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“Stars Have Aligned” for Tax Reform in 2017, Way and Means Chief Tax Counsel Says

Congressional taxwriting committees’ senior staff and the Joint Committee on Taxation’s (JCT) chief of staff provided a legislative update at the Federal Bar Association’s (FBA) 41st annual tax conference in Washington, D.C. on March 3. The congressional staff previewed their inside perspectives on tax reform and Patient…

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House Republicans Unveil ACA Repeal, Replacement Bill; Markup Scheduled This Week

House Republicans on the evening of March 6 unveiled their much anticipated Patient Protection and Affordable Care Act (ACA) repeal and replacement legislation. A markup of The American Health Care Act is scheduled in the Ways and Means Committee for Wednesday, March 8. “It is going to…

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Ways and Means Chairman Touts GOP Tax Reform Blueprint at International Tax Law Conference

House Ways and Means Committee Chairman Kevin Brady, R-Tex., touted the House GOP “Better Way” tax reform Blueprint on February 3 at the International Tax Policy Forum (ITPF) and Georgetown Law’s Institute of International Economic Law (IIEL) Conference on tax competition in Washington, D.C. Brady delivered the…

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Effort to Repeal Debt-Equity Regulations Met with Disapproval by Ways and Means Democrats

House Ways and Means Committee Democrats on February 8 sent a letter to colleagues urging against a GOP lawmaker’s effort to undo controversial Code Sec. 385 debt-equity regulations. The letter, authored by Ways and Means ranking member Richard E. Neal, D-Mass., and Tax Policy Subcommittee ranking member…

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