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Monthly archive for March 2018

Ways and Means Democrats Criticize IRS of Overreach

On March 11, 2018   /   Internal Revenue Service, Tax Compliance, Tax Legislation, Tax Reform  

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.”

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Trump to Nominate Michael Desmond as IRS Chief Counsel

On March 11, 2018   /   Internal Revenue Service, Tax Legislation, Tax Reform  

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

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IRS Needs More Funding, Mnuchin Tells Lawmakers

On March 11, 2018   /   Internal Revenue Service, Tax Compliance, Tax Legislation  

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

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New Carried Interest Holding Period to Apply to S Corps

On March 11, 2018   /   Rascon CPA Firm, Tax Compliance, Tax Legislation, Tax Planning  

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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Monthly Newsletter

By signing up for our monthly newsletter, you will stay informed with the changes to the tax laws that occurred that month as well as what is going on with our firm. We will share with you any client successes, community involvement and events, etc. We see you as part of our family and want to keep in touch. Sign up here →

Recent Posts

  • 401(k) Contribution Limit Increases to $19,500 for 2020; Catch-up Limit Rises to $6,500
  • IRS Notice 2018-76 for Meals & Entertainment
  • Businesses Must File Cash Transaction Reports for Cash Payments Exceeding $10,000
  • 199A Trade or Business Safe Harbor – Rental Real Estate
  • IRS, Security Summit Partners Urge Caution During National Tax Security Awareness Week

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Recent Posts

  • 401(k) Contribution Limit Increases to $19,500 for 2020; Catch-up Limit Rises to $6,500
  • IRS Notice 2018-76 for Meals & Entertainment

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19747 US Hwy 59 N,
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Humble, Texas 77338


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Woodlands, Texas 77380


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© 2019 Rascon CPA Firm. The Rascon CPA Firm is dedicated to providing specialized tax planning, compliance, bookkeeping, and consultation services for individuals and small and medium sized companies for both domestic and international tax related issues. CPA The Woodlands, TX.
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