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 →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 →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 →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 →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 →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 →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 →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 →Lawmakers return to Capitol Hill this month to approve the IRS fiscal year (FY) 2018 budget. The IRS, like many federal agencies, is currently operating under a temporary spending bill. Last year, the House Appropriations Committee and the Senate Appropriations Committee proposed to fund the IRS at
Read more →The IRS has issued updated 2018 withholding tables that reflect the changes made by the Tax Cuts and Jobs Act. The new law makes numerous changes affecting individual taxpayers in 2018. The new tables reflect the increased standard deduction, repeal of personal exemptions and changes in tax
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