Notice 2019-07 This notice contains a proposed revenue procedure that provides for a safe harbor under which a rental real estate enterprise will be treated as a trade or business solely for purposes of section 199A of the Internal Revenue Code (the Code) and §§ 1.199A-1 through
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During “National Tax Security Awareness Week,” which ran from December 3 to December 7, the IRS and its Security Summit partners (state tax agencies and the private-sector tax community) issued a series of reminders that urged taxpayers and tax practitioners to take steps to protect their data.
Read more →IRS Budget Hearing Testimony The IRS’s “Achilles’ heel” is using outdated software originating from the 1960s, Acting IRS Commissioner David Kautter told Senate lawmakers. Kautter and Treasury Secretary Steven Mnuchin testified in a May 22 Senate Appropriations Financial Services and General Government Subcommittee hearing. System Shut Down
Read more →President Trump and Republican leaders in Congress unveiled a framework for tax reform on September 27. The nine-page framework broadly describes tax proposals ranging from lower rates for individuals and businesses to repeal of certain tax preferences, but it leaves actual legislative language to congressional taxwriting committees.
Read more →IN THE HOUSE OF REPRESENTATIVES September 8, 2017 Mr. Chabot (for himself and Ms. Velázquez) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to simplify income tax compliance for small businesses,
Read more →The momentum on Capitol Hill for comprehensive tax reform remains strong as House and Senate lawmakers continue to put forth and debate reform ideas. The House Small Business Committee held an October 4 hearing examining, in particular, tax reform for small businesses. During the hearing, lawmakers and
Read more →The House Ways and Means Oversight Subcommittee held an October 4 hearing on the IRS’s efforts and challenges toward modernizing its information technology (IT) infrastructure. Witnesses from the IRS, Treasury Inspector General for Tax Administration (TIGTA) and Government Accountability Office (GAO) testified before the subcommittee. The IRS
Read more →The Departments of the Treasury, Health and Human Services, and Labor have issued proposed and interim final contraceptive mandate rules that are effective on October 6, 2017. The new regulations exempt objecting nongovernment employers from the general requirement to provide contraceptive coverage at no cost to participants
Read more →One of the most crucial decisions you will have to make as a business owner when setting up a new business, or reorganizing an existing one, is what structure to use. The choices range from a simple sole proprietorship, to an S Corp flow-through, to a C
Read more →Many entrepreneurs start a business because they have a great idea about a product or want to provide a service they are skilled in. Although skill and an impressive product are important to having a successful business, it is central for long-term success not to get lost
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