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
Read more →The IRS has issued a fact sheet explaining the identity theft victim assistance process and procedures involved in resolving tax-related identity theft cases. The Form 14039, Identity Theft Affidavit, should be filed if the taxpayer attempts to file an electronic tax return and the IRS rejects it
Read more →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
Read more →Acting IRS Commissioner David Kautter on April 12 provided lawmakers with an update on the 2018 tax filing season and IRS operations. Kautter, testifying before the Senate Finance Committee (SFC), told lawmakers that the 2018 filing season has gone well with regard to tax return processing and
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 →BUSINESSES Corporate Taxes H.R. 1 calls for a 21-percent corporate tax rate beginning in 2018. The new law makes the new rate permanent. The maximum corporate tax rate currently tops out at 35 percent. Although the current 2017 maximum corporate tax rate is 35 percent, many corporations
Read more →Individuals who have not yet filed their 2016 federal tax return will be able to e-file only through November 18, 2017. The IRS will only accept paper-filed returns after that date, the IRS has announced. At the same time, the IRS reminds certain taxpayers living in a
Read more →Special Report Senate Republicans released a tax reform plan on November 9, 2017. Like the House GOP bill – the “Tax Cuts and Jobs Act” (HR 1) – the Senate GOP plan would impact virtually every individual and business on a level not seen in over 30
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,
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