House Ways and Means Committee Republicans sent a letter dated October 5 to Treasury Secretary Jack Lew again voicing concerns about the Obama administration’s proposed Code Sec. 385 regulations. The letter comes on the heels of the Treasury delivering final regulations under Code Sec. 385 to the
Read more →The IRS has provided the 2016-2017 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home, specifically: (1) the special transportation industry meal and incidental expenses (M&IE) rates; (2) the rate for the
Read more →Senate Finance Committee (SFC) Chair Orrin Hatch, R-Utah, introduced two bipartisan bills on July 12 intended to protect taxpayers: the Stolen Identity Refund Fraud Prevention Bill (Sen 3157) and the Taxpayer Protection Bill of 2016 (Sen 3156). Sen 3157 would implement guidelines for the IRS in handling
Read more →The IRS has issued temporary regulations under Code Sec. 7701 to clarify that a disregarded entity that is treated as a corporation for employment tax purposes is not treated as a corporation for purposes of employing an individual who is a partner in a partnership that owns
Read more →President Obama signed into law the American Manufacturing and Competitiveness Act of 2016 on May 20. The bill was approved by the House on April 27th and passed the Senate on May 10th. The new law calls for a three-step process under the Miscellaneous Tariff Bill (MTB)
Read more →House Ways and Means Social Security Subcommittee Chairman Sam Johnson, R-Tex., and Subcommittee member Jim Renacci, R-Ohio, on May 25 introduced legislation intended to protect taxpayers from identity theft. The Social Security Must Advert Identity Loss (Social Security MAIL) Bill of 2016 (HR 5320) would require the
Read more →Both the House and Senate passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), and President Obama signed the legislation on Friday, December 18th, 2015, passing significant tax legislation since the passage of the American Tax Relief Act of 2012 (ATRA). The Act does
Read more →House lawmakers on December 17 passed a $629-billion package of tax extenders, the Protecting Americans from Tax Hikes (PATH) Bill of 2015 (HR 2029), by a vote of 318 to 109. The measure now goes to the Senate, which is slated to hold a vote on December
Read more →Victims of severe storms, tornadoes, straight-line winds and flooding that took place beginning on October 22, 2015 in parts of Texas may qualify for tax relief from the IRS. The president has declared the counties of Bastrop, Brazoria, Caldwell, Comal, Galveston, Guadalupe, Hardin, Harris, Hays, Hidalgo, Liberty,
Read more →The Senate on December 3 approved by a margin of 52-47 a budget reconciliation bill, the Restoring Americans’ Healthcare Freedom Reconciliation Bill of 2015 (HR 3762), which repeals portions of the Patient Protection and Affordable Care Act (PPACA) (P.L. 111-148). The Senate version, in the form of
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