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IRS Increases Enforcement Action on Syndicated Conservation Easements, IR-2019-182
The IRS has announced a significant increase in enforcement actions for syndicated conservation easement transactions. This is a "priority compliance area" for the agency....

Proposed Rules Clarifying Carried Interest Limitation Expected Early 2020, Kautter Says
Treasury and the IRS are expected to release proposed rules in "early 2020" that would clarify certain limitations on the carried interest tax break, according to David Kautter, Treasury’s assis...

Hopes for Year-End Tax Extenders Package Appear Dwindling
Hopes for a year-end tax extenders package appear to be dwindling on Capitol Hill....

Top Senate Tax Writers Call for Action on SECURE Act
Senate Finance Committee (SFC) Chair Chuck Grassley, R-Iowa, and other top Senate tax writers are calling for Senate action on the bipartisan Setting Every Community Up for Retirement Enhancement Secu...

Senate Blocks Democrats’ Push to Overturn SALT Cap Workaround Rules; Vaping Tax Bill Clears Committee
The Senate blocked a Democratic resolution on October 23 to overturn Treasury rules preventing certain workarounds to the $10,000 state and local tax (SALT) federal deduction cap....

Treasury, IRS Release Draft Opportunity Zone Reporting Form
Treasury and the IRS on October 31 announced the release of a new, draft form implementing certain reporting requirements under the Tax Cuts and Jobs Act Opportunity Zone program....

Section 280E is Constitutional: Marijuana Dispensary’s Business Deductions Disallowed
A California-based medical marijuana dispensary corporation’s motion for summary judgment challenging the constitutionality of Code Sec. 280E was denied. The Tax Court also addressed whether Cod...

Proposed Regs Address Terminated S Corporation Distributions
The IRS has proposed regulations that define an eligible terminated S corporation (ETSC), and provide rules relating to distributions of money by an ETSC after the post-termination transition period (...

Major tax changes expected under Trump Administration
One month after the presidential election, taxpayers are learning more about President-elect Donald Trump’s tax proposals for his administration. Although exact details, including legislative la...

Are IRS Q&As authoritative guidance?
The Tax Code is among the most complex of all federal statutes. To explain the Code, the IRS issues guidance. Recently, the IRS has used the “Frequently Asked Question (FAQ)” format to exp...

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