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Trump Signs Bipartisan IRS Reform Legislation into Law
On July 1, President Trump signed into law a sweeping, bipartisan IRS reform bill called the Taxpayer First Act ( P.L. 116-25). This legislation aims to broadly redesign the IRS for the first tim...

House Approves Bipartisan Repeal of ACA’s “Cadillac” Tax
The House has approved a bipartisan repeal of the Affordable Care Act’s (ACA) so-called "Cadillac"excise tax on certain high-cost insurance plans....

Final Regulations Clarify Employment Tax Treatment of Partners in Partnership That Owns Disregarded Entity
The IRS has released final regulations that clarify the employment tax treatment of partners in a partnership that owns a disregarded entity....

Final Regulations Allow Truncated TINs on Forms W-2 Furnished to Employees
Final regulations allow employers to voluntarily truncate employees’ social security numbers (SSNs) on copies of Forms W-2, Wage and Tax Statement, furnished to employees. The truncated SSNs app...

Final Regs Dealing With Lessees Claiming Investment Credit Disallow Basis Increases for Partners and S Shareholders Making Income Inclusions
IRS final regulations provide rules that apply when the lessor of investment tax credit property elects to pass the credit through to a lessee. If this election is made, the lessee is generally requir...

Preventive Care High Deductible Health Plan Exceptions Expanded for Chronic Conditions
Effective July 17, 2019, the list of preventive care benefits that can be provided by a high deductible health plan (HDHP) without a deductible or with a deductible below the applicable minimum deduct...

Continuity Safe Harbor Deadlines for Energy Credit Facility Construction May Be Tolled for National Security Delays
The continuity safe harbor placed-in-service date deadlines for the investment tax energy credit (Code Sec. 48) and the renewable electricity production credit (Code Sec. 45(a)) may be tolled if a con...

Proposed Regulations Address PFIC Rules
The Treasury and IRS have issued proposed regulations on provisions dealing with passive foreign investment companies (PFICs). Proposed regulations published on April 25, 2015, also have been withdraw...

Proposed Exception to MEP Unified Plan Rule
Proposed regulations would provide an exception to the unified plan rule for multiple employer plans (MEPs). The purpose is to reduce the risk of plan disqualification due to noncompliance by other pa...

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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