Senate Tax Writers Discuss Bipartisan Retirement Savings Bills; Related House Vote Expected Soon
Senate tax writers on Capitol Hill continue to discuss bipartisan
retirement savings bills as the House gears up for a vote on a
related tax measure....
Trump, Democratic Leaders Agree to Develop $2 Trillion Infrastructure Plan
President Donald Trump and Democratic congressional leaders have
agreed to develop a $2 trillion infrastructure plan, according to
Senate Minority Leader Chuck Schumer, D-N.Y....
Proposed Regulations Issued on Withholding on Foreign Partner's Disposition of Partnership Interest
Highly anticipated proposed regulations have been issued on the
withholding required with respect to the disposition of certain
partnership interests. The proposed regulations affect certain
Proposed Regulations Issued on CFC Related Person Rules and Active Trade or Business Exception
Proposed regulations provide rules on the attribution of ownership
of stock or other interests for determining whether a person is a
related person with respect to a controlled foreign corporation
Final Regulations Issued on Recognition and Deferral of Code Sec. 987 Gain or Loss
Final regulations have been issued on transactions of U.S.
taxpayers that have qualified business units (QBUs) with functional
currency other than the U.S. dollar....
Medicaid Waiver Payments Were Earned Income Even Though IRS Excluded Them From Gross Income
Medicaid waiver payments were earned income, even though IRS Notice
2014-7 treated them as “difficulty of care” foster care payments
that were excluded from gross income. The Tax Court hel...
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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