IRS Releases Final and Proposed BEAT Regulations
The IRS has issued final and proposed regulations implementing the
base erosion and anti-abuse tax (BEAT) under Code Sec. 59A. The
BEAT is a minimum tax that certain large corporations must pay on
cer...
Final and Proposed Regulations Address Foreign Tax Credit
The IRS has issued highly anticipated final regulations on the
significant changes made to the foreign tax credit rules by the Tax
Cuts and Jobs Act (TCJA) ( P.L. 115-97). The final regulations
retain...
Final Regulations on Calculation of UBTI Issued
The IRS has released final regulations that present guidance on how
certain organizations that provide employee benefits must calculate
unrelated business taxable income (UBTI) under Code Sec. 512(a)....
Final Rules Adopted on Changes to Estate Tax Exclusion Amount
The IRS has issued Reg. §20.2010-1(c) to address the effect of the
temporary increase in the basic exclusion amount (BEA) used in
computing estate and gift taxes. In addition, Reg. §20.2010-...
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...
