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Trump Walks Back Capital Gains Indexing, Payroll Tax Cuts
President Trump recently walked back consideration of capital gains indexing and a payroll tax cut, less than 24 hours after signaling his support for both....

Top Senate Tax Writers Release First Round of Bipartisan Reports Examining Tax Extenders
The Senate’s top tax writers have released the first round of bipartisan task force reports examining over 40 expired and soon to be expired tax breaks known as tax extenders. Congress is expect...

100 Percent Bonus Depreciation Guidance for Certain Tax Years Allows Late Elections, Revocations
Bonus depreciation guidance that applies to property acquired after September 27, 2017, in a tax year that includes September 28, 2017, allows taxpayers to make a late election or revoke a prior valid...

Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1
The IRS has granted a six-month extension to eligible partnerships to file a superseding Form 1065, U.S. Return of Partnership Income, and furnish corresponding Schedules K-1, Partner’s Share of...

Proposed Regulations Update Fleet-Average, Vehicle Cents-Per-Mile Valuation Rules
Proposed regulations increase a vehicle’s maximum value for eligibility to use the fleet-average valuation rule or the vehicle cents-per-mile valuation rule. The increase to $50,000 is effective...

Nondiscrimination Relief for Closed Defined Benefit Plans Extended Again
The temporary nondiscrimination relief for closed defined benefit plans provided in Notice 2014-5, I.R.B. 2014-2, 276, is extended through plan years beginning in 2020. Notice 2014-5 pr...

Final Regs Tweak Safe Harbor for Partnership Allocations of Creditable Foreign Tax Expenditures
The IRS has adopted final regulations with respect to the allocation by a partnership of foreign income taxes. The final regulations are intended to improve the operation of an existing safe harbor ru...

Proposed Regulations Classify Cloud and Digital Content Transactions
Transactions involving digital content and cloud computing have become common due to the growth of electronic commerce. The transactions must be classified in terms of character so that various provis...

LB&I Withdraws Guidance on Cost-Sharing Arrangement Stock Based Compensation
The IRS Large Business and International Division (LB&I) has withdrawn its directive to examiners that provided instructions on transfer pricing issue selection related to stock based compensation (SB...

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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