Tax Extenders Remain Top Contender for Hitching a Ride on Must-Pass Government Funding Bill
"A thumb goes up, a car goes by…" Tax extenders remain a top
contender for "hitching a ride" on November’s must-pass government
IRS Provides Section 199A Safe Harbor for Rental Real Estate
The IRS has issued a revenue procedure with a safe harbor that
allows certain interests in rental real estate to be treated as a
trade or business for purposes of the Code Sec. 199A qualified
Cryptocurrency Guidance, Virtual Currency FAQs Released
The IRS has released cryptocurrency guidance and frequently asked
questions (FAQs) on virtual currency....
SALT Cap Not Unconstitutionally Coercive
A district court has dismissed a lawsuit filed by four states’
against the federal government, ruling that the $10,000 state and
local taxes (SALT) federal deduction cap is not
Final Regs Revert Back to Prior Partnership Disguised Sale Rules
New final regulations that address the allocation of partnership
liabilities for disguised sale purposes revert back to prior
regulations. Under the final regulations:...
Preceding Year Disaster Loss Election Final Regulations
The IRS has released final regulation on the election to take a
loss resulting from a federally declared disaster in the year
preceding the disaster. The final regulations adopt proposed
Proposed Regs Address Tax Implications of LIBOR Elimination
Proposed regulations provide guidance on the potential tax
consequences of replacing the London interbank offered rates
(LIBORs) with a new reference rate in contracts and agreements....
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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