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
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
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
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withdrawn its directive to examiners that provided instructions on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
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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