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-...
Busy tax agenda awaits Congress’ return after August recess
Congress returns to work in September with a full agenda of tax
legislation. Lawmakers will search for revenue to pay for a
long-term federal highway and transportation bill, debate the fate
of popula...
Developments continue to impact the mortgage interest deduction
The mortgage interest deduction is widely used by the majority of
individuals who itemize their deductions. In fact, the size of the
average mortgage interest deduction alone persuades many taxpayers
...
FAQ: When must individuals pay estimated taxes?
Many federal income taxes are paid from amounts that are withheld
from payments to the taxpayer. For instance, amounts roughly equal
to an employee's estimated tax liability are generally withheld
fro...
How Do I? Form a partnership for tax purposes
A business operated by two or more owners can elect to be taxed as
a partnership by filing Form 8832, the Entity Classification
Election form. A business is eligible to elect partnership status
if it ...
September 2015 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
How do I? Compute withholding using the part-year employment method
Employers generally withhold from wages by way of the wage-bracket
or percentage method (Code Sec. 3402(b) and Code Sec. 3402(c)).
However, an employee may request that the amount of tax withheld by
t...
August 2015 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
Supreme Court upholds ACA Code Sec. 36B premium tax credit regs
After months of waiting, the U.S. Supreme Court announced its
decision on the fate of the Code Sec. 36B premium assistance tax
credit on June 25 in King v. Burwell, 2015-1 ustc ¶50,356. In a 6
to...
Treasury, IRS get moving on ABLE account rules
Late in 2014, Congress passed and President Obama signed into the
law the Achieving a Better Life Experience (ABLE) Act. The new law,
which enjoyed strong bipartisan support, authorizes the creation
o...
How Do I? Determine when the "at risk" rules apply to my business
Taxpayers that invest in a trade or business or an activity for the
production of income can only deduct losses from the activity or
business if the taxpayer is at risk for the investment. A taxpayer
...
FAQ...Can I deduct the cost of sending my child to summer camp?
Now that summer is officially here and the main filing season is
out of the way, tax planning may be far from your mind. However,
typical summer traditions can yield tax benefits. For example, when
sc...
July 2015 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
Lawmakers add tax measures to trade package, approve other tax bills
Tax provisions are often included as revenue raisers in non-tax
bills and this year is no exception. A massive trade package making
its way through Congress contains a number of tax measures,
impactin...
How the IRS resolves an identity theft case
The IRS has responded to criticism from the Treasury Inspector
General for Tax Administration and the National Taxpayer Advocate,
among others, that resolution of identity theft accounts takes too
lon...
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