IRS reminds certain entities seeking 2018 QI/WP/WT agreements to apply by Nov. 16
Qualified Intermediaries News, Issue Number: 2018-13 (Oct. 17, 2018) In a recent edition of “Qualified Intermediaries News,” IRS issued a …
Key 2019 individual tax items as calculated by Thomson Reuters Checkpoint based on inflation data
The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases. These adjustments …
Electronic auction system for partnership interests will be qualified matching service
PLR 201840006 In a private letter ruling (PLR), IRS has determined that a platform operated by a corporation, which will …
Simplified per-diem rates increase for post-Sept. 30, 2018 business travel
Notice 2018-77, 2018-42 IRB IRS has issued a new notice carrying the “high-low” simplified per-diem rates for post-Sept. 30, 2018 …
IRS considering guidance on Section 355(b) active trade or business requirement
IRS Statement on Trade or Business Requirement IRS has issued a statement indicating that it is contemplating issuing guidance on …
Proposed reliance regs would remove Code Sec. 385 documentation requirements
Proposed Removal of Section 385 Documentation Regulations Preamble to Prop Reg REG-130244-17; Prop Reg § 1.385-1, Prop Reg § 1.385-2 [Removing Reg. § 1.385-2], Prop Reg § …
IRS delays effective date of certain dividend equivalent regs & extends phase-in relief
Notice 2018-72, 2018-40 IRB In a Notice (the New Notice), IRS has announced that it intends to amend the final …
Rettig approved as IRS Commissioner
On Wednesday, September 12, the Senate by a vote of 64 to 33 confirmed Charles “Chuck” Rettig as IRS Commissioner, …
Prop regs targeting SALT limitation workarounds don’t affect deductibility of business payments
IR 2018-178, 9/5/2018 In a news release, IRS has clarified that business taxpayers who make business-related payments to charities or government …
Tax Court upholds U.S. parent company’s intercompany loan/repatriation transaction
Illinois Tool Works Inc. & Subsidiaries, TC Memo 2018-121 The Tax Court has determined that a U.S. parent company’s repatriation transaction, …