Final REGs Clarify Definition of Qualifying Relative
The IRS has issued final regs that clarify the definition of qualifying relative for purposes of various provisions of the …
Proposed Reliance REGs on Disallowed Transportation and Commuting Expenses
IRS has issued proposed reliance regs that reflect the 2017 Tax Cut and Jobs Act (P.L. 115-97, TCJA) rules that eliminate …
IRS Proposes Reliance Regs on Contribution Limits to ABLE Accounts
The IRS has proposed reliance regs under Code Sec. 529A that provide guidance on the amended contribution limits applicable to …
Federal Court Dismisses States’ Challenge to SALT Deduction Cap
A federal district court has dismissed four states’ constitutional challenge to the state and local tax (SALT) deduction cap enacted …
IRS Updates Enrolled Agent Rules and Procedures
The IRS has updated its enrolled agent (EA) news webpage with information about the new EA logo, enrollment renewal, and …
IRS Finalizes 199A Rental Real Estate Safe Harbor
In a Revenue Procedure and accompanying News Release (Rev Proc 2019-38, 2019-42 IRB; IR 2019-158, 9/24/2019), IRS has finalized a …
IRS Finalizes Bonus Depreciation Regs
IRC §168(k) allows an additional first-year (“bonus”) depreciation deduction in the placed-in-service year of qualified property. In August 2019, IRS …
IRS Releases New FAQs on Qualified Opportunity Funds
The IRS has released more frequently asked questions (FAQs) regarding the tax deferral and capital gain exclusion possibilities of investing …
Proposed QBI deduction regs for cooperatives and their patrons – Part 2
IRS has issued proposed reliance regs providing, among other things, guidance to cooperatives and their patrons regarding the Code Sec. 199A qualified …
Proposed QBI deduction regs for cooperatives and their patrons – Part 1
Preamble to Prop Reg REG-118425-18, Prop Reg §1.199A-7, Prop Reg §1.199A-8, Prop Reg §1.199A-9, Prop Reg §1.199A-10, Prop Reg §1.199A-11, Prop Reg §1.199A-12, Prop Reg §1.1388-1; IR 2019-115 …