Tax Policy Outlook Uncertain as Key Senate Races Head to Runoff
By Melissa A. Oaks, J.D., LL.M. …
Final REGs on SEC. 958(b) Ownership Attribution Rules
The IRS has issued final regs on the ownership attribution rules under Code Sec. 958(b); that Code section was modified by …
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 …