Section 199A Passthrough Guidance Expected in July, Kautter Says
The IRS expects to issue guidance on the Code Sec.
199A passthrough deduction in July, Acting IRS Commissioner
David Kautter has said. Kautter outlined the timeline of various
guidance propo...
Focus Remains on Tax Reform
Congressional lawmakers on Capitol Hill continue to focus on tax
reform. Republicans and Democrats alike have been discussing the
effects of tax reform, albeit reaching different conclusions. ...
Regs Clarified In Response to Suit Over ACA Emergency Services Rules
The Treasury Department and the IRS, along with the Department of
Labor and the Department of Health and Human Services, issued a
notice of clarification to more thoroughly explain their decision
not ...
IRS Outlines New Five-Year Strategic Plan
The IRS has issued a new five-year strategic plan to guide its
programs and operations and to help meet the changing needs of
taxpayers and members of the tax community. "Providing service
to tax...
LB&I Rolls Out Additional Issue-Based Compliance Campaigns
The IRS Large Business and International (LB&I) Division has
identified and selected six additional compliance campaigns. The
IRS previously announced 13 campaigns on January 31, 2017, followed
by an ...
Life Insurance Transfer Transition Guidance Planned
The IRS intends to provide guidance on the new information
reporting obligations for certain life insurance contract
transactions under Code Sec. 6050Y. The proposed regulations
will provide guid...
How do I? Make tax-free gifts for tuition
With the soaring cost of college tuition rising on a yearly basis,
tax-free tuition gifts to children and grandchildren can help them
afford such an expensive endeavor, as well as save the generous
ta...
A first look at 2017 inflation-adjusted tax amounts now available
An early glimpse at the income tax picture for 2017 is now
available. The new information includes estimated ranges for each
2017 tax bracket as well as projections for a growing number of
inflation-s...
Year-end tax planning is right around the corner
It’s not too early to get ready for year-end tax planning. In fact,
many strategies take time to set up in order to gain maximum
benefit. Here are some preliminary considerations that may help
y...
Liability for the "nanny" tax
Employers generally have to pay employment taxes on the wages they
pay to their employees. A fine point under this rule, however, is
missed by many who themselves have full time jobs and don’t t...
What the new 1099 reporting requirement will mean for businesses
Businesses of all sizes are preparing for a possible avalanche of
information reporting after 2011. To help pay for health care
reform, lawmakers tacked on expanded information reporting to the
Patie...
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