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-...
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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