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IRS Waives Estimated Tax Rules, Penalties on Deemed Repatriation

April 24, 2018

The IRS has rushed out yet another guidance document on the Tax Cuts and Jobs Act’s deemed repatriation rules for offshore profits. Notice 2018-26 includes rules on penalty waivers, special elections, and the mechanics of reporting and paying the transition... Read More

How the New Business Interest Limits Will Work Under TCJA

April 24, 2018

Year 2018 is well underway and companies are grappling with how to comply with the in-force Tax Cuts and Jobs Act’s vague statutory language and an underfunded IRS. The IRS offered some help this month by releasing Notice 2018-28, explaining... Read More

Don’t Use S Corps to Avoid Carried Interest Holding Period

March 23, 2018

IRS to Tax Payers: Don’t Use S Corp to Avoid Carried Interest 3-Year Rule The fall out from hasty drafting of the massive Tax Cuts and Jobs Act continues, this time with the Department of the Treasury and the IRS... Read More

Interest on Home Equity Loans May Still Be Deductible

February 27, 2018

One casualty of the new tax law was thought to be the deduction for interest paid on home equity loans. The language of the bill was vague, and the conference report simply states, “…the Conference agreement suspends the deduction for... Read More

The Bank Is Open: IRS Tells Corporations How to Pay Tax on Offshore Profits

February 27, 2018

The first topic the IRS tackled in guidance regarding the new tax law is how corporate taxpayers should compute and pay the “transition tax” on the untaxed earnings of foreign subsidiaries. In exchange for the lower 21% corporate tax rate... Read More

Congress Skips Extenders in Thousand-Page Tax Law, Budget Bill Saves Popular Tax Breaks

February 27, 2018

It is hard to believe, but the Tax Cuts and Jobs Act passed by Congress in December left out many key expiring tax provisions, the so-called “extenders.” Instead, Congress included the extenders in H.R. 1892, the Bipartisan Budget Act of... Read More

New Tax Law a Game-Changer for Corporations

January 26, 2018

Reducing the high U.S. corporate tax rate was a key driver for enacting the Tax Cuts and Jobs Act (TCJA), Public Law 115-97. The most significant change is the reduction in the corporate tax rate to 21% from 35% and... Read More

What the New Tax Law Means for Your 1040

January 18, 2018

The Tax Cuts and Jobs Act (TCJA) takes effect this year. The big question now is what are the big changes and how do they affect taxpayers with different situations? More tax cut than tax reform, the measure is expected... Read More

Complex New Rules for Passthrough Taxes Explained

January 12, 2018

Just before year-end in 2017, President Trump signed into law the Tax Cuts and Jobs Act, Public Law 115-97, with massive tax cuts of $1.5 trillion over the next decade. The changes affect all individuals and every type of business... Read More

Large Employers Should Watch for IRS Letters about their Company Health Plans

January 8, 2018

While Congress eliminated the Affordable Care Act’s individual mandate, that doesn’t impact the employer requirements. The IRS is ramping up its efforts to enforce penalties against large employers who do not provide adequate health insurance plans. Employers with 50 or... Read More

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