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Annemarie Aguanno

Rules issued on paid family and medical leave credit

Rules issued on paid family and medical leave credit https://www.journalofaccountancy.com/news/2018/sep/irs-rules-paid-family-medical-leave-credit-201819789.html The IRS on Monday issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to […]

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Andrew Presti

Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon

Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon The IRS is expected to soon release proposed regulations for tax reform’s new business interest limitation. “They are so broad that nearly every domestic taxpayer will be impacted,” Daniel G. Strickland, an associate at Eversheds Sutherland, told Wolters Kluwer. The first set of proposed regulations […]

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Brian Whelan

Practitioner’s Corner: Proposed IRS Rules on Opportunity Zones Provide Clarity, But Gaps Remain

Practitioner’s Corner: Proposed IRS Rules on Opportunity Zones Provide Clarity, But Gaps Remain Last year’s tax reform created a new Opportunity Zone program, which offers qualifying investors certain tax incentives aimed to spur investment in economically distressed areas. Treasury Secretary Steven Mnuchin has predicted that the Opportunity Zone program will create $100 billion in private […]

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Elias Koumniotes

AICPA, ABA Urge Extensive Changes to Proposed Transition Tax Rules

AICPA, ABA Urge Extensive Changes to Proposed Transition Tax Rules The American Institute of Certified Public Accountants (AICPA) and the American Bar Association (ABA) Section of Taxation are urging the IRS to make extensive changes to proposed “transition tax” rules. Transition Tax The Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97), enacted last December, revived and amended Code […]

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Brian Whelan

Rettig Wants to Modernize IRS and Continue to Implement TCJA

Rettig Wants to Modernize IRS and Continue to Implement TCJA IRS Commissioner Charles Rettig gave his first speech since being confirmed as the 49th chief of the Service at the American Institute of CPAs (AICPA) November 13 National Tax Conference in Washington, D.C. “You’re going to see things [I do] and go, ‘I can’t believe he […]

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