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Archive for March 11th, 2018

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ekoumniotes

Treasury Moves To Repeal 298 Unnecessary, Obsolete Regulations

Treasury Moves To Repeal 298 Unnecessary, Obsolete Regulations The Treasury Department has proposed repealing 298 regulations. According to the Treasury, the targeted rules are unnecessary, duplicative or obsolete. In addition, the Treasury proposed to amend another 79 regulations to reflect the repeal. Take away. “We continue our work to ensure that our tax regulatory system […]

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sgrgas

Administration’s FY 2019 Budget Prioritizes IRS Enforcement, Proposes Few Tax-Law Changes

Administration’s FY 2019 Budget Prioritizes IRS Enforcement, Proposes Few Tax-Law Changes The Trump administration on February 12 released its much-anticipated fiscal year (FY) 2019 budget request, “Efficient, Effective, Accountable An American Budget.” The administration’s proposal calls for IRS funding that focuses additional resources on enforcement and cybersecurity. Coming off passage of the Tax Cuts and […]

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sgrgas

IRS Releases Second Quarter Guidance Update; Focus On New Law

IRS Releases Second Quarter Guidance Update; Focus On New Law The Treasury and IRS have released their second quarter update to the 2017-2018 Priority Guidance Plan. The updated 2017-2018 Priority Guidance Plan now reflects 29 additional projects, including 18 projects that have become near term priorities as a result of the Tax Cut and Jobs […]

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sgrgas

Additional Partnership Audit Regs Tackle Basis/Capital Accounts

Additional Partnership Audit Regs Tackle Basis/Capital Accounts New proposed regulations under the centralized partnership audit regime address how and when partnerships and their partners adjust tax attributes to take into account partnerships’ payment adjustments. They also provide, among other additions and clarifications to earlier proposed regs, rules to adjust basis and capital accounts if the […]

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sgrgas

IRS Issues Guidance On Accounting Period Changes By Foreign Corporations To Prevent Avoidance of Transition Tax

IRS Issues Guidance On Accounting Period Changes By Foreign Corporations To Prevent Avoidance of Transition Tax The IRS has issued guidance for certain specified foreign corporations owned by U.S. shareholders subject to the Code Sec. 965 transition tax that are requesting a change in accounting period. The IRS will not approve a request to change the annual […]

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sgrgas

IRS Posts Best Practices For Individual Mandate

IRS Posts Best Practices For Individual Mandate The IRS has posted best practices for return preparers addressing the Affordable Care Act’s individual shared responsibility requirement, also known as the individual mandate. The Service reminded preparers that the Tax Cuts and Jobs Act did not eliminate the individual shared responsibility requirement for 2017. Take away. The IRS has cautioned that it […]

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dsager

How do I? Calculate bonus depreciation under the new tax law?

How do I? Calculate bonus depreciation under the new tax law? The Tax Cuts and Jobs Act increases bonus depreciation rate to 100 percent for property acquired and placed in service after September 27, 2017, and before January 1, 2023. The rate phases down thereafter. Used property, films, television shows, and theatrical productions are eligible […]

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lvarela

FAQ: Did the new law change capital gains taxation?

FAQ: Did the new law change capital gains taxation? The Tax Cuts and Jobs Act did not directly change the tax rate on capital gains: they remain at 0, 10, 15 and 20 percent, respectively (with the 25- and 28-percent rates also reserved for the same special situations). However, changes within the new law impact both when […]

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srusso

IRS launches 2018 filing season

IRS launches 2018 filing season The 2018 filing season for 2017 tax-year returns officially launched on January 27. On the other end of the filing season, taxpayers have two additional days to file their 2017 returns: the traditional April 15 filing deadline moves to April 17 this year. Some early filers, however, may find their […]

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