Final Regulations Allow Truncated TINs on Forms W-2 Furnished to Employees

Final Regulations Allow Truncated TINs on Forms W-2 Furnished to Employees Final regulations allow employers to voluntarily truncate employees’ social security numbers (SSNs) on copies of Forms W-2, Wage and Tax Statement, furnished to employees. The truncated SSNs appear on the forms as IRS truncated taxpayer identification numbers (TTINs). The regulations also clarify and provide […]

Final Regs Dealing With Lessees Claiming Investment Credit Disallow Basis Increases for Partners and S Shareholders Making Income Inclusions

Final Regs Dealing With Lessees Claiming Investment Credit Disallow Basis Increases for Partners and S Shareholders Making Income Inclusions IRS final regulations provide rules that apply when the lessor of investment tax credit property elects to pass the credit through to a lessee. If this election is made, the lessee is generally required to include […]

Preventive Care High Deductible Health Plan Exceptions Expanded for Chronic Conditions

Preventive Care High Deductible Health Plan Exceptions Expanded for Chronic Conditions Effective July 17, 2019, the list of preventive care benefits that can be provided by a high deductible health plan (HDHP) without a deductible or with a deductible below the applicable minimum deductible is expanded. The list now includes certain cost effective medical care […]

Continuity Safe Harbor Deadlines for Energy Credit Facility Construction May Be Tolled for National Security Delays

Continuity Safe Harbor Deadlines for Energy Credit Facility Construction May Be Tolled for National Security Delays The continuity safe harbor placed-in-service date deadlines for the investment tax energy credit (Code Sec. 48) and the renewable electricity production credit (Code Sec. 45(a)) may be tolled if a construction delay is caused by national security concerns raised […]

Proposed Regulations Address PFIC Rules

Proposed Regulations Address PFIC Rules The Treasury and IRS have issued proposed regulations on provisions dealing with passive foreign investment companies (PFICs). Proposed regulations published on April 25, 2015, also have been withdrawn ( NPRM REG-108214-15). U.S. persons who own interests in PFICs are subject to rules that limit deferral on passive income earned by foreign […]

Proposed Exception to MEP Unified Plan Rule

Proposed Exception to MEP Unified Plan Rule Proposed regulations would provide an exception to the unified plan rule for multiple employer plans (MEPs). The purpose is to reduce the risk of plan disqualification due to noncompliance by other participating employers. The regulations would apply on or after the publication date of final regulations in the […]

Final Regs Address CPEO Requirements, Responsibilities

Final Regs Address CPEO Requirements, Responsibilities Final regulations provide requirements that a person must satisfy to become and remain a certified professional employer organization (CPEO), as well as the CPEO’s federal employment tax liabilities and other obligations. CPEOs Some employers contract with PEOs to complete and file tax returns, pay and withhold employment taxes on […]

Final Regulations Reduce Section 956 Income Inclusions by Domestic Corporations Owning CFC Stock

Final Regulations Reduce Section 956 Income Inclusions by Domestic Corporations Owning CFC Stock Final regulations reduce the Code Sec. 956 amount for certain domestic corporations that own stock in controlled foreign corporations (CFCs). The regulations are intended to ensure that Code Sec. 956 is applied consistently with the participation exemption system under Code Sec. 245A. Subpart F Rules Under the […]

Temporary Regulations Limit Application of Participation DRD To Prevent Tax Avoidance

Temporary Regulations Limit Application of Participation DRD To Prevent Tax Avoidance Newly issued temporary regulations limit the application of the Code Sec. 245A participation dividends received deduction (the participation DRD) and the Code Sec. 954(c)(6) exception in certain situations that present an opportunity for tax avoidance. The temporary regulations also provide related information reporting rules under Code Sec. 6038. Participation […]

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Archive for August 9th, 2019

Final Regulations Allow Truncated TINs on Forms W-2 Furnished to Employees

Final Regs Dealing With Lessees Claiming Investment Credit Disallow Basis Increases for Partners and S Shareholders Making Income Inclusions

Preventive Care High Deductible Health Plan Exceptions Expanded for Chronic Conditions

Continuity Safe Harbor Deadlines for Energy Credit Facility Construction May Be Tolled for National Security Delays

Proposed Regulations Address PFIC Rules

Proposed Exception to MEP Unified Plan Rule

Final Regs Address CPEO Requirements, Responsibilities

Final Regulations Reduce Section 956 Income Inclusions by Domestic Corporations Owning CFC Stock

Temporary Regulations Limit Application of Participation DRD To Prevent Tax Avoidance

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