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Archive for January 27th, 2020

bwhelan

IRS Issues 2020 Form W-4

The IRS issued the redesigned 2020 Form W-4. https://tax.thomsonreuters.com/blog/irs-issues-2020-form-w-4 By Christopher Wood, CPP December 5, 2019 Highlight: Not all employees must complete the 2020 Form W-4. The IRS has designed the withholding tables to work with both the 2020 Form W-4 and prior year forms. On December 5, the IRS issued the redesigned 2020 Form […]

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sgrgas

Hopes for Year-End Tax Extenders Package Appear Dwindling

Hopes for Year-End Tax Extenders Package Appear Dwindling Hopes for a year-end tax extenders package appear to be dwindling on Capitol Hill. Tax Extenders Need a Legislative Vehicle Over 30 expired or soon-to-be expired tax breaks known as tax extenders were originally considered a top contender for hitching a ride on a larger, must-pass government […]

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sgrgas

New Rules Proposed on Charitable Contribution Related to SALT Benefits

New Rules Proposed on Charitable Contribution Related to SALT Benefits The IRS has released new proposed rules related to charitable contributions made to get around the $10,000/$5,000 cap on state and local tax (SALT) deductions. The proposed regulations: incorporate the safe harbor in Notice 2019-12 for individuals who have any portion of a charitable deduction […]

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sgrgas

Final Regulations Issued on CFC Related Person Rules, Active Trade or Business Exception

Final Regulations Issued on CFC Related Person Rules, Active Trade or Business Exception Final regulations provide rules on the attribution of ownership of stock or other interests, for determining whether a person is a related person with respect to a controlled foreign corporation (CFC) under the foreign base company sales income rules. The regulations also […]

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sgrgas

IRS Releases Final and Proposed BEAT Regulations

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 certain payments made to foreign related parties, and was added by the Tax Cuts and […]

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wnaegele

Final and Proposed Regulations Address Foreign Tax Credit

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 the basic approach and structure of the 2018 proposed regulations ( NPRM REG-105600-18). […]

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ttasch

Partner Tax Basis Capital Reporting Not Required Until 2020 Partnership Tax Years

Partner Tax Basis Capital Reporting Not Required Until 2020 Partnership Tax Years The IRS has released guidance that provides that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 partnership tax years, but will first apply to 2020 partnership tax years. 2019 Reporting For […]

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tzanata

Final Regulations on Calculation of UBTI Issued

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). Background Organizations that are otherwise exempt from tax under Code Sec. 501(a) are subject to tax on their unrelated business […]

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