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Archive for March 6th, 2020

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afarrell

Fleet-Average and Vehicle Cents-Per-Mile Base Valuation Amounts Updated

Fleet-Average and Vehicle Cents-Per-Mile Base Valuation Amounts Updated Final regulations increase a vehicle’s maximum value for eligibility to use the fleet-average valuation rule or the vehicle cents-per-mile valuation rule. The regulations provide transition rules for certain employers. The final regulations are effective on February 5, 2020, the date of publication in the Federal Register. TCJA […]

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ekoumniotes

Guidance Provided on Qualifying for EITC

Guidance Provided on Qualifying for EITC The IRS has provided guidance on qualifying for the Earned Income Tax Credit (EITC). The EITC is a refundable tax credit that is intended to be a financial boost for families with low to moderate incomes. Due to changes in marital, parental or financial status, millions of workers may […]

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afarrell

House Writers Debate Effects of Corporate Income Tax Cut

House Writers Debate Effects of Corporate Income Tax Cut House Democratic and Republican tax writers debated the effects of tax reform’s corporate income tax cut during a February 11 hearing convened by Democrats. Democratic lawmakers have consistently called for an increase in the corporate tax rate since it was lowered from 35 percent to 21 […]

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afarrell

Practitioners’ Corner: Wolters Kluwer Interviews TCPI Symposium Experts on Current and Future State of Tax Policy

Practitioners’ Corner: Wolters Kluwer Interviews TCPI Symposium Experts on Current and Future State of Tax Policy Tax reform legislation widely known as the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) was signed into law on December 22, 2017. The TCJA brought forth the most sweeping overhaul of the U.S. tax code in over 30 […]

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apresti

Proposed Regulations Reflect Changes to Wage Withholding, Redesigned W-4

Proposed Regulations Reflect Changes to Wage Withholding, Redesigned W-4 The IRS has proposed regulations with guidance for employers on withholding federal income tax from employee’s wages. The proposed regulations: implement recent changes made to Code Secs. 3401 and 3402 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97); and reflect the redesigned 2020 Form W-4, Employee’s Withholding Certificate, and […]

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aaguanno

Qualified Opportunity Zone Investment Regulations Finalized

Qualified Opportunity Zone Investment Regulations Finalize Proposed qualified opportunity zone regulations issued on October 29, 2018 ( REG-115420-18) and May 1, 2019 ( REG-120186-18) under Code Sec. 1400Z-2 have been finalized with modifications. The regulations. which were issued in a 550 page document, are comprehensive. The regulations address issued related to all aspects of the gain deferral rules and […]

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