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Archive for April 10th, 2020

ttasch

AICPA Asks for More QBI Deduction Guidance

AICPA Asks for More QBI Deduction Guidance The American Institute of CPAs (AICPA) has requested additional guidance on tax reform’s Code Sec. 199A qualified business income (QBI) deduction. 199A Deduction GuidanceThe IRS issued final and proposed regulations in February 2019 on the Code Sec. 199A QBI deduction enacted in 2017 under the Tax Cuts and Jobs Act (TCJA) ( P.L. […]

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ttasch

Calculation of “Average Income” Minimum Set Aside Test for Low Income Housing Credit Explained

Calculation of “Average Income” Minimum Set Aside Test for Low Income Housing Credit Explained Taxpayers claiming the low-income housing credit should apply the “average income” minimum set aside test by reference to the “very low-income” limits calculated by the U.S. Department of Housing and Urban Development (HUD) for purposes of determining eligibility under the HUD Section 8 program. HUD […]

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ttasch

Final Covered Asset Acquisition Rules Adopted

Final Covered Asset Acquisition Rules Adopted The Treasury and IRS have adopted as final the 2016 proposed regulations on covered assets acquisitions (CAAs) under Code Sec. 901(m) and Code Sec. 704. Proposed regulations issued under Code Sec. 901(m) are adopted with revisions, and the Code Sec. 704 proposed regulations are adopted without revisions. The Code Sec. 901(m) rules were also issued as temporary regulations. […]

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ttasch

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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ttasch

Reporting Relief for U.S. Individuals’ Transactions With Certain Foreign Trusts

Reporting Relief for U.S. Individuals’ Transactions With Certain Foreign Trusts The IRS has issued guidance that: exempts certain U.S. citizens and residents from Code Sec. 6048 information reporting requirements for their transactions with, and ownership of, certain tax-favored foreign retirement trusts and foreign nonretirement savings trusts; and establishes procedures for these individuals to request abatement or refund […]

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bwhelan

Bogus Emails from Lenders

Bogus Emails from Lenders April 9, 2020 Dear Clients, Colleagues and Friends, We have become aware of malicious emails being sent by scammers imitating Chase Bank, and possibly other lenders, related to Paycheck Protection Program Loans, and potentially other stimulus loans as well. These emails look authentic and it is almost impossible to tell that […]

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sgrgas

Cybersecurity & COVID-19

Cybersecurity & COVID-19 April 4, 2020 Dear Clients, Colleagues and Friends, Unfortunately, cyber criminals are capitalizing on the outbreak through phishing attacks and other intricate scams. The Internal Revenue Service warns all to be on the lookout for a surge of calls and email phishing attempts around COVID-19 and stimulus payments/programs that can lead to […]

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wnaegele

NYS Updates Re: Health Insurance and Unemployment Insurance

NYS Updates Re: Health Insurance and Unemployment Insurance April 3, 2020 Dear Clients, Colleagues and Friends, Governor Andrew M. Cuomo announced that through June 1, 2020, consumers and businesses experiencing financial hardship due to COVID-19 may defer paying premiums under individual and small group commercial health insurance plans. Following the Governor’s announcement, the New York […]

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wnaegele

IMPORTANT – DEADLINE FRIDAY 04/03/2020 – NYC Employee Retention Grant Program

IMPORTANT – DEADLINE FRIDAY 04/03/2020 – NYC Employee Retention Grant Program April 1, 2020 Dear Clients, Colleagues and Friends, The NYC Employee Grant Program is an immediate response to small businesses affected by the COVID-19 outbreak and was put in place to provide services for businesses with one to four employees that can demonstrate at […]

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apresti

Paycheck Protection Program

Paycheck Protection Program April 3, 2020 Dear Clients, Colleagues and Friends, The most popular program from the CARES Act for small business owners this week has been the Paycheck Protection Program (PPP). Since being signed into law on March 27, 2020, the program has drawn the attention of most small business owners. The PPP which is being […]

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