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Author Archive for Annemarie Aguanno

Home \ Articles posted by Annemarie Aguanno (Page 3)
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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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Final Regs Revert Back to Prior Partnership Disguised Sale Rules

Final Regs Revert Back to Prior Partnership Disguised Sale Rules New final regulations that address the allocation of partnership liabilities for disguised sale purposes revert back to prior regulations. Under the final regulations: a partner’s share of a recourse liability of the partnership equals the partner’s share of the liability under the rules of Code […]

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House Approves Bipartisan Repeal of ACA’s “Cadillac” Tax

House Approves Bipartisan Repeal of ACA’s “Cadillac” Tax The House has approved a bipartisan repeal of the Affordable Care Act’s (ACA) so-called “Cadillac”excise tax on certain high-cost insurance plans. ACA Cadillac Tax Repeal The Middle Class Health Benefits Tax Repeal Bill (HR 748) cleared the House on the evening of July 17 by a 419-to-6 vote. […]

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House Approves Bipartisan IRS Reform Bill

House Approves Bipartisan IRS Reform Bill The House on April 9 approved by voice vote a bipartisan, bicameral IRS reform bill. The IRS bill, which now heads to the Senate, would redesign the IRS for the first time in over 20 years. IRS Reform The Taxpayer First Act of 2019 (HR 1957), as amended, cleared […]

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IRS Postpones Canceling Tax Transcript Faxing Service After Grassley, Wyden Urge Delay

IRS Postpones Canceling Tax Transcript Faxing Service After Grassley, Wyden Urge Delay The IRS has said that it is postponing its plan to discontinue faxing taxpayer transcripts. The IRS statement came on the heels of a letter sent earlier this week from bipartisan leaders of the Senate Finance Committee urging such a delay. IRS Cybersecurity […]

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Rules issued on paid family and medical leave credit

Rules issued on paid family and medical leave credit https://www.journalofaccountancy.com/news/2018/sep/irs-rules-paid-family-medical-leave-credit-201819789.html The IRS on Monday issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to […]

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Final Regulations Target Tax-Motivated Inversion Transactions

Final Regulations Target Tax-Motivated Inversion Transactions The IRS has issued final regulations that target tax-motivated inversion transactions and certain post-inversion tax avoidance transactions. The final regulations retain the thresholds and substantiation requirements of the 2016 final, temporary and proposed regulations (the 2016 regulations), but make limited changes to the 2016 regulations to improve clarity and […]

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Focus Remains on Tax Reform

Focus Remains on Tax Reform Congressional lawmakers on Capitol Hill continue to focus on tax reform. Republicans and Democrats alike have been discussing the effects of tax reform, albeit reaching different conclusions. Tax Reform Hearings The Ways and Means Committee held a hearing during the week of May 14, marking the first in a series […]

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Trump Signs Bipartisan Budget Act; Tax Extenders Included

Trump Signs Bipartisan Budget Act; Tax Extenders Included President Trump on February 9 signed the Bipartisan Budget Act into law after a brief government shutdown occurred overnight. The legislation contains tax provisions in addition to a continuing resolution to fund the government and federal agencies through March 23. The House approved this new law in […]

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Information reporting deadlines coming up fast

Information reporting deadlines coming up fast Information reporting has become a growing part of IRS’s enforcement and compliance strategy. Data matching, or even the inference that the IRS has the data to do so, statistically has increased overall income reporting nine-fold. Use of information returns, either in the form of Forms W-2, 1098s or 1099s, […]

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