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Author Archive for Angelica Farrell

afarrell

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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afarrell

IRS Increases Enforcement Action on Syndicated Conservation Easements, IR-2019-182

IRS Increases Enforcement Action on Syndicated Conservation Easements, IR-2019-182 The IRS has announced a significant increase in enforcement actions for syndicated conservation easement transactions. This is a “priority compliance area” for the agency. Throughout the IRS, coordinated examinations are being conducted in the Small Business and Self-Employed (SB/SE) Division, Large Business and International (LB&I) Division, […]

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afarrell

IRS Provides Section 199A Safe Harbor for Rental Real Estate

IRS Provides Section 199A Safe Harbor for Rental Real Estate The IRS has issued a revenue procedure with a safe harbor that allows certain interests in rental real estate to be treated as a trade or business for purposes of the Code Sec. 199A qualified business income (QBI) deduction. The safe harbor is intended to […]

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afarrell

Proposed Regs Address Terminated S Corporation Distributions

Proposed Regs Address Terminated S Corporation Distributions The IRS has proposed regulations that define an eligible terminated S corporation (ETSC), and provide rules relating to distributions of money by an ETSC after the post-termination transition period (PTTP). The proposed regulations also extend the treatment of distributions of money during the PTTP to all shareholders of […]

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afarrell

Tax Extenders Remain Top Contender for Hitching a Ride on Must-Pass Government Funding Bill

Tax Extenders Remain Top Contender for Hitching a Ride on Must-Pass Government Funding Bill “A thumb goes up, a car goes by…” Tax extenders remain a top contender for “hitching a ride” on November’s must-pass government funding bill. Wolters Kluwer recently sat down with Jennifer Acuña, Principal, Federal Legislative and Regulatory Services, KPMG LLP, in […]

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afarrell

Top Senate Tax Writers Call for Action on SECURE Act

Top Senate Tax Writers Call for Action on SECURE Act Senate Finance Committee (SFC) Chair Chuck Grassley, R-Iowa, and other top Senate tax writers are calling for Senate action on the bipartisan Setting Every Community Up for Retirement Enhancement Secure bill (HR 1994) (SECURE Act). The House-approved, bipartisan retirement savings bill has remained stalled in […]

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