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Author Archive for Angelica Farrell

afarrell

2021 Budget Outlines Administration Priorities for Extending Tax Cuts, Increased IRS Funding

2021 Budget Outlines Administration Priorities for Extending Tax Cuts, Increased IRS Funding On February 11, the White House released President Donald Trump’s fiscal year (FY) 2021 budget proposal, which outlines his administration’s priorities for extending certain tax cuts and increasing IRS funding. Treasury Secretary Steven Mnuchin testified before the Senate Finance Committee (SFC) on February […]

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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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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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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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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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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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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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