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Author Archive for Andrew Presti

apresti

Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon

Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon The IRS is expected to soon release proposed regulations for tax reform’s new business interest limitation. “They are so broad that nearly every domestic taxpayer will be impacted,” Daniel G. Strickland, an associate at Eversheds Sutherland, told Wolters Kluwer. The first set of proposed regulations […]

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apresti

New look to TINs/EINs to prevent identity theft/refund fraud

New look to TINs/EINs to prevent identity theft/refund fraud The IRS continues to ramp-up its work to fight identity theft/refund fraud and recently announced new rules allowing the use of abbreviated (truncated) personal identification numbers and employer identification numbers. Instead of showing a taxpayer’s full Social Security number (SSN) or other identification number on certain […]

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apresti

House Approves IRS Reform Package

House Approves IRS Reform Package The House on April 18 approved the two largest bills of a bipartisan IRS reform package. On April 17, the House approved seven other bills, by voice vote, which are also part of the larger bipartisan package. Its aim is to restructure the IRS for the first time in 20 […]

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apresti

IRS Computer Glitch Extends 2017 Filing Deadline One Day

IRS Computer Glitch Extends 2017 Filing Deadline One Day The IRS provided an additional day for taxpayers to file and pay their taxes, following system issues that surfaced early on April 17. Individuals and businesses with a filing or payment due date of April 17 had until midnight on Wednesday, April 18, to file returns […]

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apresti

Treasury, OMB Agree to Increased Oversight of Tax Regulations

Treasury, OMB Agree to Increased Oversight of Tax Regulations Certain proposed regulations issued by Treasury will now be subject to additional oversight by the Office of Management and Budget (OMB). A Memorandum of Agreement (MOA) between Treasury and OMB released on April 12 specifies terms under which the Office of Information and Regulatory Affairs (OIRA) […]

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apresti

New Law Clarifies Partnership Audit Rules

New Law Clarifies Partnership Audit Rules Technical corrections to the partnership audit rules were included in the bipartisan Consolidated Appropriations Act (CAA), 2018 ( P.L. 115-141), which was signed by President Trump on March 23. The omnibus spending package, which provides funding for the government and federal agencies through September 30, contains several tax provisions, including […]

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apresti

Tax reform takes on new momentum as year-end approaches

Tax reform takes on new momentum as year-end approaches Tax reform discussions continue on Capitol Hill with legislation expected to be released very soon. GOP lawmakers in the House and Senate appear to be aiming for a comprehensive overhaul of the Tax Code. President Trump and Republicans in Congress have set out an ambitious schedule […]

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apresti

FAQ: How does a business handle holiday gift-giving?

FAQ: How does a business handle holiday gift-giving? Holiday gifts made to customers are generally deductible as ordinary and necessary business expenses as long as the taxpayer can demonstrate that such gifts maintain or improve customer goodwill. Such gifts must bear a direct relationship to the taxpayer’s business and must be made with a reasonable […]

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