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Author Archive for Brian Whelan

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bwhelan

Compliance Monitoring Obligations of Low-Income Housing Credit Agencies Finalized

Compliance Monitoring Obligations of Low-Income Housing Credit Agencies Finalized Final regulations relating to the low-income housing tax credit revise and clarify requirements that low-income housing agencies must follow when conducting physical inspections of low-income units and reviewing low-income certifications and other documentation. The regulations finalize previously issued temporary regulations (T.D. 9753, February 25, 2016). Sample […]

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bwhelan

Senators Introduce Bipartisan Craft Beverage Modernization and Tax Reform Bill

Senators Introduce Bipartisan Craft Beverage Modernization and Tax Reform Bill Senators have introduced a bipartisan bill specifically tailored to reduce excise taxes and regulations for the U.S. craft beverage industry. The bill aims to promote job creation and permanently reduce certain taxes and compliance burdens. Craft Beverage Tax Reform The Craft Beverage Modernization and Tax […]

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bwhelan

Opportunity Zone’s Tax Writers, Stakeholders Criticize IRS’s 50-Percent Locational Rule

Opportunity Zone’s Tax Writers, Stakeholders Criticize IRS’s 50-Percent Locational Rule The IRS’s proposed 50-percent gross income locational rule on the active conduct of Opportunity Zone businesses is garnering criticism from stakeholders and lawmakers alike. The IRS released proposed regulations, NPRM REG-115420-18, for tax reform’s Opportunity Zone program last October. 50-Percent Locational Rule Many stakeholders have urged […]

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bwhelan

Practitioner’s Corner: Proposed IRS Rules on Opportunity Zones Provide Clarity, But Gaps Remain

Practitioner’s Corner: Proposed IRS Rules on Opportunity Zones Provide Clarity, But Gaps Remain Last year’s tax reform created a new Opportunity Zone program, which offers qualifying investors certain tax incentives aimed to spur investment in economically distressed areas. Treasury Secretary Steven Mnuchin has predicted that the Opportunity Zone program will create $100 billion in private […]

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bwhelan

Rettig Wants to Modernize IRS and Continue to Implement TCJA

Rettig Wants to Modernize IRS and Continue to Implement TCJA IRS Commissioner Charles Rettig gave his first speech since being confirmed as the 49th chief of the Service at the American Institute of CPAs (AICPA) November 13 National Tax Conference in Washington, D.C. “You’re going to see things [I do] and go, ‘I can’t believe he […]

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bwhelan

Brady: New Middle-Income Tax Cut Conditionally Expected in 2019

Brady: New Middle-Income Tax Cut Conditionally Expected in 2019 A new, 10 percent middle-income tax cut is conditionally expected to be advanced in 2019, according to the House’s top tax writer. This timeline, although largely already expected on Capitol Hill, departs sharply from President Donald Trump’s original prediction that the measure would surface by November. […]

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bwhelan

Democratic Senators Introduce Retirement Savings Bill to Restore Obama-Era MyRA Program

Democratic Senators Introduce Retirement Savings Bill to Restore Obama-Era MyRA Program The Senate Finance Committee’s (SFC) top ranking Democrat has introduced a bill to restore a retirement savings program known as myRA that was terminated by Treasury last year. The myRA program was created by former President Obama through an Executive Order. Retirement Savings “Cost-of-living […]

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bwhelan

GOP to Move Tax Bills During Lame-Duck Session

GOP to Move Tax Bills During Lame-Duck Session Congressional Republicans are looking to move forward with certain legislative tax efforts during Congress’s lame-duck session. The House’s top tax writer, who will hand the reins to Democrats next year, has reportedly outlined several tax measures that will be a priority when lawmakers return to Washington, D.C., […]

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