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Author Archive for Brian Whelan

bwhelan

IRS Issues 2020 Form W-4

The IRS issued the redesigned 2020 Form W-4. https://tax.thomsonreuters.com/blog/irs-issues-2020-form-w-4 By Christopher Wood, CPP December 5, 2019 Highlight: Not all employees must complete the 2020 Form W-4. The IRS has designed the withholding tables to work with both the 2020 Form W-4 and prior year forms. On December 5, the IRS issued the redesigned 2020 Form […]

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bwhelan

100 Percent Bonus Depreciation Guidance for Certain Tax Years Allows Late Elections, Revocations

100 Percent Bonus Depreciation Guidance for Certain Tax Years Allows Late Elections, Revocations Bonus depreciation guidance that applies to property acquired after September 27, 2017, in a tax year that includes September 28, 2017, allows taxpayers to make a late election or revoke a prior valid election to: elect out of 100 percent bonus depreciation; […]

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bwhelan

Senate Tax Writers Discuss Bipartisan Retirement Savings Bills; Related House Vote Expected Soon

Senate Tax Writers Discuss Bipartisan Retirement Savings Bills; Related House Vote Expected Soon Senate tax writers on Capitol Hill continue to discuss bipartisan retirement savings bills as the House gears up for a vote on a related tax measure. The Senate Finance Committee (SFC) held a May 14 hearing during which lawmakers on both sides […]

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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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