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Author Archive for Donald Sager

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Continuity Safe Harbor Deadlines for Energy Credit Facility Construction May Be Tolled for National Security Delays

Continuity Safe Harbor Deadlines for Energy Credit Facility Construction May Be Tolled for National Security Delays The continuity safe harbor placed-in-service date deadlines for the investment tax energy credit (Code Sec. 48) and the renewable electricity production credit (Code Sec. 45(a)) may be tolled if a construction delay is caused by national security concerns raised […]

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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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Correction to Penalty Relief for Missing Negative Tax Basis Capital Account Info

Correction to Penalty Relief for Missing Negative Tax Basis Capital Account Info The IRS has corrected Notice 2019-20, which provided a waiver of penalties under Code Secs. 6722(failure to furnish correct payee statements) and 6698 (failure to file partnership return) for certain partnerships that file and furnish Schedules K-1 to Form 1065 without reporting negative tax basis capital account […]

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Proposed Regs Address Foreign Tax Credit Changes

Proposed Regs Address Foreign Tax Credit Changes Highly anticipated foreign tax credit regulations have been issued that provide guidance on the significant changes made to the foreign tax credit rules by the Tax Cuts and Jobs Act ( P.L. 115-97). The proposed regulations address: allocation and apportionment of the deductions under Code Secs. 861 through […]

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Brady Expects “Phase Two” Tax Reform Outline by August

Brady Expects “Phase Two” Tax Reform Outline by August A “phase two” tax reform outline could be unveiled by House GOP tax writers by August. Republicans have started to increase their tax meetings related to the effort, House Ways and Means Committee Chairman Kevin Brady, R-Tex., told reporters on June 13. Tax Reform “2.0” Timeline The precise timing of […]

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White House Remains Focused on Tax Reform – Phase Two

White House Remains Focused on Tax Reform – Phase Two The White House and Republican lawmakers are continuing discussions focused on a second round of tax reform, according to President Trump’s top economic advisor. National Economic Council Director Lawrence Kudlow said in an April 5 interview that Trump and House Ways and Means Committee Chairman […]

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How do I? Calculate bonus depreciation under the new tax law?

How do I? Calculate bonus depreciation under the new tax law? The Tax Cuts and Jobs Act increases bonus depreciation rate to 100 percent for property acquired and placed in service after September 27, 2017, and before January 1, 2023. The rate phases down thereafter. Used property, films, television shows, and theatrical productions are eligible […]

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IRS reminds taxpayers of ACA requirements; White House seeks administrative changes

IRS reminds taxpayers of ACA requirements; White House seeks administrative As the 2018 filing season nears, the IRS is reminding taxpayers that the Affordable Care Act (ACA) remains on the books. The ACA’s reporting requirements for individuals have not been changed by Congress. At the same time, the Trump Administration has proposed administrative changes to […]

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