July 12, 2019
Elias Koumniotes
Blog Posts
0 CommentsFinal Rules Limit Charitable Contributions Made for SALT Credits The IRS has issued final regulations that require taxpayers to reduce the amount any charitable contribution deduction by the amount of any state and local tax (SALT) credit they receive or expect to receive in return. The rules are aimed at preventing taxpayers from getting around […]
Read moreApril 18, 2019Elias KoumniotesBlog Posts0 CommentsIRS Extends Passthrough Deduction to Real Estate Rental Activities, Provides Other Guidance New IRS guidance fills in several more pieces of the Code Sec. 199A passthrough deduction puzzle. Taxpayers can generally rely on all of these new final and proposed rules. Final Regulations The final regulations in T.D. 98xx_1 largely adopt the proposed regulations in NPRM REG-107892-18 (August 16, 2018), but […]
Read moreFebruary 09, 2019Elias KoumniotesBlog Posts0 CommentsIRS Extends Passthrough Deduction to Real Estate Rental Activities, Provides Other Guidance New IRS guidance fills in several more pieces of the Code Sec. 199A passthrough deduction puzzle. Taxpayers can generally rely on all of these new final and proposed rules. Final Regulations The final regulations in T.D. 98xx_1 largely adopt the proposed regulations in NPRM REG-107892-18 (August 16, 2018), but […]
Read moreFebruary 09, 2019Elias KoumniotesBlog Posts0 CommentsInterim Guidance for Excise Tax on Excess Remuneration and Parachute Payments The IRS has issued interim guidance on the excise tax payable by exempt organizations on remuneration in excess of $1 million and any excess parachute payments made to certain highly compensated current and former employees in the tax year. The excise tax imposed by Code […]
Read moreFebruary 09, 2019Elias KoumniotesBlog Posts0 CommentsFinal Transition Tax Regulations Issued The Treasury and IRS have issued final regulations for determining the inclusion under Code Sec. 965 of a U.S. shareholder of a foreign corporation with post-1986 accumulated deferred foreign income. Code Sec. 965 imposes a “transition tax” on the inclusion. The final regulations retain the basic approach and structure of the proposed regulations, with certain changes. […]
Read moreFebruary 09, 2019Elias KoumniotesBlog Posts0 CommentsIRS Issues 2019 Updates for Ruling Requests, Technical Advice, and No-Rule Procedures The IRS has issued its annual revisions to the general procedures for ruling requests, technical memoranda, determination letters, and user fees, as well as areas on which the Associate Chief Counsel offices will not rule. The revised procedures are generally effective January 2, […]
Read moreDecember 05, 2018Elias KoumniotesBlog Posts0 CommentsAICPA, ABA Urge Extensive Changes to Proposed Transition Tax Rules The American Institute of Certified Public Accountants (AICPA) and the American Bar Association (ABA) Section of Taxation are urging the IRS to make extensive changes to proposed “transition tax” rules. Transition Tax The Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97), enacted last December, revived and amended Code […]
Read moreAugust 10, 2018Elias KoumniotesBlog Posts0 CommentsTax Reform Hurts Homeowners, House Democratic Report Says Homeowners will be hurt financially by last year’s tax reform, according to a new House Democratic staff report. The report alleges that real estate developers will primarily benefit from the new tax law at the expense of homeowners. The Democratic staff report was released by House Oversight […]
Read moreMarch 11, 2018Elias KoumniotesBlog Posts0 CommentsTreasury Moves To Repeal 298 Unnecessary, Obsolete Regulations The Treasury Department has proposed repealing 298 regulations. According to the Treasury, the targeted rules are unnecessary, duplicative or obsolete. In addition, the Treasury proposed to amend another 79 regulations to reflect the repeal. Take away. “We continue our work to ensure that our tax regulatory system […]
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