September 12, 2020
Elias Koumniotes
Blog Posts
0 CommentsAICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral The American Institute of CPAs (AICPA) has urged the IRS and Treasury in an August 12 letter to issue guidance on President Trump’s payroll tax deferral memorandum. The executive action signed by the president on August 8 instructs Treasury to defer the collection and […]
Read moreMay 13, 2020Elias KoumniotesBlog Posts0 CommentsLawmakers Continue Phase Four Economic Relief Talks; “CARES 2” in the Works Lawmakers are continuing talks on a “phase four” economic relief package in response to the COVID-19 global pandemic. To that end, the House’s “CARES 2” package is currently in the works and could see a floor vote as early as this month. “CARES 2”President Trump signed into […]
Read moreMarch 06, 2020Elias KoumniotesBlog Posts0 CommentsGuidance Provided on Qualifying for EITC The IRS has provided guidance on qualifying for the Earned Income Tax Credit (EITC). The EITC is a refundable tax credit that is intended to be a financial boost for families with low to moderate incomes. Due to changes in marital, parental or financial status, millions of workers may […]
Read moreDecember 07, 2019Elias KoumniotesBlog Posts0 CommentsProposed Rules Clarifying Carried Interest Limitation Expected Early 2020, Kautter Says Treasury and the IRS are expected to release proposed rules in “early 2020” that would clarify certain limitations on the carried interest tax break, according to David Kautter, Treasury’s assistant secretary for tax policy. Kautter briefly addressed the proposed regulations’ timeline while speaking at […]
Read moreOctober 10, 2019Elias KoumniotesBlog Posts0 CommentsEligible Partnerships Granted Extension to File Form 1065 and Schedules K-1 The IRS has granted a six-month extension to eligible partnerships to file a superseding Form 1065, U.S. Return of Partnership Income, and furnish corresponding Schedules K-1, Partner’s Share of Income, Deductions, Credits. For a calendar year partnership, the deadline to file Form 1065 and […]
Read moreJuly 12, 2019Elias KoumniotesBlog Posts0 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 […]
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