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Author Archive for Lisa Varela

lvarela

CFC Partners Required to Increase E&P for Subpart F Inclusions

CFC Partners Required to Increase E&P for Subpart F Inclusions The upper-tier controlled foreign corporation (CFC) partners of a domestic partnership were required to include in gross income their distributive share of income inclusions under subpart F from lower-tier CFCs, and increase earnings and profits (E&P) by the same amount. Regulations under Code Sec. 964provided preliminary […]

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lvarela

Proposed Regulations on Reporting Life Insurance Policy Sales and Death Benefit Payments

Proposed Regulations on Reporting Life Insurance Policy Sales and Death Benefit Payments The IRS has issued proposed regulations on the information reporting requirements under Code Secs. 101(a)(3) and 6050Y, added by the Tax Cuts and Jobs Act ( P.L. 115-97). The regulations are to apply to reportable life insurance policy sales made, and reportable death benefits paid, after December […]

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lvarela

National Taxpayer Advocate Nina Olson Announces Retirement

National Taxpayer Advocate Nina Olson Announces Retirement Nina E. Olson, the National Taxpayer Advocate (NTA), has announced her decision to retire this summer from the esteemed NTA position at the IRS. Olson has served as taxpayers’ “voice” within the IRS and before Congress for the last 18 years. Olson will retire from the position of NTA on […]

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lvarela

Guidance on Tax Benefit for Stock Options and Restricted Stock Units

Guidance on Tax Benefit for Stock Options and Restricted Stock Units The IRS has released initial guidance on the new Code Sec. 83(i), added by the 2017 Tax Cuts and Jobs Act ( P.L. 115-97). Code Sec. 83 generally provides for the federal income tax treatment of property transferred in connection with the performance of […]

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lvarela

Ways and Means Approves IRS Hiring, Agriculture Tax Reform Bills

Ways and Means Approves IRS Hiring, Agriculture Tax Reform Bills House tax writers have moved two bills through committee. The bills focus on IRS hiring and the tax treatment of mutual ditch irrigation companies. The House Ways and Means Committee approved the measures in a June 21 markup. IRS Hiring The Ensuring Integrity in the […]

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lvarela

FAQ: Did the new law change capital gains taxation?

FAQ: Did the new law change capital gains taxation? The Tax Cuts and Jobs Act did not directly change the tax rate on capital gains: they remain at 0, 10, 15 and 20 percent, respectively (with the 25- and 28-percent rates also reserved for the same special situations). However, changes within the new law impact both when […]

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lvarela

Year-end tax planning for 2017: challenges/opportunities

Year-end tax planning for 2017: challenges/opportunities Year-end tax planning can provide most taxpayers with a good way to lower a tax bill that will otherwise be waiting for them when they file their 2017 tax return in 2018. Since tax liability is primarily keyed to each calendar tax year, once December 31, 2017 passes, your […]

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