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Author Archive for Lisa Varela

lvarela

IRS Issues Final Regulations on Wage Withholding, Redesigned W-4

IRS Issues Final Regulations on Wage Withholding, Redesigned W-4 The IRS has issued final regulations that provide guidance for employers on federal income tax withholding from employees’ wages. The final regulations: address the amount of federal income tax that employers withhold from employees’ wages; implement changes made by the Tax Cuts and Jobs Act (TCJA) […]

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lvarela

Deadlines Extended for Qualified Opportunity Funds and Investors

Deadlines Extended for Qualified Opportunity Funds and Investors The IRS has announced various extensions of deadlines for qualified opportunity funds and their investors due to the Coronavirus pandemic. 180-Day Investment PeriodGenerally taxpayers must reinvestment capital gain in a qualified opportunity fund (QOF) within 180 days after the gain is realized from a sale or exchange. […]

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lvarela

Final Regulations Issued on FDII and GILTI Deduction

Final Regulations Issued on FDII and GILTI Deduction The Treasury and IRS have issued final regulations covering the Code Sec. 250 deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI). Proposed regulations were issued on March 6, 2019 (NPRM REG-104464-18). The final regulations maintain the basic approach and structure of the proposed regulations and […]

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lvarela

IRS Amends 199A Regs on Suspended Losses and RICs

IRS Amends 199A Regs on Suspended Losses and RICs The IRS amended final regulations with guidance on the Code Sec. 199A deduction for suspended losses and shareholders of regulated investment companies (RICs). The amendments address the treatment of suspended losses included in qualified business income (QBI), the deduction allowed to a shareholder in a regulated investment company […]

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lvarela

IRS Temporarily Allows Certain Retirement Plan Participants to Sign Elections Remotely

IRS Temporarily Allows Certain Retirement Plan Participants to Sign Elections Remotely The IRS has released guidance that provides temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Specifically, the guidance provides participants, beneficiaries, and administrators of qualified retirement plans and other […]

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lvarela

Treasury, SBA Issue Updated PPP Guidance, Revised Application and Forgiveness Forms, New EZ Forgiveness Form

Treasury, SBA Issue Updated PPP Guidance, Revised Application and Forgiveness Forms, New EZ Forgiveness Form In consultation with Treasury Department, the Small Business Administration (SBA) has issued: new and revised guidance for the Paycheck Protection Program (PPP); revised PPP application forms; a revised PPP loan forgiveness application; and a new “EZ” PPP loan forgiveness application. New, Revised […]

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lvarela

Wolters Kluwer Interview: Outlook on Ever-Evolving Paycheck Protection Program

Wolters Kluwer Interview: Outlook on Ever-Evolving Paycheck Protection Program “If you can look into the seeds of time, and say which grain will grow and which will not, speak then unto me.” — William Shakespeare The Paycheck Protection Program (PPP) was enacted under the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) on March […]

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lvarela

2021 Budget Outlines Administration Priorities for Extending Tax Cuts, Increased IRS Funding

2021 Budget Outlines Administration Priorities for Extending Tax Cuts, Increased IRS Funding On February 11, the White House released President Donald Trump’s fiscal year (FY) 2021 budget proposal, which outlines his administration’s priorities for extending certain tax cuts and increasing IRS funding. Treasury Secretary Steven Mnuchin testified before the Senate Finance Committee (SFC) on February […]

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lvarela

IRS Provides Section 199A Safe Harbor for Rental Real Estate

IRS Provides Section 199A Safe Harbor for Rental Real Estate The IRS has issued a revenue procedure with a safe harbor that allows certain interests in rental real estate to be treated as a trade or business for purposes of the Code Sec. 199A qualified business income (QBI) deduction. The safe harbor is intended to […]

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