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Author Archive for Steve Grgas

sgrgas

Angélique Kidjo Wins Best World Music Album For ‘Celia’ | 2020 GRAMMYs

Angélique Kidjo takes home Best World Music Album for ‘Celia’ at the 62nd GRAMMY Awards By John Ochoa – GRAMMYs Jan 26, 2020 Angélique Kidjo won Best World Music Album for Celia at the 62nd GRAMMY Awards. This marks her fourth win in the category and fourth GRAMMY win overall.  During her acceptance speech, Kidjo celebrated a new […]

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sgrgas

Hopes for Year-End Tax Extenders Package Appear Dwindling

Hopes for Year-End Tax Extenders Package Appear Dwindling Hopes for a year-end tax extenders package appear to be dwindling on Capitol Hill. Tax Extenders Need a Legislative Vehicle Over 30 expired or soon-to-be expired tax breaks known as tax extenders were originally considered a top contender for hitching a ride on a larger, must-pass government […]

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sgrgas

New Rules Proposed on Charitable Contribution Related to SALT Benefits

New Rules Proposed on Charitable Contribution Related to SALT Benefits The IRS has released new proposed rules related to charitable contributions made to get around the $10,000/$5,000 cap on state and local tax (SALT) deductions. The proposed regulations: incorporate the safe harbor in Notice 2019-12 for individuals who have any portion of a charitable deduction […]

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sgrgas

Final Regulations Issued on CFC Related Person Rules, Active Trade or Business Exception

Final Regulations Issued on CFC Related Person Rules, Active Trade or Business Exception Final regulations provide rules on the attribution of ownership of stock or other interests, for determining whether a person is a related person with respect to a controlled foreign corporation (CFC) under the foreign base company sales income rules. The regulations also […]

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sgrgas

IRS Releases Final and Proposed BEAT Regulations

IRS Releases Final and Proposed BEAT Regulations The IRS has issued final and proposed regulations implementing the base erosion and anti-abuse tax (BEAT) under Code Sec. 59A. The BEAT is a minimum tax that certain large corporations must pay on certain payments made to foreign related parties, and was added by the Tax Cuts and […]

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sgrgas

Final Regulations on 100 Percent Bonus Depreciation Issued, Along With New Proposals

Final Regulations on 100 Percent Bonus Depreciation Issued, Along With New Proposals Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired and placed in service after September 27, 2017, allow property which is constructed under a pre-September 28, 2017 binding contract to qualify for the 100 percent rate. The final […]

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sgrgas

LB&I Withdraws Guidance on Cost-Sharing Arrangement Stock Based Compensation

LB&I Withdraws Guidance on Cost-Sharing Arrangement Stock Based Compensation The IRS Large Business and International Division (LB&I) has withdrawn its directive to examiners that provided instructions on transfer pricing issue selection related to stock based compensation (SBC) in cost sharing arrangements (CSAs). U.S. taxpayers that are cost sharing participants must include SBC as intangible development […]

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sgrgas

Medicaid Waiver Payments Were Earned Income Even Though IRS Excluded Them From Gross Income

Medicaid Waiver Payments Were Earned Income Even Though IRS Excluded Them From Gross Income Medicaid waiver payments were earned income, even though IRS Notice 2014-7 treated them as “difficulty of care” foster care payments that were excluded from gross income. The Tax Court held that excluding the payments from earned income would improperly deny the […]

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sgrgas

Wyden Urges Treasury, IRS to “Do More” to Waive Underpayment Penalties

Wyden Urges Treasury, IRS to “Do More” to Waive Underpayment Penalties The Senate’s top Democratic tax writer is calling on the IRS and Treasury to further waive underpayment penalties for the 2018 tax year. Nearly 30 million taxpayers are expected to have underpaid taxes last year, according to the Government Accountability Office (GAO). Underpayment Penalty […]

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