Guidance Issued on Nondeductible Portion of Parking Fringe Expenses and UBTI

Guidance Issued on Nondeductible Portion of Parking Fringe Expenses and UBTI The IRS has provided guidance and examples for calculating the nondeductible portion of parking expenses. In addition, the IRS has provided guidance to tax-exempt organizations to help such organizations determine how unrelated business taxable income (UBTI) will be increased by the nondeductible amount of […]

Proposed Regulations Provide Guidance on Base Erosion and Anti-Abuse Tax (BEAT)

Proposed Regulations Provide Guidance on Base Erosion and Anti-Abuse Tax (BEAT) Proposed regulations provide much anticipated guidance on the base erosion and anti-abuse tax (BEAT) under Code Sec. 59A and related reporting requirements. The regulations are proposed to apply generally to tax years beginning after December 31, 2017, but taxpayers may rely on these proposed […]

Accounting Method Procedures Simplified for Complying with AFS Deadline for All Events Test

Accounting Method Procedures Simplified for Complying with AFS Deadline for All Events Test The IRS will grant automatic consent to accounting method changes to comply with new Code Sec. 451(b), as added by the Tax Cuts and Jobs Act ( P.L. 115-97). In addition, some taxpayers may make the accounting method change on their tax […]

Relief from “Once-In-Always-In” Condition for Excluding Part-Time Employee Deferrals Under 403(b) Plan

Relief from “Once-In-Always-In” Condition for Excluding Part-Time Employee Deferrals Under 403(b) Plan The IRS has issued transition relief from the “once-in-always-in” condition for excluding part-time employees under Reg. §1.403(b)-5(b)(4)(iii)(B). Under the “once-in-always-in” exclusion condition, once an employee is eligible to make elective deferrals, the employee may not be excluded from making elective deferrals in any […]

Guidance on 2019 Withholding Rules

Guidance on 2019 Withholding Rules The IRS has provided interim guidance for the 2019 calendar year on income tax withholding from wages and withholding from retirement and annuity distributions. In general, certain 2018 withholding rules provided in Notice 2018-14, I.R.B. 2018-7, 353, will remain in effect for the 2019 calendar year, with one exception. The […]

How do I… Guard against taxpayer identity theft?

How do I… Guard against taxpayer identity theft? The number of tax return-related identity theft incidents has almost doubled in the past three years to well over half a million reported during 2011, according to a recent report by the Treasury Inspector General for Tax Administration (TIGTA). Identity theft in the context of tax administration […]

Administration’s FY 2019 Budget Prioritizes IRS Enforcement, Proposes Few Tax-Law Changes

Administration’s FY 2019 Budget Prioritizes IRS Enforcement, Proposes Few Tax-Law Changes The Trump administration on February 12 released its much-anticipated fiscal year (FY) 2019 budget request, “Efficient, Effective, Accountable An American Budget.” The administration’s proposal calls for IRS funding that focuses additional resources on enforcement and cybersecurity. Coming off passage of the Tax Cuts and […]

IRS Releases Second Quarter Guidance Update; Focus On New Law

IRS Releases Second Quarter Guidance Update; Focus On New Law The Treasury and IRS have released their second quarter update to the 2017-2018 Priority Guidance Plan. The updated 2017-2018 Priority Guidance Plan now reflects 29 additional projects, including 18 projects that have become near term priorities as a result of the Tax Cut and Jobs […]

Additional Partnership Audit Regs Tackle Basis/Capital Accounts

Additional Partnership Audit Regs Tackle Basis/Capital Accounts New proposed regulations under the centralized partnership audit regime address how and when partnerships and their partners adjust tax attributes to take into account partnerships’ payment adjustments. They also provide, among other additions and clarifications to earlier proposed regs, rules to adjust basis and capital accounts if the […]

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Author Archive for Steve Grgas

Guidance Issued on Nondeductible Portion of Parking Fringe Expenses and UBTI

Proposed Regulations Provide Guidance on Base Erosion and Anti-Abuse Tax (BEAT)

Accounting Method Procedures Simplified for Complying with AFS Deadline for All Events Test

Relief from “Once-In-Always-In” Condition for Excluding Part-Time Employee Deferrals Under 403(b) Plan

Guidance on 2019 Withholding Rules

How do I… Guard against taxpayer identity theft?

Administration’s FY 2019 Budget Prioritizes IRS Enforcement, Proposes Few Tax-Law Changes

IRS Releases Second Quarter Guidance Update; Focus On New Law

Additional Partnership Audit Regs Tackle Basis/Capital Accounts

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