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Author Archive for Tracy Tasch

ttasch

Nashville group buys the Westin Tampa Bay on Rocky Point, plans long-term renovation

By Ashley Gurbal Kritzer  – Senior Reporter, Tampa Bay Business Journal Jul 2, 2019, 2:50pm EDT Westin Tampa Bay, a 16-story hotel on Tampa’s Rocky Point, has been sold to a group of Nashville investors. Castlerock Asset Management said Tuesday that it acquired the 244-room hotel. A purchase price was not disclosed, and a deed for […]

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ttasch

Final Regulations Clarify Employment Tax Treatment of Partners in Partnership That Owns Disregarded Entity

Final Regulations Clarify Employment Tax Treatment of Partners in Partnership That Owns Disregarded Entity The IRS has released final regulations that clarify the employment tax treatment of partners in a partnership that owns a disregarded entity. The Treasury Department and the IRS had issued the temporary regulations ( T.D. 9766) to clarify that the rule that […]

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ttasch

Final Regs Dealing With Lessees Claiming Investment Credit Disallow Basis Increases for Partners and S Shareholders Making Income Inclusions

Final Regs Dealing With Lessees Claiming Investment Credit Disallow Basis Increases for Partners and S Shareholders Making Income Inclusions IRS final regulations provide rules that apply when the lessor of investment tax credit property elects to pass the credit through to a lessee. If this election is made, the lessee is generally required to include […]

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ttasch

Preventive Care High Deductible Health Plan Exceptions Expanded for Chronic Conditions

Preventive Care High Deductible Health Plan Exceptions Expanded for Chronic Conditions Effective July 17, 2019, the list of preventive care benefits that can be provided by a high deductible health plan (HDHP) without a deductible or with a deductible below the applicable minimum deductible is expanded. The list now includes certain cost effective medical care […]

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ttasch

Proposed Regulations Address PFIC Rules

Proposed Regulations Address PFIC Rules The Treasury and IRS have issued proposed regulations on provisions dealing with passive foreign investment companies (PFICs). Proposed regulations published on April 25, 2015, also have been withdrawn ( NPRM REG-108214-15). U.S. persons who own interests in PFICs are subject to rules that limit deferral on passive income earned by foreign […]

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ttasch

Proposed Exception to MEP Unified Plan Rule

Proposed Exception to MEP Unified Plan Rule Proposed regulations would provide an exception to the unified plan rule for multiple employer plans (MEPs). The purpose is to reduce the risk of plan disqualification due to noncompliance by other participating employers. The regulations would apply on or after the publication date of final regulations in the […]

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ttasch

Proposed Reliance Regs Address Qualified Opportunity Funds, Zones and Businesses

Proposed Reliance Regs Address Qualified Opportunity Funds, Zones and Businesses Proposed regulations address gains that may be deferred when taxpayers invest in a qualified opportunity fund (QOF). Taxpayers may generally rely on these new proposed regulations. The IRS has also requested comments. The proposed regulations also withdraw and replace placeholder provisions in an earlier set […]

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ttasch

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 […]

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ttasch

Wyden Report Critiques GOP’s Tax Reform

Wyden Report Critiques GOP’s Tax Reform The Senate Finance Committee’s (SFC) leading Democrat has released a report critiquing Republicans’ 2017 overhaul of the tax code. The report, focusing primarily on international tax reform, was released by SFC ranking member Ron Wyden, D-Ore., on July 18. Criticism of GOP Tax Reform The Democratic SFC report, “Trump’s Tax […]

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