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Author Archive for Tracy Tasch

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Proposed Regs Address State and Local Tax Payments by Partnerships, S Corporations

Proposed Regs Address State and Local Tax Payments by Partnerships, S Corporations The IRS intends to issue proposed regulations to clarify that state and local income taxes imposed on and paid by a partnership or an S corporation are deductible by the partnership or S corporation in computing non-separately stated taxable income for the year […]

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Life Expectancy and Distribution Period Tables for RMDs Updated

Life Expectancy and Distribution Period Tables for RMDs Updated The IRS has issued final regulations to update the life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The tables reflect the general increase in life expectancy. The tables would apply for distribution calendar years beginning on or after January 1, 2022, […]

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Guidance on Form W-2 Reporting of Deferred Employee Tax

Guidance on Form W-2 Reporting of Deferred Employee Tax The IRS has released guidance on its website for employers and employees regarding deferral of employee Social Security tax under Notice 2020-65, I.R.B. 2020-38, 567. In August, the IRS issued Notice 2020-65 in response to a Presidential Memorandum that allowed deferral of the withholding, deposit, and payment of certain […]

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Guidance for Applying New, Proposed Bonus Depreciations Regs

Guidance for Applying New, Proposed Bonus Depreciations Regs The IRS has provided guidance to taxpayers that want to apply either Reg. §1.168(k)-2 and Reg. §1.1502-68, or want to rely on proposed regulations under NPRM REG-106808-19, for: certain depreciable property acquired and placed in service after September 27, 2017, by the taxpayer during its tax years ending on or after […]

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Proposed Regulations Address Small Business Simplified Accounting Rules

Proposed Regulations Address Small Business Simplified Accounting Rules Proposed regulations adopt the post-2017 simplified accounting rules for small businesses. Implementation The Tax Cuts and Jobs Act ( P.L. 115-97) put in place a single $25 million gross receipts test (adjusted annually for inflation after 2018) for determining whether certain taxpayers can use the cash method […]

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Proposed Regs Address Books and Witnesses Examinations by Non-Government Persons

Proposed Regs Address Books and Witnesses Examinations by Non-Government Persons The IRS has released proposed regulations that implement new Code Sec. 7602(f), which bars non-government persons who are hired by the IRS from questioning a witness under oath whose testimony was obtained pursuant to a summons issued under Code Sec. 7602. The regulations prohibit any […]

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IRS Issues Proposed Regulations on Partnership Carried Interests

IRS Issues Proposed Regulations on Partnership Carried Interests The IRS has issued proposed regulations that implement the “carried interest” rules under Code Sec. 1061 adopted by Congress as part of the Tax Cuts and Jobs Act of 2017 ( P.L. 115-97). Some key aspects of the lengthy proposed regulations include the definition of important terms, […]

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ttasch

Guidance on CARES Act Defined Benefit Plan Funding Relief

Guidance on CARES Act Defined Benefit Plan Funding Relief The IRS has provided guidance on the special rules relating to funding of single-employer defined benefit pension plans, and related benefit limitations, under Act Sec. 3608 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (P.L. 116-136). The guidance clarifies application of the extended […]

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