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Author Archive for Tracy Tasch

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Uncle Paul’s Pizza Offering Medical Workers Free Meals For 2 Weeks

Uncle Paul’s Pizza Offering Medical Workers Free Meals For 2 Weeks https://wcbs880.radio.com/articles/news/nyc-pizzeria-offering-workers-free-meals-for-2-weeks Sean Adams March 26, 2020 – 8:31 am NEW YORK (WCBS 880) —  Uncle Paul’s Pizza near Grand Central has seen an 85 percent decline in traffic due to the coronavirus pandemic, causing owner Dino Redzik to close down four other locations and furlough […]

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Founder of Rethink, Matt Jozwiak, to make free or low-cost meals for New Yorkers in Need

Founder of Rethink, Matt Jozwiak, to make free or low-cost meals for New Yorkers in Need A group called Rethink has teamed up with the Michelin-starred restaurant to feed New Yorkers in need. https://www.nytimes.com/2020/04/02/dining/eleven-madison-park-free-meals-coronavirus.html Daniel Humm, center, and staff in the dining room at Eleven Madison Park, which has closed in the health crisis but […]

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AICPA Asks for More QBI Deduction Guidance

AICPA Asks for More QBI Deduction Guidance The American Institute of CPAs (AICPA) has requested additional guidance on tax reform’s Code Sec. 199A qualified business income (QBI) deduction. 199A Deduction GuidanceThe IRS issued final and proposed regulations in February 2019 on the Code Sec. 199A QBI deduction enacted in 2017 under the Tax Cuts and Jobs Act (TCJA) ( P.L. […]

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Calculation of “Average Income” Minimum Set Aside Test for Low Income Housing Credit Explained

Calculation of “Average Income” Minimum Set Aside Test for Low Income Housing Credit Explained Taxpayers claiming the low-income housing credit should apply the “average income” minimum set aside test by reference to the “very low-income” limits calculated by the U.S. Department of Housing and Urban Development (HUD) for purposes of determining eligibility under the HUD Section 8 program. HUD […]

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Final Covered Asset Acquisition Rules Adopted

Final Covered Asset Acquisition Rules Adopted The Treasury and IRS have adopted as final the 2016 proposed regulations on covered assets acquisitions (CAAs) under Code Sec. 901(m) and Code Sec. 704. Proposed regulations issued under Code Sec. 901(m) are adopted with revisions, and the Code Sec. 704 proposed regulations are adopted without revisions. The Code Sec. 901(m) rules were also issued as temporary regulations. […]

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Practitioners’ Corner: Wolters Kluwer Interviews TCPI Symposium Experts on Current and Future State of Tax Policy

Practitioners’ Corner: Wolters Kluwer Interviews TCPI Symposium Experts on Current and Future State of Tax Policy Tax reform legislation widely known as the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) was signed into law on December 22, 2017. The TCJA brought forth the most sweeping overhaul of the U.S. tax code in over 30 […]

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Reporting Relief for U.S. Individuals’ Transactions With Certain Foreign Trusts

Reporting Relief for U.S. Individuals’ Transactions With Certain Foreign Trusts The IRS has issued guidance that: exempts certain U.S. citizens and residents from Code Sec. 6048 information reporting requirements for their transactions with, and ownership of, certain tax-favored foreign retirement trusts and foreign nonretirement savings trusts; and establishes procedures for these individuals to request abatement or refund […]

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Partner Tax Basis Capital Reporting Not Required Until 2020 Partnership Tax Years

Partner Tax Basis Capital Reporting Not Required Until 2020 Partnership Tax Years The IRS has released guidance that provides that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 partnership tax years, but will first apply to 2020 partnership tax years. 2019 Reporting For […]

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Proposed Regulations Provide Guidance on Section 382(h) Built-in Gain and Loss Computation

Proposed Regulations Provide Guidance on Section 382(h) Built-in Gain and Loss Computation Proposed regulations would provide guidance on the inclusion of income and deduction items in the calculation of built-in gains and losses under Code Sec. 382(h). The proposed regulations would: simplify the application of Code Sec. 382; provide more certainty to taxpayers in determining […]

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