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Author Archive for Tracy Tasch

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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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ttasch

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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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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Final Regulations, Proposed Safe Harbor Issued for Section 163(j) Business Interest Limit

Final Regulations, Proposed Safe Harbor Issued for Section 163(j) Business Interest Limit The IRS has issued final regulations regarding the limitation for the business interest expense deduction under Code Sec. 163(j), including recent legislative amendments made for the 2019 and 2020 tax years. Also, a safe harbor has been proposed allowing taxpayers managing or operating […]

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ttasch

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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