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August 2019 Newsletter

Annemarie Aguanno discusses, “House Approves Bipartisan Repeal of ACA’s “Cadillac” Tax”. Salvatore Russo discusses, “Final Regulations Allow Truncated TINs on Forms W-2 Furnished to Employees”. Donald Sager takes a look at, “Continuity Safe Harbor Deadlines for Energy Credit Facility Construction May Be Tolled for National Security Delays”.

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Tracy Tasch

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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Annemarie Aguanno

House Approves Bipartisan Repeal of ACA’s “Cadillac” Tax

House Approves Bipartisan Repeal of ACA’s “Cadillac” Tax The House has approved a bipartisan repeal of the Affordable Care Act’s (ACA) so-called “Cadillac”excise tax on certain high-cost insurance plans. ACA Cadillac Tax Repeal The Middle Class Health Benefits Tax Repeal Bill (HR 748) cleared the House on the evening of July 17 by a 419-to-6 vote. […]

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Tracy Tasch

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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Salvatore Russo

Final Regulations Allow Truncated TINs on Forms W-2 Furnished to Employees

Final Regulations Allow Truncated TINs on Forms W-2 Furnished to Employees Final regulations allow employers to voluntarily truncate employees’ social security numbers (SSNs) on copies of Forms W-2, Wage and Tax Statement, furnished to employees. The truncated SSNs appear on the forms as IRS truncated taxpayer identification numbers (TTINs). The regulations also clarify and provide […]

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Tracy Tasch

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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Tracy Tasch

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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Donald Sager

Continuity Safe Harbor Deadlines for Energy Credit Facility Construction May Be Tolled for National Security Delays

Continuity Safe Harbor Deadlines for Energy Credit Facility Construction May Be Tolled for National Security Delays The continuity safe harbor placed-in-service date deadlines for the investment tax energy credit (Code Sec. 48) and the renewable electricity production credit (Code Sec. 45(a)) may be tolled if a construction delay is caused by national security concerns raised […]

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Tracy Tasch

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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Tracy Tasch

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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