January 2020 Newsletter
Wayne P. Naegele discusses, “Final and Proposed Regulations Address Foreign Tax Credit”. Thomas Zanata takes a look at, “Final Regulations on Calculation of UBTI Issued”. Tracy Tasch discusses, “Tax Basis Capital Reporting Not Required Until 2020 Partnership Tax Years”.
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January 20, 2020
Steve Grgas- Author's Bio
Industry News
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IRS Issues 2020 Form W-4
IRS Issues 2020 Form W-4 https://tax.thomsonreuters.com/blog/irs-issues-2020-form-w-4 By Christopher Wood, CPP December 5, 2019 Highlight: Not all employees must complete the 2020 Form W-4. The IRS has designed the withholding tables to work with both the 2020 Form W-4 and prior year forms. On December 5, the IRS issued the redesigned 2020 Form W-4 (Employee’s Withholding Certificate). […]
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- Steve Grgas
- Author's Bio
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Hopes for Year-End Tax Extenders Package Appear Dwindling
Hopes for Year-End Tax Extenders Package Appear Dwindling Hopes for a year-end tax extenders package appear to be dwindling on Capitol Hill. Tax Extenders Need a Legislative Vehicle Over 30 expired or soon-to-be expired tax breaks known as tax extenders were originally considered a top contender for hitching a ride on a larger, must-pass government […]
Read more- January 20, 2020
- Steve Grgas
- Author's Bio
- Blog Posts
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New Rules Proposed on Charitable Contribution Related to SALT Benefits
New Rules Proposed on Charitable Contribution Related to SALT Benefits The IRS has released new proposed rules related to charitable contributions made to get around the $10,000/$5,000 cap on state and local tax (SALT) deductions. The proposed regulations: incorporate the safe harbor in Notice 2019-12 for individuals who have any portion of a charitable deduction […]
Read more- January 20, 2020
- Steve Grgas
- Author's Bio
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Final Regulations Issued on CFC Related Person Rules, Active Trade or Business Exception
Final Regulations Issued on CFC Related Person Rules, Active Trade or Business Exception Final regulations provide rules on the attribution of ownership of stock or other interests, for determining whether a person is a related person with respect to a controlled foreign corporation (CFC) under the foreign base company sales income rules. The regulations also […]
Read more- January 20, 2020
- Steve Grgas
- Author's Bio
- Blog Posts
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IRS Releases Final and Proposed BEAT Regulations
IRS Releases Final and Proposed BEAT Regulations The IRS has issued final and proposed regulations implementing the base erosion and anti-abuse tax (BEAT) under Code Sec. 59A. The BEAT is a minimum tax that certain large corporations must pay on certain payments made to foreign related parties, and was added by the Tax Cuts and […]
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- January 20, 2020
- Wayne Naegele
- Author's Bio
- Blog Posts
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Final and Proposed Regulations Address Foreign Tax Credit
Final and Proposed Regulations Address Foreign Tax Credit The IRS has issued highly anticipated final regulations on the significant changes made to the foreign tax credit rules by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The final regulations retain the basic approach and structure of the 2018 proposed regulations ( NPRM REG-105600-18). […]
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- January 20, 2020
- Tracy Tasch
- Author's Bio
- Blog Posts
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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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- January 20, 2020
- Thomas Zanata
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- Blog Posts
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Final Regulations on Calculation of UBTI Issued
Final Regulations on Calculation of UBTI Issued The IRS has released final regulations that present guidance on how certain organizations that provide employee benefits must calculate unrelated business taxable income (UBTI) under Code Sec. 512(a). Background Organizations that are otherwise exempt from tax under Code Sec. 501(a) are subject to tax on their unrelated business […]
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December 2019 Newsletter
Andy Presti announces, “Shahid Khoja has joined the firm as Tax Manager”. Annemarie Aguanno discusses, “Final Regs Revert Back to Prior Partnership Disguised Sale Rules”.Elias Koumniotes discusses, “Proposed Rules Clarifying Carried Interest Limitation Expected Early 2020, Kautter Says”.
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