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December 2018 Newsletter

Elias Koumniotes discusses, “AICPA, ABA Urge Extensive Changes to Proposed Transition Tax Rules”.  Andrew Presti examines, “Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon”.  Brian Whelan takes a look at, “Rules Issued on Paid Family and Medical Leave Credit”.

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Annemarie Aguanno

Rules issued on paid family and medical leave credit

Rules issued on paid family and medical leave credit https://www.journalofaccountancy.com/news/2018/sep/irs-rules-paid-family-medical-leave-credit-201819789.html The IRS on Monday issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to […]

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Andrew Presti

Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon

Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon The IRS is expected to soon release proposed regulations for tax reform’s new business interest limitation. “They are so broad that nearly every domestic taxpayer will be impacted,” Daniel G. Strickland, an associate at Eversheds Sutherland, told Wolters Kluwer. The first set of proposed regulations […]

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Brian Whelan

Practitioner’s Corner: Proposed IRS Rules on Opportunity Zones Provide Clarity, But Gaps Remain

Practitioner’s Corner: Proposed IRS Rules on Opportunity Zones Provide Clarity, But Gaps Remain Last year’s tax reform created a new Opportunity Zone program, which offers qualifying investors certain tax incentives aimed to spur investment in economically distressed areas. Treasury Secretary Steven Mnuchin has predicted that the Opportunity Zone program will create $100 billion in private […]

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Elias Koumniotes

AICPA, ABA Urge Extensive Changes to Proposed Transition Tax Rules

AICPA, ABA Urge Extensive Changes to Proposed Transition Tax Rules The American Institute of Certified Public Accountants (AICPA) and the American Bar Association (ABA) Section of Taxation are urging the IRS to make extensive changes to proposed “transition tax” rules. Transition Tax The Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97), enacted last December, revived and amended Code […]

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Brian Whelan

Rettig Wants to Modernize IRS and Continue to Implement TCJA

Rettig Wants to Modernize IRS and Continue to Implement TCJA IRS Commissioner Charles Rettig gave his first speech since being confirmed as the 49th chief of the Service at the American Institute of CPAs (AICPA) November 13 National Tax Conference in Washington, D.C. “You’re going to see things [I do] and go, ‘I can’t believe he […]

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Brian Whelan

Brady: New Middle-Income Tax Cut Conditionally Expected in 2019

Brady: New Middle-Income Tax Cut Conditionally Expected in 2019 A new, 10 percent middle-income tax cut is conditionally expected to be advanced in 2019, according to the House’s top tax writer. This timeline, although largely already expected on Capitol Hill, departs sharply from President Donald Trump’s original prediction that the measure would surface by November. […]

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Brian Whelan

Democratic Senators Introduce Retirement Savings Bill to Restore Obama-Era MyRA Program

Democratic Senators Introduce Retirement Savings Bill to Restore Obama-Era MyRA Program The Senate Finance Committee’s (SFC) top ranking Democrat has introduced a bill to restore a retirement savings program known as myRA that was terminated by Treasury last year. The myRA program was created by former President Obama through an Executive Order. Retirement Savings “Cost-of-living […]

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Brian Whelan

GOP to Move Tax Bills During Lame-Duck Session

GOP to Move Tax Bills During Lame-Duck Session Congressional Republicans are looking to move forward with certain legislative tax efforts during Congress’s lame-duck session. The House’s top tax writer, who will hand the reins to Democrats next year, has reportedly outlined several tax measures that will be a priority when lawmakers return to Washington, D.C., […]

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Brian Whelan

Trump Signs Legislation Expanding Religious Exemption for ACA Individual Mandate

Trump Signs Legislation Expanding Religious Exemption for ACA Individual Mandate Tax-Related Portion of the Substance Use–Disorder Prevention that Promotes Opioid Recovery and Treatment (SUPPORT) for Patients and Communities Act, Enrolled, as Signed by the President on October 24, 2018, P.L. 115-271 President Donald Trump has signed bipartisan legislation, which expands a religious exemption for the Patient […]

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