July 2018 Newsletter
Don Sager discusses, “Brady Expects ‘Phase Two’ Tax Reform Outline by August.” Lisa Varela discusses, “Ways and Means Approves IRS Hiring, Agriculture Tax Reform Bills”. Thomas Zanata discusses, “Final Regulations Bar Corporate Partners from Using Transaction to Avoid Gain”.
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July 13, 2018
Donald Sager- Author's Bio
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Brady Expects “Phase Two” Tax Reform Outline by August
Brady Expects “Phase Two” Tax Reform Outline by August A “phase two” tax reform outline could be unveiled by House GOP tax writers by August. Republicans have started to increase their tax meetings related to the effort, House Ways and Means Committee Chairman Kevin Brady, R-Tex., told reporters on June 13. Tax Reform “2.0” Timeline The precise timing of […]
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- July 13, 2018
- Wayne Naegele
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Senate, House Lawmakers Introduce Bipartisan Historic Rehabilitation Credit Bill
Senate, House Lawmakers Introduce Bipartisan Historic Rehabilitation Credit Bill A bipartisan group of House and Senate lawmakers have introduced companion Historic Rehabilitation Tax Credit (HTC) bills. The measure aims to strengthen the HTC by encouraging investment and minimizing administrative burdens, according to the lawmakers. Rehabilitation Credit As amended by the Tax Cuts and Jobs Act […]
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- July 13, 2018
- Lisa Varela
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Ways and Means Approves IRS Hiring, Agriculture Tax Reform Bills
Ways and Means Approves IRS Hiring, Agriculture Tax Reform Bills House tax writers have moved two bills through committee. The bills focus on IRS hiring and the tax treatment of mutual ditch irrigation companies. The House Ways and Means Committee approved the measures in a June 21 markup. IRS Hiring The Ensuring Integrity in the […]
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- Wayne Naegele
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ABA Section of Taxation Writes Hatch, Wyden About IRS Reform
ABA Section of Taxation Writes Hatch, Wyden About IRS Reform The American Bar Association (ABA) Section of Taxation has expressed concerns to top Senate tax writers about certain congressional IRS reform efforts. The ABA Section of Taxation sent a June 6 letter to Senate Finance Committee (SFC) Chairman Orrin G. Hatch, R-Utah and ranking member […]
Read more- July 13, 2018
- Wayne Naegele
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Railroad Stock Options Are Not Money Remuneration Under RRTA
Railroad Stock Options Are Not Money Remuneration Under RRTA The U.S. Supreme Court has determined that nonqualified employee stock options are not taxable compensation under the Railroad Retirement Tax Act (RRTA). The term “money remuneration” in the Act unambiguously excludes “stock.” Background Several railroads filed a refund claim for overpaid Railroad Retirement taxes. The railroads claimed they overpaid […]
Read more- July 13, 2018
- Wayne Naegele
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Indian Gaming Income Distributions Were Not Excludible General Welfare Payments
Indian Gaming Income Distributions Were Not Excludible General Welfare Payments A member of the Miccosukee Tribe of Indians of Florida had to pay federal income tax on distributions of gaming income that she and her family received from the tribe. The payments were taxable income under the Indian Gaming Revenue Act, rather than Indian general […]
Read more- July 13, 2018
- Wayne Naegele
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Shareholder Could Not Claim S Corporation’s FICA Tip Credits
Shareholder Could Not Claim S Corporation’s FICA Tip Credits An individual shareholder of an S corporation restaurant operator was not allowed to claim FICA tip credits under Code Sec. 45B that the S corporation did not claim. The shareholder could not unilaterally and retroactively nullify the S corporation’s election to deduct FICA tip taxes. Background The restaurants […]
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- July 13, 2018
- Thomas Zanata
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Final Regulations Bar Corporate Partners from Using Transaction to Avoid Gain
Final Regulations Bar Corporate Partners from Using Transaction to Avoid Gain The Treasury Department and the IRS have issued final regulations that: prevent a corporate partner from avoiding corporate-level gain through transactions with a partnership involving equity interests of the partner or certain related entities; allow consolidated group members that are partners in the same […]
Read more- July 13, 2018
- Wayne Naegele
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Son-of-BOSS Arrangements
Son-of-BOSS Arrangements Participants in the Son of BOSS tax shelter have maintained their perfect losing record in the Tax Court. Thus, another Son-of-Boss deal has failed to produce its promised loss deductions. Son-of-BOSS Arrangements Son-of-BOSS is a variation of a slightly older tax shelter known as the “bond and options sales strategy,” or BOSS. Son-of-BOSS transactions take […]
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