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Annemarie Aguanno

IRS Postpones Canceling Tax Transcript Faxing Service After Grassley, Wyden Urge Delay

IRS Postpones Canceling Tax Transcript Faxing Service After Grassley, Wyden Urge Delay The IRS has said that it is postponing its plan to discontinue faxing taxpayer transcripts. The IRS statement came on the heels of a letter sent earlier this week from bipartisan leaders of the Senate Finance Committee urging such a delay. IRS Cybersecurity […]

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February 2019 Newsletter

Tracy Tasch discusses, “Guidance on 2019 Withholding Rules”. Wayne Naegele takes a look at “Wayfair decision and impacts on your business”. Sal Russo discusses, “Safe Harbors provided for Business Payments Made in Exchange for SALT Credits”.

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Tracy Tasch

Guidance on 2019 Withholding Rules

Guidance on 2019 Withholding Rules The IRS has provided interim guidance for the 2019 calendar year on income tax withholding from wages and withholding from retirement and annuity distributions. In general, certain 2018 withholding rules provided in Notice 2018-14, I.R.B. 2018-7, 353, will remain in effect for the 2019 calendar year, with one exception. The […]

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Elias Koumniotes

IRS Extends Passthrough Deduction to Real Estate Rental Activities, Provides Other Guidance

IRS Extends Passthrough Deduction to Real Estate Rental Activities, Provides Other Guidance New IRS guidance fills in several more pieces of the Code Sec. 199A passthrough deduction puzzle. Taxpayers can generally rely on all of these new final and proposed rules. Final Regulations The final regulations in T.D. 98xx_1 largely adopt the proposed regulations in NPRM REG-107892-18 (August 16, 2018), but […]

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Elias Koumniotes

Interim Guidance for Excise Tax on Excess Remuneration and Parachute Payments

Interim Guidance for Excise Tax on Excess Remuneration and Parachute Payments The IRS has issued interim guidance on the excise tax payable by exempt organizations on remuneration in excess of $1 million and any excess parachute payments made to certain highly compensated current and former employees in the tax year. The excise tax imposed by Code […]

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Salvatore Russo

Safe Harbors Provided for Business Payments Made in Exchange for SALT Credits

Safe Harbors Provided for Business Payments Made in Exchange for SALT Credits The IRS has provided safe harbors for business entities to deduct certain payments made to a charitable organization in exchange for a state or local tax (SALT) credit. A business entity may deduct the payments as an ordinary and necessary business expenses under Code […]

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Elias Koumniotes

Final Transition Tax Regulations Issued

Final Transition Tax Regulations Issued The Treasury and IRS have issued final regulations for determining the inclusion under Code Sec. 965 of a U.S. shareholder of a foreign corporation with post-1986 accumulated deferred foreign income. Code Sec. 965 imposes a “transition tax” on the inclusion. The final regulations retain the basic approach and structure of the proposed regulations, with certain changes. […]

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Elias Koumniotes

IRS Issues 2019 Updates for Ruling Requests, Technical Advice, and No-Rule Procedures

IRS Issues 2019 Updates for Ruling Requests, Technical Advice, and No-Rule Procedures The IRS has issued its annual revisions to the general procedures for ruling requests, technical memoranda, determination letters, and user fees, as well as areas on which the Associate Chief Counsel offices will not rule. The revised procedures are generally effective January 2, […]

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Wayne Naegele

Wayfair decision and impacts on your business

Wayfair decision and impacts on your business On June 21, 2018, the Supreme Court of the United States handed down a historic decision in the sales and use tax nexus case South Dakota v. Wayfair, Inc. The 5-4 ruling overturns physical presence standards upheld in previous cases, such as Quill Corp. v. North Dakota (1992) […]

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January 2019 Newsletter

Don Sager discusses, “Proposed Regs Address Foreign Tax Credit Changes”. Tom Zanata discusses, “2019 Standard Mileage Rates Released”. Lisa Varela looks at, “Guidance on Tax Benefit for Stock Options and Restricted Stock Units”.

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