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Thomas Zanata

Due Date for Federal Income Tax Payments Extended to July 15

Due Date for Federal Income Tax Payments Extended to July 15 The Treasury Department and IRS have extended the due date for the payment of federal income taxes otherwise due on April 15, 2020, until July 15, 2020, as a result of the ongoing coronavirus (COVID-19) emergency. The extension is available to all taxpayers, and […]

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Donald Sager

HSA High-Deductible Health Plans Can Cover Coronavirus Costs

HSA High-Deductible Health Plans Can Cover Coronavirus Costs The IRS has provided emergency relief for health savings accounts (HSAs) and COVID-19 health plans costs. Under this relief, health plans that otherwise qualify as high-deductible health plans (HDHPs) will not lose that status merely because they cover the cost of testing for or treatment of COVID-19 […]

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Lisa Varela

2021 Budget Outlines Administration Priorities for Extending Tax Cuts, Increased IRS Funding

2021 Budget Outlines Administration Priorities for Extending Tax Cuts, Increased IRS Funding On February 11, the White House released President Donald Trump’s fiscal year (FY) 2021 budget proposal, which outlines his administration’s priorities for extending certain tax cuts and increasing IRS funding. Treasury Secretary Steven Mnuchin testified before the Senate Finance Committee (SFC) on February […]

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Tracy Tasch

AICPA Asks for More QBI Deduction Guidance

AICPA Asks for More QBI Deduction Guidance The American Institute of CPAs (AICPA) has requested additional guidance on tax reform’s Code Sec. 199A qualified business income (QBI) deduction. 199A Deduction GuidanceThe IRS issued final and proposed regulations in February 2019 on the Code Sec. 199A QBI deduction enacted in 2017 under the Tax Cuts and Jobs Act (TCJA) ( P.L. […]

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Tracy Tasch

Calculation of “Average Income” Minimum Set Aside Test for Low Income Housing Credit Explained

Calculation of “Average Income” Minimum Set Aside Test for Low Income Housing Credit Explained Taxpayers claiming the low-income housing credit should apply the “average income” minimum set aside test by reference to the “very low-income” limits calculated by the U.S. Department of Housing and Urban Development (HUD) for purposes of determining eligibility under the HUD Section 8 program. HUD […]

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Tracy Tasch

Final Covered Asset Acquisition Rules Adopted

Final Covered Asset Acquisition Rules Adopted The Treasury and IRS have adopted as final the 2016 proposed regulations on covered assets acquisitions (CAAs) under Code Sec. 901(m) and Code Sec. 704. Proposed regulations issued under Code Sec. 901(m) are adopted with revisions, and the Code Sec. 704 proposed regulations are adopted without revisions. The Code Sec. 901(m) rules were also issued as temporary regulations. […]

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Tracy Tasch

Practitioners’ Corner: Wolters Kluwer Interviews TCPI Symposium Experts on Current and Future State of Tax Policy

Practitioners’ Corner: Wolters Kluwer Interviews TCPI Symposium Experts on Current and Future State of Tax Policy Tax reform legislation widely known as the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) was signed into law on December 22, 2017. The TCJA brought forth the most sweeping overhaul of the U.S. tax code in over 30 […]

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Tracy Tasch

Reporting Relief for U.S. Individuals’ Transactions With Certain Foreign Trusts

Reporting Relief for U.S. Individuals’ Transactions With Certain Foreign Trusts The IRS has issued guidance that: exempts certain U.S. citizens and residents from Code Sec. 6048 information reporting requirements for their transactions with, and ownership of, certain tax-favored foreign retirement trusts and foreign nonretirement savings trusts; and establishes procedures for these individuals to request abatement or refund […]

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Brian Whelan

Bogus Emails from Lenders

Bogus Emails from Lenders April 9, 2020 Dear Clients, Colleagues and Friends, We have become aware of malicious emails being sent by scammers imitating Chase Bank, and possibly other lenders, related to Paycheck Protection Program Loans, and potentially other stimulus loans as well. These emails look authentic and it is almost impossible to tell that […]

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Steve Grgas

Cybersecurity & COVID-19

Cybersecurity & COVID-19 April 4, 2020 Dear Clients, Colleagues and Friends, Unfortunately, cyber criminals are capitalizing on the outbreak through phishing attacks and other intricate scams. The Internal Revenue Service warns all to be on the lookout for a surge of calls and email phishing attempts around COVID-19 and stimulus payments/programs that can lead to […]

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