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IRS Increases Enforcement Action on Syndicated Conservation Easements, IR-2019-182

afarrell

IRS Increases Enforcement Action on Syndicated Conservation Easements, IR-2019-182

IRS Increases Enforcement Action on Syndicated Conservation Easements, IR-2019-182 The IRS has announced a significant increase in enforcement actions for syndicated conservation easement transactions. This is a “priority compliance area” for the agency. Throughout the IRS, coordinated examinations are being conducted in the Small Business and Self-Employed (SB/SE) Division, Large Business and International (LB&I) Division, […]

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afarrell

IRS Provides Section 199A Safe Harbor for Rental Real Estate

IRS Provides Section 199A Safe Harbor for Rental Real Estate The IRS has issued a revenue procedure with a safe harbor that allows certain interests in rental real estate to be treated as a trade or business for purposes of the Code Sec. 199A qualified business income (QBI) deduction. The safe harbor is intended to […]

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afarrell

Proposed Regs Address Terminated S Corporation Distributions

Proposed Regs Address Terminated S Corporation Distributions The IRS has proposed regulations that define an eligible terminated S corporation (ETSC), and provide rules relating to distributions of money by an ETSC after the post-termination transition period (PTTP). The proposed regulations also extend the treatment of distributions of money during the PTTP to all shareholders of […]

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afarrell

Tax Extenders Remain Top Contender for Hitching a Ride on Must-Pass Government Funding Bill

Tax Extenders Remain Top Contender for Hitching a Ride on Must-Pass Government Funding Bill “A thumb goes up, a car goes by…” Tax extenders remain a top contender for “hitching a ride” on November’s must-pass government funding bill. Wolters Kluwer recently sat down with Jennifer Acuña, Principal, Federal Legislative and Regulatory Services, KPMG LLP, in […]

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afarrell

Top Senate Tax Writers Call for Action on SECURE Act

Top Senate Tax Writers Call for Action on SECURE Act Senate Finance Committee (SFC) Chair Chuck Grassley, R-Iowa, and other top Senate tax writers are calling for Senate action on the bipartisan Setting Every Community Up for Retirement Enhancement Secure bill (HR 1994) (SECURE Act). The House-approved, bipartisan retirement savings bill has remained stalled in […]

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ekoumniotes

Proposed Rules Clarifying Carried Interest Limitation Expected Early 2020, Kautter Says

Proposed Rules Clarifying Carried Interest Limitation Expected Early 2020, Kautter Says Treasury and the IRS are expected to release proposed rules in “early 2020” that would clarify certain limitations on the carried interest tax break, according to David Kautter, Treasury’s assistant secretary for tax policy. Kautter briefly addressed the proposed regulations’ timeline while speaking at […]

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dsager

Tax Extenders Remain Top Contender for Hitching a Ride on Must-Pass Government Funding Bill

Tax Extenders Remain Top Contender for Hitching a Ride on Must-Pass Government Funding Bill “A thumb goes up, a car goes by…” Tax extenders remain a top contender for “hitching a ride” on November’s must-pass government funding bill. Wolters Kluwer recently sat down with Jennifer Acuña, Principal, Federal Legislative and Regulatory Services, KPMG LLP, in […]

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lvarela

IRS Provides Section 199A Safe Harbor for Rental Real Estate

IRS Provides Section 199A Safe Harbor for Rental Real Estate The IRS has issued a revenue procedure with a safe harbor that allows certain interests in rental real estate to be treated as a trade or business for purposes of the Code Sec. 199A qualified business income (QBI) deduction. The safe harbor is intended to […]

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dsager

Cryptocurrency Guidance, Virtual Currency FAQs Released

Cryptocurrency Guidance, Virtual Currency FAQs Released The IRS has released cryptocurrency guidance and frequently asked questions (FAQs) on virtual currency. Under the cryptocurrency guidance: a taxpayer does not have gross income from a “hard fork” of the taxpayer’s cryptocurrency if the taxpayer does not receive units of a new cryptocurrency; and a taxpayer has ordinary […]

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dsager

SALT Cap Not Unconstitutionally Coercive

SALT Cap Not Unconstitutionally Coercive A district court has dismissed a lawsuit filed by four states’ against the federal government, ruling that the $10,000 state and local taxes (SALT) federal deduction cap is not unconstitutionally coercive. In 2018, New York, Connecticut, Maryland, and New Jersey filed suit against the IRS and Treasury alleging that the […]

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