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Andrew Presti

IRS Warns Taxpayers and Tax Professionals Against Scams and Identity Theft Schemes

IRS Warns Taxpayers and Tax Professionals Against Scams and Identity Theft Schemes This year marks the 5th Annual National Tax Security Awareness Week-a collaboration by the IRS, state tax agencies and the tax industry. The IRS and the Security Summit partners have issued warnings to all taxpayers and tax professionals to beware of scams and […]

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Elias Koumniotes

IRS Spotlights Upcoming Tax Filing Season

IRS Spotlights Upcoming Tax Filing Season As part of a series of reminders, the IRS has urged taxpayers get ready for the upcoming tax filing season. A special page ( https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes), updated and available on the IRS website, outlines steps taxpayers can take now to make tax filing easier in 2021. Taxpayers receiving substantial amounts of […]

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Lisa Varela

Final Regs Define “Real Property” for Like-Kind Exchanges

Final Regs Define “Real Property” for Like-Kind Exchanges Final regulations clarify the definition of “real property” that qualifies for a like-kind exchange, including incidental personal property. Under the Tax Cuts and Jobs Act (TCJA, P.L. 115-97), like-kind exchanges occurring after 2017 are limited to real property used in a trade or business or for investment. The final regulations […]

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Lisa Varela

Final Regs on Silo Rules for Calculating UBTI

Final Regs on Silo Rules for Calculating UBTI The IRS has issued final regulations with guidance on how a tax-exempt organization can determine whether it has more than one unrelated trade or business, how it should identify its separate trades and businesses, and how to separately calculate unrelated business taxable income (UBTI) for each trade […]

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Lisa Varela

Final Regulations Address Transportation Fringe Benefits

Final Regulations Address Transportation Fringe Benefits The IRS has issued final regulations under Code Sec. 274 relating to the elimination of the employer deduction of for transportation and commuting fringe benefits by the Tax Cuts and Jobs Act ( P.L. 115-97), effective for amounts paid or incurred after December 31, 2017. The final regulations address the disallowance of […]

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