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Lisa Varela

Top Senate Tax Writers Release First Round of Bipartisan Reports Examining Tax Extenders

Top Senate Tax Writers Release First Round of Bipartisan Reports Examining Tax Extenders The Senate’s top tax writers have released the first round of bipartisan task force reports examining over 40 expired and soon to be expired tax breaks known as tax extenders. Congress is expected to address these particular tax breaks, as well as […]

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Brian Whelan

100 Percent Bonus Depreciation Guidance for Certain Tax Years Allows Late Elections, Revocations

100 Percent Bonus Depreciation Guidance for Certain Tax Years Allows Late Elections, Revocations Bonus depreciation guidance that applies to property acquired after September 27, 2017, in a tax year that includes September 28, 2017, allows taxpayers to make a late election or revoke a prior valid election to: elect out of 100 percent bonus depreciation; […]

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Lisa Varela

Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1

Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1 The IRS has granted a six-month extension to eligible partnerships to file a superseding Form 1065, U.S. Return of Partnership Income, and furnish corresponding Schedules K-1, Partner’s Share of Income, Deductions, Credits. For a calendar year partnership, the deadline to file Form 1065 and […]

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Lisa Varela

Proposed Regulations Update Fleet-Average, Vehicle Cents-Per-Mile Valuation Rules

Proposed Regulations Update Fleet-Average, Vehicle Cents-Per-Mile Valuation Rules Proposed regulations increase a vehicle’s maximum value for eligibility to use the fleet-average valuation rule or the vehicle cents-per-mile valuation rule. The increase to $50,000 is effective for the 2018 calendar year. The maximum value is adjusted annually for inflation after 2018. The proposed regulations provide transition […]

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Lisa Varela

Nondiscrimination Relief for Closed Defined Benefit Plans Extended Again

Nondiscrimination Relief for Closed Defined Benefit Plans Extended Again The temporary nondiscrimination relief for closed defined benefit plans provided in Notice 2014-5, I.R.B. 2014-2, 276, is extended through plan years beginning in 2020. Notice 2014-5 provided temporary nondiscrimination relief for certain defined benefit pension plans that were “closed” before December 13, 2013. Notice 2014-5, I.R.B. 2014-2, 276, Notice 2015-28, I.R.B. 2015-14, 848, Notice […]

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