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Latest Tax Alerts

Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More

Senate, House Lawmakers Introduce Bipartisan Historic Rehabilitation Credit Bill

A bipartisan group of House and Senate lawmakers ... Read More

ABA Section of Taxation Writes Hatch, Wyden About IRS Reform

The American Bar Association (ABA) Section of Taxation has ... Read More

Railroad Stock Options Are Not Money Remuneration Under RRTA

The U.S. Supreme Court has determined that ... Read More

Indian Gaming Income Distributions Were Not Excludible General Welfare Payments

A member of the Miccosukee Tribe ... Read More

Shareholder Could Not Claim S Corporation’s FICA Tip Credits

An individual shareholder of an S corporation ... Read More

Son-of-BOSS Arrangements

Participants in the Son of BOSS tax shelter have maintained their perfect losing ... Read More

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Brady Expects “Phase Two” Tax Reform Outline by August

By: Donald Sager, CPA

A "phase two" tax reform outline could be unveiled by House GOP tax writers by August. Republicans have started to increase their tax meetings related to the effort, House Ways and Means Committee Chairman Kevin Brady, R-Tex., told reporters on June 13.

Tax Reform "2.0" Timeline

The precise timing of a "phase two" tax reform bill or discussion draft release remains "to-be-determined," a House Ways and Means Committee spokesperson told Wolters Kluwer on June 14. However, Brady told reporters he expects to see a legislative package outlined before the House’s August recess. ... Read More

Ways and Means Approves IRS Hiring, Agriculture Tax Reform Bills

By: Lisa Varela

House tax writers have moved two bills through committee. The bills focus on IRS hiring and the tax treatment of mutual ditch irrigation companies. The House Ways and Means Committee approved the measures in a June 21 markup.

IRS Hiring

The Ensuring Integrity in the IRS Workforce bill (HR 3500) would set certain restrictions on the IRS’s hiring policy. The bipartisan bill would amend Code Sec. 7804 to prohibit the rehiring of any employee previously dismissed for certain misconduct issues.... Read More

Final Regulations Bar Corporate Partners from Using Transaction to Avoid Gain

By: Thomas J. Zanata, CPA

The Treasury Department and the IRS have issued final regulations that:

• prevent a corporate partner from avoiding corporate-level gain through transactions with a partnership involving equity interests of the partner or certain related entities;

• allow consolidated group members that are partners in the same partnership to aggregate their bases in stock distributed by the partnership for purposes of limiting the application of rules that might ... Read More