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

Practitioner’s Corner: Proposed IRS Rules on Opportunity Zones Provide Clarity, But Gaps Remain

Last year’s tax reform created a new Opportunity Zone program, which offers ... Read More

Rettig Wants to Modernize IRS and Continue to Implement TCJA

IRS Commissioner Charles Rettig gave his first speech since being confirmed ... Read More

Brady: New Middle-Income Tax Cut Conditionally Expected in 2019

A new, 10 percent middle-income tax cut is conditionally expected to ... Read More

Democratic Senators Introduce Retirement Savings Bill to Restore Obama-Era MyRA Program

The Senate Finance Committee’s (SFC) top ranking Democrat has ... Read More

GOP to Move Tax Bills During Lame-Duck Session

Congressional Republicans are looking to move forward with ... Read More

Trump Signs Legislation Expanding Religious Exemption for ACA Individual Mandate

Tax-Related Portion of the Substance Use-Disorder Prevention ... Read More

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Rules issued on paid family and medical leave credit

By: Annemarie Aguanno, CPA, Senior Audit/Tax Manager

The IRS on Monday issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to their employees (Notice 2018-71). The credit equals a percentage of the wages an employer pays employees while they are on paid family or medical leave. For purposes of the credit, the reasons an employee may take a family or medical leave are the same as ... Read More

AICPA, ABA Urge Extensive Changes to Proposed Transition Tax Rules

By: Elias Koumniotes, Senior Tax Manager

The American Institute of Certified Public Accountants (AICPA) and the American Bar Association (ABA) Section of Taxation are urging the IRS to make extensive changes to proposed "transition tax" rules.

Transition Tax

The Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97), enacted last December, revived and amended Code Sec. 965. The new Code Sec. 965 generally requires U.S. shareholders pay a mandatory one-time repatriation "transition" tax on untaxed foreign earnings of certain foreign corporations. ... Read More

Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon

By: Andrew Presti, Senior Partner

The IRS is expected to soon release proposed regulations for tax reform’s new business interest limitation. "They are so broad that nearly every domestic taxpayer will be impacted," Daniel G. Strickland, an associate at Eversheds Sutherland, told Wolters Kluwer.

The first set of proposed regulations for the Code Sec. 163(j) business interest limitation is expected to focus primarily on corporations. A second package of proposed regulations, expected sometime in December, will reportedly address the business interest limitation’s treatment of partnerships and S corporations. ... Read More