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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

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 ... Read More

Cryptocurrency Guidance, Virtual Currency FAQs Released

The IRS has released cryptocurrency guidance and FAQ... Read More

SALT Cap Not Unconstitutionally Coercive

A district court has dismissed a lawsuit filed by four states’ against the federal ... Read More

Final Regs Revert Back to Prior Partnership Disguised Sale Rules

New final regulations that address the allocation of partnership ... Read More

Proposed Regs Address Tax Implications of LIBOR Elimination

Proposed regulations provide guidance on the potential ... Read More

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IRS Provides Section 199! Safe Harbor for Rental Real Estate

By: Lisa Varela, Senior Tax Manager


Lisa Varela, Senior Tax ManagerThe 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 lessen taxpayer uncertainty on whether a rental real estate interest qualifies as a trade or business for the QBI deduction, including ... Read More

Final Regulations on 100 Percent Bonus Depreciation Issued, Along With New Proposals

By: Steve Grgas, CPA, Partner


Steve Grgas, CPA, PartnerFinal regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired and placed in service after September 27, 2017, allow property which is constructed under a pre-September 28, 2017 binding contract to qualify for the 100 percent rate. The final regulations adopt proposed regulations ( REG-104397-18) with certain modifications, including a revised constructed property rule. In addition, the IRS has issued a new set of ... Read More

Proposed Regulations Provide Guidance on Section 382 (h) Built-in Gain and Loss Computation

By: Tracy Tasch, CPA, Tax Manager


Tracy Tasch, CPA, Tax ManagerProposed regulations would provide guidance on the inclusion of income and deduction items in the calculation of built-in gains and losses under Code Sec. 382(h). The proposed regulations would:

· simplify the application of Code Sec. 382;
· provide more certainty to taxpayers in determining built-in gains and losses for Code Sec. 382(h) purposes; and
· ensure that the application of certain law changes made by the Tax Cuts and Jobs Act ( P.L. 115-97) (TCJA) does not further complicate the application of Code Sec. 382(h).

Taxpayers may rely on these proposed ... Read More


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