Wyden Report Critiques GOP’s Tax Reform
The Senate Finance Committee’s (SFC) leading Democrat has released a report critiquing Republicans’ 2017 overhaul of the tax code. The report, focusing primarily on international…
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Including Donor Information on Returns to End for Many Exempt Organizations
Many tax-exempt organizations will no longer have to report the names and addresses of their larger contributors, including: exempt organizations that are not public charities;…
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Trump, House GOP Lawmakers Discuss Tax Cuts 2.0
President Donald Trump and House GOP tax writers discussed “Tax Cuts 2.0” in a July 17 meeting at the White House. The next round of…
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Individual Not Entitled to Deduct Business Expenses, No Business Purpose
A taxpayer who operated an online marketing business and engaged in construction and rental activities could not deduct unsubstantiated business expenses or charitable contributions. He…
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Weekly Report from Washington, D.C.
During the week of July 9, the House Ways and Means Committee approved 11 health care-related tax bills. Additionally, the IRS issued final regulations that…
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Preparer Due Diligence Rules Include Head of Household Eligibility (NPRM REG-103474-18)
The IRS will amend 2016 proposed return preparer rules to reflect a recent law change. The 2018 Budget Reconciliation Act expanded the penalty to preparers…
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IRS Clarifies Estate and Non-grantor Trust Expenses Not Subject to Miscellaneous Itemized Deduction Suspension (Notice 2018-61)
The IRS plans to issue regulations clarifying that certain estate and nongrantor trust expenses remain deductible and are not subject to the miscellaneous itemized deductions…
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Ways and Means Approves Health Care-Related Tax Package
The House Ways and Means Committee has approved 11 health care-related tax bills. Members of the committee met July 11 and July 12 for the…
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Ways and Means GOP, White House Crafting Tax Cuts 2.0 Outline
House Republicans and the Trump Administration are working together to craft a tax cuts “2.0” outline, the House’s top tax writer has said. House Ways…
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Texas Victims of Severe Storms, Flooding Get Tax Relief (TX-2018-05)
The president has declared a federal disaster area in Texas. The disaster is due to severe storms and flooding beginning on June 19, 2018. The…
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