SFC Chief Tax Counsel Leaving Committee After 30 Years
The Senate Finance Committee (SFC) Deputy Staff Director and Chief Tax Counsel Mark Prater will be leaving the committee after 30 years. SFC Chairman Orrin…
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Mnuchin, Kautter Testify Before Senate Committee on Outdated IRS Technology
The IRS’s “Achilles’ heel” is using outdated software originating from the 1960s, Acting IRS Commissioner David Kautter told Senate lawmakers. Kautter and Treasury Secretary Steven…
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NOL Deductions Denied; Addition to Tax Imposed (Barker, TCM)
A music producer could not take a net operating loss deduction that flowed through to him from an LLC. He could not substantiate the LLC’s…
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Weekly Report from Washington, D.C.
During the week of May 14, congressional lawmakers on Capitol Hill remained focused on tax reform. In other news, Acting IRS Commissioner David Kautter has…
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Congress Remains Focused on Tax Reform
Congressional lawmakers on Capitol Hill continue to focus on tax reform. Republicans and Democrats alike have been discussing the effects of tax reform, albeit reaching…
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No Enforceable Right to IRS Appeals Review under TBOR (Facebook, Inc., DC Calif.)
A social media company did not have an enforceable right to IRS Appeals review of its tax case. Therefore, the taxpayer lacked standing to compel…
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House Lawmakers Examine Tax Reform
House tax writers continue to dispute the effects of tax reform. The House Ways and Means Committee held a May 16 hearing examining the Tax…
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Kautter: Section 199A Passthrough Guidance Expected in July
The IRS will issue guidance on the Code Sec. 199A passthrough deduction in July, Acting IRS Commissioner David Kautter has said. Kautter outlined the timeline…
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No Reasonable Reliance on Attorney, Accountant; Penalty Sustained (RB-1 Investment Partners, TCM)
A partnership had no reasonable reliance on its attorney or accountant. Therefore, it was liable for an accuracy-related penalty. Background The partnership participated in a…
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Weekly Report from Washington, D.C.
Congress appropriated funds to keep its scorekeepers in business and the House is crafting a “family-friendly, phase-two” tax reform bill. Meanwhile, the IRS has released…
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