IRC §1202 Exclusion May Affect Decision to Convert S Corporation to C Corporation
Shareholders who are considering converting their S corporation to a C corporation might think IRC §1202 seals the deal. While the 1202 exclusion of gain…
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Section 199A Deduction Can Complicate Strategies for Retirement Plan Contributions
The IRC §199A deduction for qualified business income can complicate strategies for contributions to retirement plans. For lower-income taxpayers, the 199A deduction can effectively reduce…
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SECURE Act and RESA Bills – Pooled Multiple Employer Plans (MEPs)
Multiple employer plans (MEPs) will be expanded if the Senate passes RESA, its version of the House’s SECURE Act. Under these bills, a new class…
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Kiddie Tax Changes Adversely Affecting Military Families Receiving Survivor Benefits
Families of military service members who designated survivor benefits to a child have been surprised by higher tax liability due to changes in the kiddie…
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OVDP Replaced, New Voluntary Disclosure Practice for Offshore Assets
The IRS has a new voluntary disclosure practice for offshore assets. The new practice replaces replaced the Offshore Voluntary Disclosure Program (OVDP). Like OVDP, the…
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Rettig, Mnuchin Testify Before Senate Panel on IRS Modernization, FY 2020 Budget
Treasury Secretary Steven Mnuchin and IRS Commissioner Charles “Chuck” Rettig testified on May 15 before a Senate panel regarding: IRS modernization; and the Service’s Fiscal…
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Senate Tax Writers Discuss Bipartisan Retirement Savings Bills; House Vote Expected on SECURE
Senate tax writers on Capitol Hill continue to discuss bipartisan retirement savings bills as the House gears up for a vote on a related tax…
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ABA MAY MEETING: Rettig Warns Against Employment Tax Fraud, Praises TCJA Implementation Team
IRS Commissioner Charles “Chuck” Rettig has issued a stern warning against employment tax fraud. Rettig, while speaking on Saturday, May 11, at the American Bar…
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States Are Immune From Private Suits in Other States’ Courts
The U.S. Supreme Court ruled that states are immune from private suits brought in other states’ courts. In the Franchise Tax Board of California v.…
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IRS Provides Filing Extension for Returns Affected by Wolters Kluwer Outage
The IRS has approved a filing extension for certain federal returns due May 15, 2019, affected by outage of Wolters Kluwer’s Electronic Filing System (ELF)…
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