How Does IRC Sec. 965 Intersect with State Income Tax?
States have grappled with all the income tax changes made by the Tax Cuts and Jobs Act, including IRC Sec. 965. Under the new law,…
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Weekly Report from Washington, D.C.
During the week of October 29, President Donald Trump and House Ways and Means Committee Chairman Kevin Brady, R-Tex., issued a joint statement on new…
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Fuel Mixture Credit Is Reduction of Excise Tax Liability (Sunoco, CA-FC)
The Court of Appeals for the Federal Circuit has held that a taxpayer must first use the Code Sec. 6426 alcohol fuel mixture credit to…
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2019 Inflation Adjustments for Pension Plans, Retirement Accounts Released (IR-2018-211; Notice 2018-83)
The 2019 cost-of-living adjustments (COLAs) were released for: -pension plan dollar limitations, and -other retirement-related provisions. Inflation Adjustments for 2019 The contribution limit increased from…
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Brookings Panel: Gig Economy Requires Information Reporting Changes
Congress should review information reporting requirements as a result of the gig economy. Panelists at the Brookings Institution seminar, “Taxing the Gig Economy” generally agreed…
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AICPA, ABA Urge Extensive Changes To Proposed Transition Tax Rules
The American Institute of CPAs (AICPA) and the American Bar Association (ABA) Section of Taxation are urging the IRS to make extensive changes to proposed…
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Proposed Regulations Reduce Section 956 Income Inclusions (NPRM REG-114540-18; IR-2018-210)
Proposed regulations will reduce the Code Sec. 956 amount for certain domestic corporations that own stock in controlled foreign corporations (CFCs). The proposed regulations are…
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Trump, Brady Issue Joint Statement on New 10 Percent Middle-Income Tax Cut
President Donald Trump and House Ways and Means Committee Chairman Kevin Brady, R-Tex., are not done with tax cuts. Republicans will focus on making the…
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On Remand, Couple’s Refund Claims Denied; Not Entitled to Theft Loss Deduction in Year Claimed (Adkins, FedCl)
A married couple’s refund claims based on losses they sustained due to a fraudulent investment scheme were rejected. The taxpayers were not entitled to a…
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Practitioner’s Corner: Proposed IRS Rules on Opportunity Zones Provide Clarity; Gaps Remain
Last year’s tax reform created a new Opportunity Zone program, which offers qualifying investors certain tax incentives aimed to spur investment in economically distressed areas.…
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