Weekly Report from Washington, D.C.
During the week of December 24, the IRS issued final regulations implementing the centralized partnership audit regime. The IRS also made significant changes to its…
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Safe Harbors for Business Deduction of Payments Made in Exchange for SALT Credits (Rev. Proc. 2019-12)
The IRS sets safe harbors for businesses in Rev. Proc. 2019-12 that let them deduct certain payments made to a charity in exchange for a…
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Final Regs Update, Streamline Public Approval Requirements for Private Activity Bonds (T.D. 9845)
Final regulations update and streamline the public approval requirements for tax-exempt private activity bonds issued by state and local governments. The regs reflects statutory changes;…
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Big Savings on Books to Get You Ready for Tax Season
Are you ready for tax season? Most provisions of the Tax Cuts and Jobs Act, which Congress passed in 2017, will impact your work as…
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Conservation Purpose Not Protected in Perpetuity for Two Tax Years; Deductions Denied (Pine Mountain Preserve, LLLP, TC)
A partnership was not entitled to charitable contributions deductions for two easement deeds because the conservation purpose of their donated easement was not protected in…
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Big Savings on Books to Get You Ready for Tax Season
Are you ready for tax season? Most provisions of the Tax Cuts and Jobs Act, which Congress passed in 2017, will impact your work as…
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Pharmaceutical Company CEO’s Case Remanded to Determine Willful Failure to File FBAR; Civil Willfulness Standard Applies (Bedrosian, CA-3)
A pharmaceutical company CEO’s case was remanded to determine if he willfully failed to file an accurate Report of Foreign Bank and Financial Account (FBAR).…
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Big Savings on Books to Get You Ready for Tax Season
Are you ready for tax season? Most provisions of the Tax Cuts and Jobs Act, which Congress passed in 2017, will impact your work as…
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Weekly Report from Washington, D.C.
During the week of December 17, President Donald Trump said that he will not sign a Senate-approved stopgap spending bill to avert a government shutdown…
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Final Partnership Audit Regime Regulations Issued (T.D. 9844)
The IRS has issued final regulations implementing the centralized partnership audit regime. The final regulations, among other items, make changes to: – the definition of…
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