Bipartisan IRS Reform Bill Advances to House Floor
A bipartisan bill that would reform the IRS for the first time in 20 years is headed to the House floor for a full chamber…
read more
State Response to Federal NOL Changes Under TCJA
With many state legislatures in full swing, state responses to changes in the NOL deduction made by the Tax Cuts and Jobs Act of 2017…
read more
Documentation Requirements Are Important Piece of Proposed Regs for FDII Deduction
New proposed regulations for the foreign-derived intangible income (FDII) deduction include strict documentation requirements. A recent KPMG audio conference stressed the importance of obtaining the…
read more
Employers: IRS Info Request on Your ACA Health Coverage Reporting May Be Coming
The IRS is sending information request Letter 5699 to Applicable Large Employers (ALEs) seeking information on why they are not current with their employee health…
read more
Forms 1065 and 1066 No Longer Require Partnership Representative’s TIN
Forms 1065 and 1066 do not require the partnership representative’s TIN, according to a supplement added to the Form 1065 instructions. The new centralized audit…
read more
State Income Tax and Federal Net Operating Losses
States differ in how they treat the federal net operating loss deduction on state corporate income tax returns. The variety of state approaches can make…
read more
Partnership Section 179 Expensing and the Active Trade or Business Requirement
A partnership may elect to expense property under IRC §179 only if the partnership uses the property predominantly (more than 50%) in the active conduct…
read more
Trump Administration Asks for Comments to Help Employers to Keep Grandfathered Health Plans
The Trump administration is seeking comments on regulations that make it easier for employers to continue offering grandfathered health plans. The Affordable Care Act (ACA)…
read more
The Six New Schedules of Form 1040 Returns for Individuals in 2018
Individuals and tax return preparers have to contend with six new schedules as they file Form 1040 returns. The newly-organized 2018 Form 1040 is smaller…
read more
IRS Satisfied Supervisory Approval Requirement While Asserting Multiple Penalties (Palmolive Building Investors, LLC, TC)
The IRS satisfied the supervisory approval requirement while asserting multiple penalties in connection with a limited liability company (LLC), even though the initial determination of…
read more