IRS Appeals Officer Properly Rejected Offer in Compromise
An IRS Appeals officer (AO) did not abuse her discretion when she rejected a couple’s Offer-in-Compromise (OIC) and sustained a proposed levy to collect outstanding…
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Tax Reform 2.0 Success, Timeline in Question
A “Tax Reform 2.0” legislative package may move through the House later than expected. Some lawmakers are beginning to question its impact on upcoming midterm…
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Qualifying Relative Definition Still Uses Inflation-Adjusted Personal Exemption Amount
A “qualifying relative” for the new $500 dependent credit and head of household filing status will be defined by reference to the inflation-adjusted amount of…
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Façade Easement Charitable Contribution Deduction Denied
A lessee could not take a charitable contribution deduction for granting a conservation easement. The lessee did not hold a fee interest in the property…
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IRS Changes Compliance Assurance Process Program
The IRS has changed the Compliance Assurance Process (CAP) program for 2019. CAP is a cooperative pre-filing program for some of the largest taxpayers. The…
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Reaction: Proposed IRS Regs Would Curb SALT Cap Workarounds
New IRS guidance aiming to curb certain state and local tax (SALT) deduction cap “workarounds” is the latest “hot topic” tax debate on Capitol Hill.…
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Weekly Report from Washington, D.C.
During the week of August 20, the IRS released proposed regulations that limit charitable contributions made to avoid the state and local tax (SALT) deduction…
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Nondiscrimination Relief for Closed Defined Benefit Plans Extended
Temporary nondiscrimination relief provisions in Notice 2014-5 for closed defined benefit plans provided now apply through plan years beginning in 2019. Notice 2014-5 provides temporary nondiscrimination…
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Proposed Regs Limit Charitable Contributions Made to Avoid SALT Deduction Limit
Proposed regulations would reduce the federal charitable contribution deduction by the amount of the donor’s corresponding state and local tax (SALT) credit. These rules are…
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Six-Year Spread Applies to 481(a) Adjustments After Terminated S Corporation’s Accounting Method Change
New temporary rules clarify a six-year spread period for Section 481(a) adjustments after an eligible terminated S corporation changes from a cash to an accrual…
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