Inflation adjustments issued for qualified retirement plans
The IRS updated figures for retirement plan contribution limits for 2019.
News
Proposed rules would exempt corporate US shareholders from Sec. 956
The IRS issued proposed regulations providing that Sec. 956, which requires an income inclusion by U.S. shareholders of controlled foreign corporations (CFCs) that invest in U.S. property, should not apply to corporate shareholders.
Health reimbursement arrangement rules are issued in proposed form
The Treasury, Labor, and Health and Human Services departments proposed rules for health reimbursement arrangements, which can be used in coordination with individual health insurance if certain requirements are met.
Association addresses digital economy tax issues
The Association of International Certified Professional Accountants released a policy paper urging global solutions to the tax treatment of transactions in the digital economy, emphasizing its own Guiding Principles of Good Tax Policy.
How the suspension of personal exemptions affects health-care-related provisions
IRS guidance clarifies what it means to claim a personal exemption deduction.
Proposed regs. reflect amendments to all-events test and advance payments
The IRS is proposing to remove regulations on advance payments and long-term contracts to reflect amendments to Sec. 451 included in the law known as the Tax Cuts and Jobs Act.
Meals continue to be deductible under new IRS guidance
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
Charles Rettig sworn in as new IRS commissioner
Charles Rettig was sworn in as the 49th commissioner of the IRS by Treasury Secretary Steven Mnuchin.
IRS issues 2018–2019 per-diem rates
The IRS issued its annual update of the special per-diem rates for business travel away from home from Oct. 1, 2018, through Sept. 30, 2019.
Rules issued on paid family and medical leave credit
The IRS released guidance on the new Sec. 45S tax credit for employers that provide paid medical and family leave.
IRS extends deadlines in N.C. counties affected by Hurricane Florence
The IRS announced on Saturday that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.
IRS issues proposed regs. for GILTI inclusions
The IRS issued proposed regulations implementing Sec. 951A’s global intangible low-taxed income provision, which requires a US shareholder of a controlled foreign corporation to include this income in the shareholder’s gross income.
Deemed personal exemption amount introduced for various tax benefits
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
Proposed rules would curb avoidance of SALT deduction limit
Here is what practitioners need to know about the IRS’s proposed rules that would curb the deductibility of charitable contributions that qualify for state and local tax credits.
IRS provides initial guidance on new Sec. 162(m)
The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.
D.C. Circuit upholds IRS unenrolled tax preparer program
The Court of Appeals for the D.C. Circuit held that the AICPA had standing to challenge the IRS’s Annual Filing Season Program for unenrolled tax preparers but further held that the program did not violate the Administrative Procedure Act.
Qualified business income deduction regs. proposed
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
Final regs. govern who can be a partnership representative
The IRS finalized proposed regulations under Sec. 6223 on the procedures for designating a partnership representative and the authority of the partnership representative under the centralized partnership audit regime.
Ninth Circuit withdraws Altera opinion
The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”
IRS issues proposed regs. on 100% bonus depreciation
The IRS issued proposed regulations providing guidance on the new tax law’s amendments to Sec. 168(k), which increased bonus depreciation for qualifying property from 50% to 100%, generally effective for property acquired and placed in service after Sept. 27, 2017.
