February 2018

February 21, 2018

Partnership audit adjustments addressed in proposed regs.

The IRS issued proposed regulations addressing how partnerships and their partners adjust tax attributes to take into account partnership adjustments under the new centralized partnership audit regime.

February 13, 2018

IRS proposes to remove 298 regulations

The IRS is proposing to remove 298 regulations that have no current or future application to the Internal Revenue Code.

February 9, 2018

Bipartisan Budget Act contains several tax provisions

The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.

February 8, 2018

Charles Rettig to be nominated new IRS commissioner

President Donald Trump announced that he will nominate Charles Rettig, a tax attorney from California, to be the new Commissioner of the IRS.

February 7, 2018

FASB moving forward on reclassification of stranded tax effects

FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.

February 6, 2018

IRS announces 2018 pension contribution limits under tax reform act

The IRS revealed that the recalculated 2018 pension contribution limits are unchanged from the numbers issued before the tax reform bill was enacted.

February 6, 2018

OPR implements greater transparency in disciplinary investigations

The IRS’s Office of Professional Responsibility has implemented a new process for informing practitioners that they are under investigation for violations of Circular 230.

February 5, 2018

FinCEN announces filing deadline for 2017 FBARs

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its annual reminder of the due date for filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).