The IRS Will End Its Offshore Voluntary Disclosure Program Soon
Posted by Kim Chen on August 26th, 2018
The IRS Offshore Voluntary Disclosure Program (OVDP) will close on September 28, 2018. Taxpayers with undisclosed foreign financial assets still have time to use the OVDP before the deadline. The IRS states that disclosures “must be must be received or postmarked by September 28, 2018 and may not be partial, incomplete, or placeholder submissions.” Why […]
CRS Evaluates Small Business Tax Benefits: Current Law and Arguments For and Against Them
Posted by Kim Chen on August 24th, 2018
A recent Congressional Research Service (CRS) report examines the concept of small business tax benefits, lists what it considers the major small business tax benefits that have a general application, and analyzes what it considers the main arguments for and against federal support for small business. Small business tax benefits, generally. The federal tax burden […]
New Law, New Limit on Deductions for Business Interest Expense
Posted by Kim Chen on August 20th, 2018
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. Will your business be affected? Here’s what you need to know. How Have the Rules Changed? Under prior law, some corporations were subject to the […]
New IRS Guidance on 529 Plan Recontributions, Rollovers and Qualified Expenses
Posted by Kim Chen on August 17th, 2018
Notice 2018-58, 2018-33 IRB; IR 2018-156, 7/30/2018 In a Notice and accompanying Information Release, IRS has issued guidance, and announced its intention to issue regs, regarding the following aspects of Code Sec. 529 qualified tuition programs (529 plans): a. Recontribution of refunded qualified higher education expenses (QHEEs); b. Rollover from a 529 plan to an […]
IRS Releases Proposed Regulations on Qualified Business Income Deduction
Posted by Kim Chen on August 10th, 2018
The IRS has released proposed reliance regulations (REG-107892-18) on the new Qualified Business Income (QBI) deduction under IRC Sec. 199A. The proposed regulations are divided into six substantive sections and provide guidance on calculating the deduction and applying various antiabuse provisions. The IRS also has issued Notice 2018-64 , which proposes a revenue procedure that […]
