The Internal Revenue Service’s announcement that it plans to issue regulations clarifying the limitations on carried interest aims to head off a flurry of activity aimed at getting around a provision of the Tax Cuts and Jobs Act.
The U.S. Department of Treasury and the Internal Revenue Service issued guidance seeking to close a loophole that hedge-fund managers had been trying to exploit to avoid paying higher taxes on carried-interest profits.
The American Institute of CPAs is sending an urgent request to the Internal Revenue Service and the Treasury Department, asking for “immediate guidance” on the definition of the term “qualified business income” for pass-through entities under the new tax law.
The Treasury Department has proposed to repeal nearly 300 tax regulations, many of which have become obsolete with the passage of the new tax law and earlier legislation, in some cases dating back to 1942.
The Internal Revenue Service and the Treasury Department announced changes Tuesday in the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders subject to the transition tax under the Tax Cuts and Jobs Act.