Tax regulations

A group of Senate Democrats has launched an investigation of the regulatory process for the Tax Cuts and Jobs Act and the ways in which exceptions were made for corporations as a result of fierce lobbying with the passage of the 2017 tax overhaul.

Filing taxes last year was a nightmare for taxpayers, their accountants and the Internal Revenue Service. This year might not be much better.

The Internal Revenue Service and the Treasury Department are offering a safe harbor to provide relief to taxpayers who borrowed money to attend a nonprofit or for-profit school and had their student loan debts discharged.

The institute has asked the IRS and the Treasury to issue a notice clarifying that relief will also apply to S corporations.

The Internal Revenue Service’s announcement last month delaying a requirement for reporting partners’ share of partnership capital offers some extra time to busy tax practitioners, but the issue still isn’t going away and may lead to some other problems.

The Internal Revenue Service issued the 2020 optional standard mileage rates that taxpayers and tax professionals can use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The Internal Revenue Service issued final regulations last week on opportunity zone funds, but while they answer some of the questions, many other issues remain that are likely to prompt questions from tax clients.

For tax year 2018 filings, the IRS made a drastic change to the Form 1065, U.S. Return of Partnership Income, that went unnoticed by most practitioners.

The new regs clarify what property and businesses will qualify for the tax break.

Among other things, the IRS’s proposals offer a new set of definitions.

The IRS is concerned that taxpayers are not properly recognizing the gain or loss on partial dispositions of building components.

Tax professor Sharyn Fisk will take the helm early in 2020.

The Internal Revenue Service’s proposed regulations on the classification of transactions involving digital content could mean some unexpected tax bills for some publishers, especially those based abroad who sell copyrighted articles to U.S. readers.

The notice delays a requirement for reporting partners’ share of partnership capital.

The Internal Revenue Service is seeking information from more taxpayers who hold virtual currency like Bitcoin, but in a ruling last week, a judge ordered the IRS to limit its summons for information from one cryptocurrency exchange, Bitstamp

The Internal Revenue Service and the Treasury Department released their final regulations on two major international tax provisions, the Foreign Tax Credit and the Base Erosion and Anti-abuse Tax (BEAT), which was included as part of the Tax Cuts and Jobs Act.

The Internal Revenue Service updated its guidance for business travelers and their employers on the per diem rates for substantiating expenses, in light of the changes in the Tax Cuts and Jobs Act.

Final regulations confirm that individuals who take advantage of the increased gift and estate tax exclusion amounts that are in effect from 2018 to 2025 under the Tax Cuts and Jobs Act won’t be adversely affected after 2025.

The Treasury Department is planning to issue regulations restricting how hedge fund managers can claim a valuable tax break early next year.

The U.S. Treasury Department plans to pare back regulations championed by President Barack Obama that were intended to prevent American companies from moving profits offshore to avoid taxes.