Treasury Releases Details on Proposed Tax Changes
The Treasury Department today provided additional details on the Biden administration’s proposed changes to the U.S. tax code.
Browsing: Tax reform
IRS to Issue Regulations Confirming S-Corporation State Tax Deductions
The Internal Revenue Service on Monday announced that it intends to issue proposed regulations to confirm the federal deductibility of state taxes at the partnership or S-corporation level for those entities and that the individual limitation does not apply.
IRS Finalizes Rule on Trusts, Estates Deductions
The IRS has issued a final rule confirming that deductions allowed under Internal Revenue Code section 67(e) for costs incurred in connection with the administration of a trust or estate are deductible despite the suspension of miscellaneous itemized deductions under the 2017 tax reform law.
IRS Issues Guidance on IRA Distributions to State Unclaimed Property Funds
The Internal Revenue Service has issued two new guidance documents on the transfer of individual retirement account funds into a state unclaimed property fund.
IRS Issues Final Guidance Addressing Business Interest Expense Deduction Limitations
The Internal Revenue Service today released a long-awaited package of final regulations addressing restrictions on deducting net interest expense, pursuant to the 2017 tax reform law.
ABA Comments on IRS Proposal on Trust and Estate Deductions
In a comment letter last week, ABA offered feedback on a recent IRS proposal to address the treatment of deductions by non-grantor trusts and estates after changes made by the 2018 tax reform law.
Corporate Tax Rates and a Financial Transactions Tax in 2020
A financial transaction tax rate set between 0.1 and 0.5 percent may make an FTT seem innocuous, but it would have a significant negative effect on investors, the economy and the banking industry.
IRS Issues Final Regulations on Opportunity Zones
The Internal Revenue Service has issued a long-awaited package of final regulations on the Opportunity Zones tax incentive that was created by the 2017 tax reform law.
IRS Issues a Package of Proposed, Final Tax Regulations
In a move long awaited by taxpaying firms with international operations, the Internal Revenue Service and the Treasury Department late Monday issued a series of proposed and final regulations related to the base erosion and anti-abuse tax, or BEAT, and the operation of the foreign tax credit as required by the 2017 tax reform law.
ABA Submits Feedback on Proposed Income Inclusion Regulations
ABA this week filed a comment letter on regulations proposed by the IRS on the timing of income inclusion under Section 451 of the Internal Revenue Code, as required by the tax reform law.