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.
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.
The Internal Revenue Service has issued two new guidance documents on the transfer of individual retirement account funds into a state unclaimed property fund.
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.
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.
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.
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.
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 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.
The Internal Revenue Service has issued two sets of proposed regulations that address the timing of income inclusion under section 451 of the Internal Revenue Code, as required under the tax reform law.