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IRS Announces End of FBAR Voluntary Disclosure Program

As I discussed in a prior blog post, if you have more than $10,000 in a foreign bank account, you are obligated to file Form 114 (commonly known as an FBAR). Failure to make this filing can result in significant civil...more

Tax Cut and Jobs Act Limits Benefit of Carried Interest

After many years of being the target of Congress and the IRS, the Tax Cut and Jobs Act finally succeeded in limiting the beneficial tax treatment of carried interests, at least for some taxpayers. This change will be of...more

Time to Reconsider Your Choice of Entity?

One of the most publicized changes made by last year’s Tax Cut and Jobs Act was a reduction in income tax rates for corporations and individuals. The maximum corporate tax rate has been permanently reduced from 35% to 21%,...more

Tax Cut and Jobs Act Brings Important Changes to NOL Rules

The Tax Cut and Jobs Act made several important changes to the net operating loss (“NOL”) rules. The following is a brief discussion of these changes. Businesses that generate significant NOLs, such as real estate companies...more

Tax Reform Brings New Interest Expense Limitation

The Tax Cut and Jobs Act introduced a new rule limiting a businesses ability to deduct interest expense, which can have a significant impact in the senior living area as facilities often are acquired or built using debt....more

Think Twice Before Taking Out a Home Equity Loan

Last year’s Tax Cut and Jobs Act (the “Act”) introduced many tax changes on the individual return front. One rule that has seen important changes is the home interest deduction. ...more

5 Helpful Things to Know About the New Limitation on Claiming Losses

Last month, President Trump signed into law the much publicized Tax Cut and Jobs Act. In part of our ongoing series discussing the changes made by the Act, the following answers five common questions regarding the new...more

Six Things to Know About the New Interest Expense Limitation

Last month, President Trump signed into law the much publicized Tax Cut and Jobs Act. In part of our ongoing series discussing the changes made by the Act, the following answers six common questions regarding the new Section...more

How the Tax Cut and Jobs Act Impacts Expensing and Depreciation (For the Better)

Last month, President Trump signed into law the much publicized Tax Cut and Jobs Act. In part of our ongoing series discussing the changes made by the Act, the following discusses key changes made to the expensing and...more

Six Things to Know About the New Deduction for Pass Through Entities

Last month, President Trump signed into law the much publicized tax reform legislation, Public Law 115-97. One of the new provisions is Section 199A, which introduces a deduction for qualified business income. Here are the...more

BREAKING: House Passes Final $1.5T Tax Cut Bill

This morning, Congress passed the Republican’s tax reform bill, the Tax Cuts and Jobs Act (the “Act”). President Trump is expected to sign the Act into law almost immediately. The Act will drastically change the Internal...more

Are Your Partnerships Ready for 2018?

While the news is filled with the ongoing tax reform activity in Congress, there is one tax change that is already in place to take effect January 1, 2018 – the repeal and replacement of the tax audit regime for partnerships....more

12/5/2017  /  IRS , Partnerships , Tax Audits , Tax Returns , TEFRA

House Republicans Release (Simplified?) Tax Reform Bill

The House Republican’s tax reform bill – the Tax Cuts and Jobs Act – was released yesterday. This bill is 429 pages (this is simplifying?) and provides for extensive tax reform. ...more

House Republicans Release (Simplified?) Tax Reform Bill

The House Republican’s tax reform bill – the Tax Cuts and Jobs Act – was released today. This bill is 429 pages (this is simplifying?) and provides for extensive tax reform....more

House Tax Reform Bill Released

Today, House Ways and Means Committee Chairman Brady introduced the much anticipated House Tax Reform Bill – The Tax Cuts and Jobs Act. The bill is 429 pages, so it will take a little time to digest all the key provisions. ...more

Treasury Withdraws Problematic Section 2704 Discount Regulation

As previously discussed, the IRS and Treasury identified in July eight Obama era tax regulations that are burdensome on taxpayers. In early October, Treasury announced that it proposed to repeal or revise these regulations. ...more

Tax Reform Bill To Be Released November 1

House Ways and Means Committee Chairman Kevin Brady announced that the House’s tax reform bill will be released next week on November 1. ...more

Republicans Announce Tax Reform Framework, Which Includes Repealing Estate Tax

After months of speculation, President Trump and the Republicans have announced their framework for tax reform. While specific details are not known, the key elements of the framework include...more

Treasury Plans to Pull Unpopular Discount Regulation

As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts...more

Treasury To Repeal/Revise 8 Burdensome Regs

As previously discussed, the IRS and Treasury identified in July eight Obama era tax regulations that are burdensome on taxpayers. The next step for Treasury was to determine what to do with these regulations, and today we...more

Treasury Plans to Pull Unpopular Discount Regulation

As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts...more

Republicans Announce Tax Reform Framework

After months of speculation, President Trump and the Republicans have finally announced their framework for tax reform. While specific details are not known, the key elements of the framework include: - Reducing the...more

IRS Offers Tax Relief for Those Impacted by Irma, Including for 1031 Exchanges

President Trump’s declaration of a major disaster in Florida and Georgia as a result of Hurricane Irma provides important tax relief for those residing in these states. This declaration provides automatic relief for those...more

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