Tag: irs

Young businessmen and partnership holding a pen pointing the graph to analyze the marketing plan with calculater and laptop computer on wood desk in office.
New Partnership Reporting Requirement: Negative Tax Basis Capital Account Information

The IRS now requires partnerships to report each partner’s tax basis capital on their respective…

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Treasury Notice: Proposed GILTI Regulations for Domestic Partnerships And S Corporations

On August 22, 2019, the Department of the Treasury and the Internal Revenue Service (collectively,…

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Regulations for GILTI and Other International Provisions

On June 14, 2019, the Department of the Treasury and the Internal Revenue Service (collectively,…

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Applying Section 83(I) Deferral of Tax Payment

On December 7, 2018, the IRS issued guidance on the application of Internal Revenue Code…

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Government Shutdown: What to Expect from the IRS

Due to the lapse in appropriations that began midnight December 22, 2018, the federal government…

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New Automatic Changes for Small Businesses Meeting the $25 Million Gross Receipts Test

On August 3, 2018, the IRS released Rev. Proc. 2018-40, which provides procedural guidance by…

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Final Regulations Published for Centralized Partnership Audit Regime

Starting with tax years that begin after December 31, 2017 (i.e. 2018 tax years), partnership…

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Guidance on 529 Education Savings Plans
IRS Offers New Guidance on 529 Education Savings Plan Changes

Last week, the IRS and Department of Treasury issued Notice 2018-58 which provides new guidance…

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Offshore Voluntary Disclosure Program Closing
Offshore Voluntary Disclosure Program (OVDP) Closing

First launched in 2009, the OVDP was originally established to allow taxpayers to voluntarily report…

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IRS Offers Limited Relief for the Section 965 Transition Tax

Section 965 generally imposes a transition tax on untaxed foreign earnings of certain foreign corporations…

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