Practical perspectives for contemporary legal challenges.
On March 28, 2019, U.S. Senate Finance Committee Chairman Chuck Grassley (R-IA) and Senator Ron Wyden (D-OR) introduced new tax legislation referred to as the Taxpayer First Act of 2019. This legislation is largely aimed at improving and modernizing the IRS as well providing taxpayers with greater protections. Highlights of the proposed bipartisan legislation include: Creating …
Continue reading “New Tax Bill Introduced to Improve IRS and Taxpayer Protections”
Internal Revenue Code Section 162, as amended by the 2017 Tax Cuts and Jobs Act (TCJA), provides that no deduction is allowed for any amount paid to, or at the direction of, a governmental entity in relation to the violation of any law. A corresponding obligation to report the receipt or imposition of such “fines …
Continue reading “IRS Issues New Form For Reporting Non-Deductible Fines and Penalties”
For many years, the IRS has looked the other way when employers have provided their employees with free meals. A new Technical Advice Memorandum (“TAM”) suggests otherwise, in ultimately holding that employer-provided meals were not excludible from income except in limited situations. In 2014, the Department of Treasury released its priority guidance plan, which raised the …
In early August, the Internal Revenue Service (IRS) issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to owners of pass-through businesses as to eligibility for a federal tax deduction of 20% of the income generated by the businesses under new Section 199A of the Internal Revenue Code (IRC). Although …
Continue reading ““Non-Performing Artists” Wait on IRS Final Regulations Under Section 199A”