The federal government spending bill passed by Congress on Thursday repeals three health care taxes that were originally enacted as part of 2010 health care reform legislation, makes many changes to retirement plan rules, extends several expired tax provisions, provides disaster tax relief, and repeals the provision that taxed exempt organizations when they provided parking […]

The Fifth Circuit held on Wednesday that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero (Texas, No. 19-10011 (5th Cir. 12/18/19)). The individual mandate […]

FASB issued a standard Wednesday that is intended to simplify accounting for income taxes. The standard removes specific exceptions to the general principles in FASB ASC Topic 740, Income Taxes. In addition, the standard eliminates the need for an organization to analyze whether the following apply in a given period: Exception to the incremental approach […]

In REG-122180-18, the IRS issued proposed regulations under Sec. 162(m), which disallows a deduction by any publicly held corporation for employee remuneration paid to any covered employee to the extent that the employee’s remuneration for the tax year exceeds $1 million. The IRS has scheduled a public hearing on the regulations on March 9 and […]

News Foreign Income & Taxpayers By Alistair M. Nevius {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The IRS on Tuesday officially released final regulations (T.D. 9882) providing guidance on determining foreign tax credits (the regulations were previously posted to the IRS website). The regulations include changes necessitated by the law known as the Tax […]

Proposed regulations issued by the IRS on Friday provide guidance on the treatment of payments made to charitable organizations in return for consideration, including in return for state and local tax credits (REG-107431-19). The regulations incorporate two earlier pieces of IRS guidance, Rev. Proc. 2019-12 and Notice 2019-12, as well as addressing other issues. The […]

Responding to concerns that some partnerships required to report capital account information may be unable to comply, the IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after […]

News Foreign Income & Taxpayers By Sally P. Schreiber, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The IRS on Monday issued detailed guidance on the Sec. 59A base-erosion and anti-abuse tax (BEAT), which was added to the Code by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. Monday’s regulations […]

The IRS announced Monday that it is extending the due dates for sending certain health care information statements to individuals as required under the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148 (Notice 2019-63). The IRS has extended the date every year since the PPACA’s requirement went into effect because a substantial number of […]

The IRS on Tuesday updated the rules for using per-diem rates to substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home in light of changes enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97 (Rev. Proc. 2019-48). The revenue procedure supersedes […]