Press Room: Tax Releases

Treasury Issues Regulations on Transition Tax on Foreign Earnings

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IRS Issues Final Regulations Providing Substantiation Rules for Charitable Contributions

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Planning for State and Local Incentives Post Tax Reform

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September 20, 2018

California Decision Opens Door to Like-Kind Exchange Treatment For Drop and Swap Exchanges With Partnerships/LLCs

The California Office of Tax Appeals (OTA) has issued a decision that provides authority for California taxpayers to do drop and swap and similar swap and drop Sec. 1031 transactions. The decision gives California  Read More

September 20, 2018

Maximizing the Federal Tip Credit for State and Local Income Taxes

The federal tip credit is a valuable benefit for restaurant owners. But, it is not just a federal benefit – many states and local taxing jurisdictions extend similar income tax credits or deductions  Read More

September 20, 2018

California Franchise Tax Board Proposes Significant Changes to Market-Based Sourcing Rules

California’s Franchise Tax Board (FTB) held its third Interested Parties Meeting (IPM) on May 18, 2018, to discuss proposed changes to California Code of Regulations Title 18 Sec. 25136-2, which enumerates the state&rsquo  Read More

September 18, 2018

Proposed Regulations on GILTI Address Numerous Computational Issues Including Treatment of Consolidated Groups

IRS and Treasury have released much-anticipated guidance in the form of proposed regulations under the new Global Intangible Low-Taxed Income (GILTI) regime enacted as part of the Tax Cuts and Jobs Act (TCJA).  Read More

September 10, 2018

Recent Case Rejects California Franchise Tax Board’s Long-Standing Approach to Taxing Trusts

In March 2018, the California Superior Court in San Francisco ruled in favor of the taxpayer in Paula Trust v. California Franchise Tax Board (Paula Trust). The California Franchise Tax Board (FTB) has long  Read More

August 08, 2018

Guidance Released on New 20% Pass-Through Deduction; Includes Aggregation Election

IRS and Treasury have released the first set of proposed regulations related to the new 20% deduction for qualified business income under Sec. 199A, enacted as part of the Tax Cuts and Jobs Act  Read More

August 02, 2018

Treasury Issues Regulations on Transition Tax on Foreign Earnings

Treasury and IRS have issued proposed regulations related to the new mandatory deemed repatriation under Sec. 965 (the Transition Tax). The proposed rules include additional guidance and definitions that are useful for many taxpayers.  Read More

August 01, 2018

IRS Issues Final Regulations Providing Substantiation Rules for Charitable Contributions

IRS and Treasury have released final regulations (T.D. 9836) regarding substantiation and reporting requirements for cash and non-cash charitable contributions. The final regulations, which were originally proposed in 2008, provide guidance to individuals, partnerships  Read More

July 30, 2018

IRS Clarifies Effect of Suspended Miscellaneous Itemized Deductions on Trusts and Estates

IRS has announced in Notice 2018-61 (the Notice) that it will issue regulations to clarify that trusts and estates will be allowed to take deductions for expenses that are unique to trust and  Read More

July 19, 2018

Planning for State and Local Incentives Post Tax Reform

Prior to enactment of the Tax Cuts and Jobs Act (TCJA), Sec. 118 of the Internal Revenue Code exempted most non-shareholder contributions to capital that were made to a corporation from taxable income. Historically,  Read More

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