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October 2018

House Ways and Means Committee Approves Tax Reform 2.0 Package

House Republican tax writers have advanced a “Tax Reform 2.0” legislative package. The measure is expected to reach the House floor for a full chamber vote by the end of September.

The House Ways and Means Committee debated the GOP Tax Reform 2.0 three-bill package in a September 13 markup that ran almost seven hours. The package focuses on making permanent […]

Charles Rettig Confirmed as New IRS Commissioner

Charles P. “Chuck” Rettig was confirmed as the new IRS Commissioner on September 12. The Senate confirmed the nomination by a 64-to-33 vote. Rettig received both Democratic and Republican support.

Senate Finance Committee (SFC) Chairman Orrin G. Hatch, R-Utah, praised Rettig, saying that he is both “qualified and ready” to lead the IRS. Although SFC ranking member Ron Wyden, D-Ore., previously […]

Reaction: Proposed IRS Regs Would Curb SALT Cap Workarounds

New IRS guidance aiming to curb certain state and local tax (SALT) deduction cap “workarounds” is the latest “hot topic” tax debate on Capitol Hill. The IRS released proposed amendments to regulations, REG-112176-18, on August 23. The proposed rules would prevent taxpayers, effective August 27, 2018, from using certain charitable contributions to work around the new cap on SALT deductions.

SALT […]

IRS Proposes to Remove Section 385 Documentation Regulations

The IRS has proposed to remove the Code Sec. 385 documentation regulations provided in Reg. §1.385-2. Although the proposed removal of the documentation rules will apply as of the date the proposed regulations are published as final in the Federal Register, taxpayers can rely on the proposed regulations until the final regulations are published.

The documentation regulations provide minimum documentation requirements […]

Wolters Kluwer Interview: The New Code Sec. 199A Passthrough Deduction and Proposed Regulations (Parts 1 & 2)

Last year’s Tax Reform created a new 20-percent deduction of qualified business income for passthrough entities, subject to certain limitations. The Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) created the new Code Sec. 199A passthrough deduction for noncorporate taxpayers, effective for tax years beginning after December 31, 2017. However, the provision was enacted only temporarily through 2025. The […]

Wolters Kluwer Projects 2019 Inflation Amounts

Wolters Kluwer has projected annual inflation-adjusted amounts for tax year 2019. The projected amounts include 2019 tax brackets, the standard deduction, and alternative minimum tax amounts, among others. The projected amounts are based on Consumer Price Index figures released by the U.S. Department of Labor on September 12, 2018.

The Tax Cuts and Jobs Act of 2017 (TCJA) ( P.L. 115-97) […]

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