November 2018

11/19 – Members of the Firm complete an AED/CPR training at the Gates Volunteer Ambulance Service. Now we know how to use our new AED unit!

Tax Reform 2.0: House Approves Retirement Savings, Business Innovation Bills

The House has approved two tax bills that are part of Republicans’ three-pronged “Tax Reform 2.0” package. The two measures, approved by the House on September 27, focus on retirement savings and business innovation.

The most controversial bill of the package, which would make permanent tax reform’s individual and small business tax cuts enacted last December, was approved by the House on September […]

House Approves Bill to Extend Individual, Small Business Tax Cuts

The House has approved a tax bill that would make permanent tax reform’s individual and small business tax cuts enacted last December. The controversial bill is part of Republican’s three-bill “Tax Reform 2.0” package, two of which cleared the House on September 27 (see the previous story in this Issue).

Individual, Small Business Tax Cuts
The House approved the Protecting Family and Small Business Tax […]

Stakeholders Weigh in on Proposed Passthrough Deduction Rules

Stakeholders are urging the IRS to clarify its guidance on tax reform’s new passthrough deduction. The IRS held an October 16 public hearing on proposed rules for the new Code Sec. 199Apassthrough deduction at its headquarters in Washington D.C. The IRS released the proposed regulations, REG-107892-18, on August 8.

Over 20 stakeholders and practitioners spoke at the hearing. Additionally, over 300 comments on […]

Senate Tax Writers Introduce Bipartisan Digital Goods Bill

Top Senate tax writers have introduced a bipartisan bill to prevent duplicative taxation on digital goods and services. The bill aims to establish a framework across multiple jurisdictions for taxation of digital goods and services, including electronic music, literature, and mobile apps, among other things.

The Digital Goods and Services Tax Fairness Act (Sen. 3581) was reintroduced on October 11 by […]

IRS Releases Draft Instructions for 2018 Form 1040

The IRS has released Draft Instructions for the 2018 Form 1040. Additionally, the IRS has cautioned taxpayers that the draft instructions are subject to change. The IRS released a draft of the 2018 Form 1040 and six accompanying schedules last June.

Generally, the IRS does not release draft forms but has done so in this case as a “courtesy,” the instructions state. “Do not […]

New IRS Commissioner: Rettig Takes the Reins

The IRS’s new Commissioner was officially sworn in on October 1 by Treasury Secretary Steven Mnuchin. IRS Commissioner Charles “Chuck” P. Rettig will lead the implementation of tax reform enacted last December under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).

New IRS Commissioner
“I am honored, privileged and most humbled by the opportunity to serve with you as Commissioner,” Rettig said in an […]

Senate Lawmakers Examine Tax Reform’s Effect on Small Businesses

The Senate Small Business Committee held an October 3 hearing on expanding opportunities for small businesses through the tax code. Senate lawmakers examined tax reform’s effect on small businesses and discussed witnesses’ proposals to address ambiguity in the new tax code.

Various provisions of the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) were discussed among lawmakers and witnesses. Specifically, Opportunity […]

Load More Posts