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Tax Alerts

Tax Briefing(s)

2018 Post-Filing Season Update Congress Approves Sweeping Tax Overhaul Tax Cuts and Jobs Act 2017 Year-End Tax Planning

IRS Outlines Guidance on Business Interest Deduction
The IRS has announced initial guidance for computing the business interest expense deduction under Code Sec. 163(j) effective for tax years beginning after 2017, and aspects that will be cov...

2018 Fiscal-Year Blended Tax Rates for Corporations
The IRS has issued guidance on the changes to the federal income tax rates for corporations under Code Sec. 11(b) and the repeal of the alternative minimum tax (AMT) for corporations by the ...

IRS Provides Guidance for Reporting Fines, Penalties
The IRS has provided transitional guidance regarding the new reporting requirements for certain fines, penalties, and other amounts under Code Sec. 6050X, which was added by the Tax Cuts and Jobs...

IRS Provides 2018 Luxury Auto Caps, Lease Inclusion Tables
The IRS has issued "luxury car" depreciation caps for passenger automobiles first placed in service during calendar year 2018. For purposes of this guidance, "passenger automobiles"incl...

Qualified Opportunity Zones Designated
The Treasury and the IRS have designated Opportunity Zones in 15 states and three territories. Private investments in these specific Qualified Opportunity Zones get preferential tax treatment under th...

IRS Provides Workbook for 2017TY Transition Tax; FAQs Updated
The IRS has issued Publication 5292, How to Calculate Section 965 Amounts and Elections Available to Taxpayers, which provides guidance for determining the new transition tax on untaxed fore...

Additional Guidance on Foreign Earnings Transition Tax
The Treasury and IRS have issued another piece of guidance on the foreign earnings transition tax under Code Sec. 965. The new provision, which was enacted as part of the Tax Cuts and Jobs Act (&...

Withholding on Partnership Interest Transfers by Foreign Persons Addressed
The Treasury Department and the IRS have announced their intention to issue regulations, rules, and procedures on how to qualify for exemptions from withholding, or reductions in the amount of withhol...

Proposed Regs Would Expand ACA-Exempt Short-Term Insurance
In response to President Trump’s Executive Order 13813, the Departments Health and Human Services, Labor and the Treasury (the Departments) are proposing regulations to expand the availability o...

MN - Reminder issued regarding military service credit
The Minnesota Department of Revenue is informing eligible personal income taxpayers that the credit for military service in a combat zone for service in 2014 will expire for most qualifying service me...

WI - Department’s audit was timely; Tax debt nondischargeable
For personal income tax purposes, the Wisconsin Department of Revenue was granted a summary determination because its performance of an audit and issuance of a deficiency notice to a taxpayer was time...

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