House Lawmakers Examine Tax Extenders

The House Ways and Means Tax Policy Subcommittee held a hearing on March 14 in which lawmakers and stakeholders examined the future of various temporary tax extenders post-tax reform. Over 30 tax breaks, which included energy and fuel credits, among others, were retroactively extended for the 2017 tax year in the Bipartisan Budget Act ( P.L....

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IRS Issues Guidance on Transition Tax Filing and Payment Requirements

The IRS has released Frequently Asked Questions (FAQs) to address a taxpayer’s filing obligations and payment requirements with respect to the Code Sec. 965 transition tax, enacted as part of the Tax Cuts and Jobs Creation Act ( P.L. 115-97). The instructions in the FAQs are for filing 2017 returns with an amount of Code Sec. 965 tax. Failure to...

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Trump Signs Government Funding Bill

Just hours before government funding was set to expire, President Trump on March 23 signed the bipartisan Consolidated Appropriations Act, 2018, averting a government shutdown. The $1.3 trillion fiscal year 2018 omnibus spending package, which provides funding for the government and federal agencies through September 30, contains several tax...
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IRS Releases Second Quarter Guidance Update

The Treasury and IRS have released their second quarter update to the 2017-2018 Priority Guidance Plan. The updated 2017-2018 Priority Guidance Plan now reflects 29 additional projects, including 18 projects that have become near term priorities as a result of the Tax Cut and Jobs Act of 2017.

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Administration’s Fiscal Year 2019 Budget Prioritizes IRS Enforcement & Cybersecurity

On February 12, 2018, the Trump administration released its much-anticipated fiscal year (FY) 2019 budget request, "Efficient, Effective, Accountable An American Budget." The administration’s proposal calls for IRS funding that focuses additional resources on enforcement and cybersecurity. Coming off passage of the Tax Cuts and Jobs Act, this...

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Additional Partnership Audit Regulations Tackle Basis/Capital Accounts

New proposed regulations under the centralized partnership audit regime address how and when partnerships and their partners adjust tax attributes to take into account partnerships’ payment adjustments. They also provide, among other additions and clarifications to earlier proposed regulations, rules to adjust basis and capital accounts if the...

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IRS Posts Best Practices For Individual Mandate

The IRS has posted best practices for return preparers addressing the Affordable Care Act’s (ACA) individual shared responsibility requirement, also known as the individual mandate. The Service reminded preparers that the Tax Cuts and Jobs Act did not eliminate the individual shared responsibility requirement for 2017.

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Treasury Department has Proposed Repealing 298 Regulations

The Treasury Department has proposed repealing 298 regulations. According to the Treasury, the targeted rules are unnecessary, duplicative, or obsolete. In addition, the Treasury proposed to amend another 79 regulations to reflect the repeal.

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Trump Signs Bipartisan Act

On February 9th, President Trump signed the Bipartisan Budget Act into law after a brief government shutdown occurred overnight. The legislation contains tax provisions in addition to a continuing resolution to fund the government and federal agencies through March 23. The House approved this new law in the early morning hours of February 9, by a...
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Top 3 Advantages of Reverse Due Diligence Before Selling a Business

Are you thinking about selling your business? If so, a prospective buyer is likely to conduct “Due Diligence” or an investigation of your company to evaluate its strengths and weaknesses.  

What will they find? Do you know how your company will look to a potential buyer? Will the results of the buyer’s Due Diligence impact the price they will...

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