Tim Sundstrom, a member of the NSA Federal Taxation Committee and John Ams, NSA Executive VP, met with IRS officials including Acting Commissioner Dave Kautter to urge them to issue guidance on issues raised in the tax reform bill as soon as possible, particularly with respect to the much-discussed Section 199A.
Sundstrom raised a number of technical issues about the application of the 20% rule as well as how to determine whether an entity’s principal asset is the skill or reputation of one or more of its owners or employees. Ams pointed out that many small businesses could be disqualified from claiming the deduction unless the determination of skill or reputation is defined objectively and not subject to the opinion of an IRS auditor.
Kautter mentioned that Treasury was preparing to ask for $397 million to implement tax reform and that guidance on Section 199A would likely be issued in the summer. Ams pointed out that the positions taken in such guidance could be a determining factor in a taxpayer’s election to conduct business as a C corporation or some form of passthrough entity. Since such elections need be made by March 15; well before Section 199A guidance is issued, Ams requested an extension of time to make entity election until September 15.
The rehabilitation tax credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides ...
Hurricane Michael victims in parts of Florida and elsewhere have until Feb. 28, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced ...
The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA).
The 2017 TCJA eliminated the ...
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