San Francisco Tax Preparation / CPA: IRS Provides Procedures to Claim Fuel Credits
The IRS has provided a process for eligible taxpayers to make a one-time claim for the credits and payments allowed under Code Secs. 6426(c), 6426(d) and 6427(e) for biodiesel (including renewable diesel) mixtures and alternative fuel sold or used during calendar years 2018 and 2019. These credits had expired after 2017 but were retroactively reinstated by the Further Consolidated Appropriations […]
San Francisco Tax Preparation / CPA: New LB&I Campaign on Deferred Foreign Income
The IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called “IRC 965.” The campaign’s goal is to promote compliance with Code Sec. 965, Treatment of Deferred Foreign Income Upon Transition to Participation Exemption System of Taxation, which was part of the Tax Cuts and Jobs Act (TCJA) […]
San Francisco Tax Preparation / CPA: IRS to Return Sequestered Funds Affected by OMB Determination
The IRS will return sequestered funds to businesses that were affected by a recent Office of Management and Budget (OMB) determination regarding the Balanced Budget and Emergency Deficit Control Act of 1985, as amended. The OMB determination corrects and reverses the previous determination by which refund payments issued to, and credit elect and refund offset […]
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San Francisco Tax Preparation / CPA: Proposed Reliance Regs Define “Real Property”” for Like-Kind Exchanges
Proposed reliance regulations clarify the definitions of “real property” that qualifies for a like-kind exchange, including incidental personal property. Under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97), like-kind exchanges occurring after 2017 are limited to real property used in a trade or business or for investment. Comments are requested. Real Property Defined for Like-Kind ExchangesUnder […]
San Francisco Tax Preparation / CPA: IRS Proposes Treating Payments for Direct Primary Care Arrangements and Health Care Sharing Ministry Memberships as Medical Care Payments
Proposed regulations would define expenditures for direct primary care arrangements and health care sharing ministry memberships as amounts paid for medical care. Thus, amounts paid for those arrangements may be deductible medical expenses. The proposed regulations also clarify that amounts paid for certain arrangements and programs, such as health maintenance organizations (HMO) and certain government-sponsored […]
San Francisco Tax Preparation / CPA: Proposed Regs Address Eliminated Qualified Transportation Fringe Deduction
Proposed regulations provide guidance regarding the elimination of the deduction for expenses related to qualified transportation fringe benefits (QTFs) provided to an employee. The Tax Cuts and Jobs Act (P.L. 115-97) eliminated the deduction, effective for amounts paid or incurred after December 31, 2017. In general, the proposed regulations refine guidance previously provided in Notice 2018-99, […]
