The Senate GOP, on July 13, released a revised version of a bill to repeal and replace the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148). The bill is similar in scope to the American Health Care Act (HR 1638) passed by the House on May 4, but does contain some changes to the […]

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Senate GOP leaders have deferred action on their revised health care bill, the Better Care Reconciliation Act (BCRA) (TAXDAY, 2017/07/14, C.1). At press time, the Congressional Budget Office (CBO) had not released an analysis of the bill. The revised BCRA would keep the net investment income (NII) tax and the additional Medicare tax in place. […]

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Congress returned to Capitol Hill after the Independence Day recess. Treasury Secretary Steven Mnuchin discussed tax reform. The Senate released a revised health care bill and Senate leadership announced a delay in its upcoming August recess. The IRS reminded tax professionals that cyberthieves are active year-round. Congress Lawmakers discussed the direction of corporate tax reform […]

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House Majority Leader Kevin McCarthy, R-Calif., said on July 14 that the House, at this time, has no plans to delay its August recess. Senate leadership announced a few days prior that it would be delaying its recess until the third week of August to tackle health care reform and other legislative matters (TAXDAY, 2017/07/12, […]

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A portion of a foreign corporation’s capital gain on the redemption of its interest in a U.S. limited liability company (LLC), which was treated as a partnership for U.S. income tax purposes, was not taxable for U.S. purposes because it was not U.S.-source income and was not effectively connected with a U.S. trade or business. […]

The post Redemption of U.S. LLC Interest Not Taxable to Foreign Corp. (Grecian Magnesite Mining, Industrial & Shipping Co., SA, TC) appeared first on Tax & Accounting Blog.

The net investment income (NII) tax and the additional Medicare tax would survive repeal of the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) under a just-introduced, revised Senate GOP proposal. In June, Senate Republicans proposed to abolish both taxes (TAXDAY, 2017/06/23, C.1). The revised Senate GOP plan would repeal or delay other ACA […]

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