CCH Tax Day Report The IRS has provided guidance regarding certain “north-south” transactions that occur in connection with the division of a corporation. The guidance describes one transaction in which the distribution of a controlled corporation’s stock is respected as a separate transaction, and another in which the distribution in integrated with a previous distribution […]

The post IRS Illustrates Separate and Integrated North-South Transactions in Corporate Divisions; Removes North-South Transactions from No-Ruling List (Rev. Rul. 2017-09) appeared first on Tax & Accounting Blog.

CCH Tax Day Report The House Oversight and Government Reform Committee held a hearing on May 3 to examine operational and cybersecurity decisions made by the IRS and Department of Education regarding the security breach of the IRS Data Retrieval Tool (DRT). The IRS has temporarily removed the tool from its online operations after a […]

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CCH Tax Day Report Congress and the White House have reached agreement on the Consolidated Appropriations Bill, 2017, which would provide federal government funding through September, including funding of the IRS. The budget bill, expected to receive broad support, is likely to be enacted by May 5, when the current one-week spending bill is set […]

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CCH Tax Day Report House Ways and Means Committee Republicans have concluded a two-day tax policy retreat that focused, in particular, on American business competitiveness and middle-class tax cuts. The goal of the retreat was to move toward a single tax reform plan to deliver sustained economic growth that the House, Senate and Trump administration […]

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CCH Tax Day Report The Tax Court had jurisdiction to review a negligence penalty imposed on a couple for their failure to report partnership items. The taxpayers argued that the court lacked jurisdiction over the penalty related to their inconsistent reporting because the deficiency procedures do not apply to penalties, additions to tax and additional […]

The post Tax Court Had Jurisdiction over Penalty for Failure to Report Partnership Items (Malone, TC) appeared first on Tax & Accounting Blog.

CCH Tax Day Report President Trump and his administration are voicing optimism over a potential House vote during the week of May 1 on a revised health care bill that would repeal and replace the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) and related taxes. Whether enough votes will be secured, however, remains […]

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