The Treasury Department has released an interim report identifying tax regulations that impose undue burdens on U.S. taxpayers. The report was prompted by Executive Order (EO) 13789, which was issued on April 21, 2017. Of the 105 temporary, proposed and final regulations issued between January 1, 2016, and April 27, 2017, the Treasury found that […]

The post Report Required by EO 13789 Identifying Tax Regulatory Burdens Released (Notice 2017-38) appeared first on Tax & Accounting Blog.

As Senate Republicans continue work on revising the stalled Better Care Reconciliation Act of 2017 (BCRA) (TAXDAY, 2017/06/23, C.1), there is talk on Capitol Hill that intraparty consensus on the measure may not be obtained. The BCRA, as currently written, would repeal and replace, in part, the Patient Protection and Affordable Care Act (ACA) (P.L. […]

The post Fate of Senate GOP ACA Repeal Remains Uncertain appeared first on Tax & Accounting Blog.

There are 246 specialists at the IRS who focus specifically on employment tax audits, and penalties on employment tax are some of the harshest in the Internal Revenue Code, observed Martin Rule, senior manager at Deloitte Tax LLP. Rule and others discussed the state of employment tax enforcement and compliance during Deloitte’s latest Dbriefs webcast […]

The post Deloitte Webcast Examines Rise of Employment Tax Function appeared first on Tax & Accounting Blog.

While Senate Republicans try to find common ground on a Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) repeal and replace bill (TAXDAY, 2017/07/03, C.1), House Republicans are also looking to limit IRS enforcement of the ACA individual mandate provision through the budget process. The House Appropriations Financial Services and General Government Subcommittee approved […]

The post House IRS Budget Bill Limits ACA Individual Mandate Enforcement appeared first on Tax & Accounting Blog.

A limited liability company (LLC) was not entitled to a charitable contribution deduction for the donation of a remainder interest in real property because it failed to adequately substantiate its claimed deduction. The Form 8283 appraisal summary attached to its 2003 return showed no amount in the space provided for the “Donor’s cost or other […]

The post Charitable Deduction Denied for Failure to Provide Cost or Adjusted Basis (RERI Holdings I, LLC, TC) appeared first on Tax & Accounting Blog.

Lawmakers have started their Independence Day recess. The IRS released guidance for tax-exempt organizations and cautioned taxpayers and tax professionals about scams. Congress House. A House subcommittee approved an IRS budget for fiscal year (FY) 2018 (TAXDAY, 2017/06/30, C.1). Senate. Senate GOP leaders delayed a vote on health care legislation (TAXDAY, 2017/06/28, C.1; TAXDAY, 2017/06/30, […]

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