The IRS and Treasury Department recently proposed regulations on new section 199A, the 20 percent deduction for qualified business income. While the new rules address some issues that arose with the enactment of the deduction, a number of questions still remain.
Check out McGuireWoods’ analysis of the new rules here.
The IRS and Treasury released final regulations on charitable contribution deductions – the rules address substantiation and reporting requirements for cash and noncash charitable contributions, which were enacted in the American Jobs Creation Act of 2004 and the Pension Protection Act of 2006.
This week’s edition of the Tax Policy Update is up! Read it here.
House Ways and Means Chairman Kevin Brady has just released a two-page framework for Tax Cuts 2.0. As expected, the outline contains little policy specifics but highlights three major themes for the upcoming bill:
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It looks like Tax Cuts 2.0 will incorporate a part of the Senate’s Retirement Enhancement and Savings Act or RESA (S. 2526) — which, among other things, would make it easier for small businesses to join multiple employer plans; encourage workers to save for retirement; and provide a safe harbor for employers offering annuities. A…
Ways and Means Chairman Kevin Brady (R-TX) will release an outline for Tax Cuts 2.0 before the House departs for August recess this week. House GOP tax writers are meeting again today before the rollout.
The outline won’t have enough policy details to satisfy those who have been tracking developments in the past few months…
The July 17 edition of the Tax Policy Update is up! Read it here.
The “listening sessions” for Tax Cuts 2.0 have begun. Ways and Means Republicans gathered last week to discuss which tax provisions should go into the forthcoming legislative package. Ways and Means Chairman Kevin Brady is pushing hard to release a proposal by July 26 before the House leaves for the August recess — an ambitious…
The recent enactment of the Bipartisan Budget Act of 2018 extended and significantly expanded the existing tax credit for carbon sequestration under Section 45Q of the Internal Revenue Code. Although the Section 45Q credit for carbon sequestration has been available since 2008, the limitations and uncertainty associated with the credit greatly limited its effectiveness in…
The July 9 edition of the Tax Policy Update is up! Read it here.
