Resource Library

On May 21, 2018, the Large Business and International (LB&I) Division of the IRS released six additional Compliance Campaigns. Initially rolled out in January 2017, LB&I’s Compliance Campaigns are designed as an issue-based approach to address areas of tax that the Service has identified as having a high risk of compliance issues. This determination is…

On March 23, the President signed into law H.R. 1625. This legislation, also known as the “Consolidated Appropriations Act, 2018,” provides appropriations for the Federal Government through Sept. 30, 2018. However, H.R. 1625 also retroactively amends IRC § 831(b), by making changes to the diversification requirements imposed by the PATH Act of 2015. The Path…

Beginning last year, the IRS has been looking at transactions involving cryptocurrency with an increased scrutiny. Taxpayers buying, selling, mining, or exchanging cryptocurrency should be aware of the interest the IRS has shown in the area, and the possible consequences for failing to report taxable gain stemming from its use. The IRS investigation into cryptocurrency…

International tax reform has added a new corporate minimum tax on US companies operating abroad. Taxpayers making certain deductible payments to related foreign parties should be on the lookout for the new Base Erosion Anti-Abuse Tax (BEAT). The BEAT, designed to target businesses making “base erosion payments,” became effective Jan. 1, 2018 as part of…

Taxpayers manufacturing or importing certain medical devices would have seen an uptick in their tax liability this year, but for legislation signed by the President on Jan. 22. In addition to ending the government shutdown (at least for a few weeks), the Federal Register Printing Savings Act of 2017 (H.R. 195) also extends the moratorium…

In the aftermath of the largest tax bill in decades, taxpayers and practitioners alike are now left to digest the resulting impact. While each of the hundreds of new pages of legislative text has its own importance, one method of analyzing the new law is to triage what should be addressed first. One of the…

Over the last several months Tax Reform has been one of the stories dominating the national headlines. Speculation on the impact and the final form of this legislation has been growing ever since the first version of the bill was introduce in the House of Representatives on November 2. Now, two months and five votes…

On Saturday, Dec. 2, the Senate version of the Tax Cuts and Jobs Act was passed by a 51 to 49 vote. The vote, taking place at 2 am, was another major step down the road of tax reform. The Senate plan, which moved from the Senate Finance Committee to the Senate Floor on the…