Home

Brady Expects “Phase Two” Tax Reform Outline by August
A "phase two" tax reform outline could be unveiled by House GOP tax writers by August. Republicans have started to increase their tax meetings related to the effort, House Ways and Means Com...

Senate, House Lawmakers Introduce Bipartisan Historic Rehabilitation Credit Bill
A bipartisan group of House and Senate lawmakers have introduced companion Historic Rehabilitation Tax Credit (HTC) bills. The measure aims to strengthen the HTC by encouraging investment and minimizi...

Ways and Means Approves IRS Hiring, Agriculture Tax Reform Bills
House tax writers have moved two bills through committee. The bills focus on IRS hiring and the tax treatment of mutual ditch irrigation companies. The House Ways and Means Committee approved the meas...

ABA Section of Taxation Writes Hatch, Wyden About IRS Reform
The American Bar Association (ABA) Section of Taxation has expressed concerns to top Senate tax writers about certain congressional IRS reform efforts. The ABA Section of Taxation sent a June 6 letter...

Railroad Stock Options Are Not Money Remuneration Under RRTA
The U.S. Supreme Court has determined that nonqualified employee stock options are not taxable compensation under the Railroad Retirement Tax Act (RRTA). The term "money remuneration" in the...

Indian Gaming Income Distributions Were Not Excludible General Welfare Payments
A member of the Miccosukee Tribe of Indians of Florida had to pay federal income tax on distributions of gaming income that she and her family received from the tribe. The payments were taxable income...

Shareholder Could Not Claim S Corporation’s FICA Tip Credits
An individual shareholder of an S corporation restaurant operator was not allowed to claim FICA tip credits under Code Sec. 45B that the S corporation did not claim. The shareholder could no...

Final Regulations Bar Corporate Partners from Using Transaction to Avoid Gain
The Treasury Department and the IRS have issued final regulations that: prevent a corporate partner from avoiding corporate-level gain through transactions with a partnership involving equity inter...

Son-of-BOSS Arrangements
Participants in the Son of BOSS tax shelter have maintained their perfect losing record in the Tax Court. Thus, another Son-of-Boss deal has failed to produce its promised loss deductions. ...

Newsletters