Practitioners’ Corner: Wolters Kluwer Interviews TCPI Symposium Experts on Current and Future State of Tax Policy
Tax reform legislation widely known as the Tax Cuts and Jobs Act
(TCJA) ( P.L. 115-97) was signed into law on December 22,
2017. The TCJA brought forth the most sweeping overhaul of the U.S.
2021 Budget Outlines Administration Priorities for Extending Tax Cuts, Increased IRS Funding
On February 11, the White House released President Donald Trump’s
fiscal year (FY) 2021 budget proposal, which outlines his
administration’s priorities for extending certain tax cuts and i...
House Democrats Unveil Framework for $760 Billion Infrastructure Plan
House Committee on Transportation &
Infrastructure, "Moving Forward Framework"; House Ways and
Means Committee, January 29 hearing witnesses’ testimony...
House Writers Debate Effects of Corporate Income Tax Cut
House Democratic and Republican tax writers debated the effects of
tax reform’s corporate income tax cut during a February 11 hearing
convened by Democrats. Democratic lawmakers have consistentl...
Small Farmers Can Revoke Election Out of Capitalization Rules That Require MACRS ADS, Section 1245 Recapture
The IRS will allow a farmer that is exempt from the uniform
capitalization (UNICAP) rules by reason of having average annual
gross receipts of $25 million or less to revoke a prior election
out of the...
Calculation of “Average Income” Minimum Set Aside Test for Low Income Housing Credit Explained
Taxpayers claiming the low-income housing credit should apply
the "average income" minimum set aside test by reference
to the "very low-income" limits calculated by the U.S.
Guidance Provided on Qualifying for EITC
The IRS has provided guidance on qualifying for the Earned Income
Tax Credit (EITC). The EITC is a refundable tax credit that is
intended to be a financial boost for families with low to moderate
Proposed Regulations Reflect Changes to Wage Withholding, Redesigned W-4
The IRS has proposed regulations with guidance for employers on
withholding federal income tax from employee’s wages....
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