Tax Alerts
Tax Briefing(s)

Final regulations relating to the low-income housing tax credit revise and clarify requirements that low-income housing agencies must follow when conducting physical inspections of low-income units and reviewing low-income certifications and other documentation. The regulations finalize previously issued temporary regulations (T.D. 9753, February 25, 2016).

The Senate’s top Democratic tax writer is calling on the IRS and Treasury to further waive underpayment penalties for the 2018 tax year. Nearly 30 million taxpayers are expected to have underpaid taxes last year, according to the Government Accountability Office (GAO).

Senators have introduced a bipartisan bill specifically tailored to reduce excise taxes and regulations for the U.S. craft beverage industry. The bill aims to promote job creation and permanently reduce certain taxes and compliance burdens.

The IRS’s proposed 50-percent gross income locational rule on the active conduct of Opportunity Zone businesses is garnering criticism from stakeholders and lawmakers alike. The IRS released proposed regulations, NPRM REG-115420-18, for tax reform’s Opportunity Zone program last October.

The IRS has said that it is postponing its plan to discontinue faxing taxpayer transcripts. The IRS statement came on the heels of a letter sent earlier this week from bipartisan leaders of the Senate Finance Committee urging such a delay.

BFC Quarterly newsletter – WINTER-2018-2019

On October 3, the IRS issued transitional guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA) of 2017. The guidance provided in Notice 2018-76 clarified that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Section 274 made by the Tax Cuts and Jobs Act (TCJA) of 2017, which prohibits the deduction of entertainment costs as a business expense.

BFC Quarterly newsletter – Fall 2018

On September 13, the House Ways and Means Committee advanced several bills under the heading "Tax Reform 2.0." The legislative package makes permanent many of the individual and small business tax changes in the Tax Cuts and Jobs Act of 2017 (TCJA), and includes measures designed to make it easier for families and businesses to save for retirement and to boost innovation by supporting start-up businesses.