DiscoverSCACPA's Weekly Federal Tax UpdateFederal Tax Update with Lynn Nichols #30
Federal Tax Update with Lynn Nichols #30

Federal Tax Update with Lynn Nichols #30

Update: 2019-01-28
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Lynn Nichols Federal Tax Update Podcast

January, 28 2019, Episode 30

Listen as Lynn Nichols provides commentary on 2 Items pertaining to current developments in U.S. tax law. This week’s topics include:

  1. Treasury Opts for Taxpayer-Friendly Approach in 199A Regs

A new batch of guidance on the section 199A deduction aims to clarify taxpayers’ concerns about an earlier proposal, while also taking a generous approach in expanding the number of businesses that can claim the tax break. 

[Tax Notes Today; 1/22/2019, Article by Nathan Richman and Jonathan Curry]

Passthrough Regs Clarify Antiabuse Rules for Trusts

Treasury is looking to clear up some of the confusion regarding the application of its antiabuse rules to multiple trust arrangements under new section 199A passthrough deduction rules.

[Tax Notes Today; 1/22/2019, Article by Jonathan Curry]

IRS Issues Guidance Package on Section 199A Passthrough     Deduction

The IRS has issued final regulations providing taxpayers with computational, definitional, and antiavoidance guidance on the deduction for qualified business income under section 199A. The regs adopt, with changes, proposed regs (REG-107892-18) issued in August.

     [T.D. X?X?X?X; 1/18/2019]

Proposed Section 199A Regs Focus on Treatment of REIT Dividends

The IRS has issued proposed section 199A regulations (REG-134652-18) on the treatment of previously suspended losses that constitute qualified business income and on the determination of the section 199A deduction for taxpayers that hold interests in regulated investment companies, charitable remainder trusts, and split-interest trusts.

    [REG-134652-18; 1/18/2019]     

Passthrough Guidance Proposes Safe Harbor for Rental Real Estate Enterprises

The IRS has issued a proposed revenue procedure (Notice 2019-7) that provides a safe harbor under which a rental real estate enterprise will be treated as a trade or business solely for purposes of section 199A and concurrently issued final regulations.

    [Notice 2019-7; 1/18/2019]

    Passthrough Guidance Provides Methods for Calculating W-2                            Wages

The IRS has issued a revenue procedure (Rev. Proc. 2019-11) providing three methods for calculating W-2 wages for purposes of section 199A(b)(2) and (7) and concurrently issued final regulations.

    [Rev. Proc. 2019-11; 1/18/2019]

 

  1. Warren Proposes New Tax on Wealthiest Americans

Americans with more than $50 million in assets would pay a new tax under a proposal from Sen. Elizabeth Warren, D-Mass.

[Tax Notes Today; 1/24/2019, Article by Asha Glover]

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Federal Tax Update with Lynn Nichols #30

Federal Tax Update with Lynn Nichols #30

SCACPA