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CCH Federal Tax Weekly - Current,23,Federal Tax Weekly,(Jun. 20, 2019) Printable Version of this Issue A printable/downloadable version of this newsletter is available to Internet subscribers only. Print Version of this Newsletter FEDERAL TAX WEEKLY HEA
The Senate has approved a bipartisan IRS reform bill, which now heads to President Trump’s desk. Trump is expected to sign the bill into law....

Proposed Rules Explain 199A Deduction for Cooperatives and Patrons
Taxpayers may rely on two new pieces of IRS guidance for applying the Code Sec. 199A deduction to cooperatives and their patrons:...

Final Rules Limit Charitable Contributions Made for SALT Credits
The IRS has issued final regulations that require taxpayers to reduce the amount any charitable contribution deduction by the amount of any state and local tax (SALT) credit they receive or expect to ...

Final and Proposed Regs on GILTI-Related Matters
Final regulations address the global intangible low-taxed income (GILTI) provisions of Code Sec. 951A. The final regulations retain the basic approach and structure of the proposed regulations pu...

Temporary Regulations Limit Application of Participation DRD To Prevent Tax Avoidance
Newly issued temporary regulations limit the application of the Code Sec. 245A participation dividends received deduction (the participation DRD) and the Code Sec. 954(c)(6) except...

Final Regulations Reduce Section 956 Income Inclusions by Domestic Corporations Owning CFC Stock
Final regulations reduce the Code Sec. 956 amount for certain domestic corporations that own stock in controlled foreign corporations (CFCs). The regulations are intended to ensure that&nbsp...

Employers Can Offer HRAs Integrated with Individual Coverage
Final rules allow employers to use health reimbursement arrangements (HRAs) to reimburse employees for the purchase individual insurance coverage, including coverage on an Affordable Care Act Exchange...

Final Regs Address CPEO Requirements, Responsibilities
Final regulations provide requirements that a person must satisfy to become and remain a certified professional employer organization (CPEO), as well as the CPEO’s federal employment tax liabili...

New look to TINs/EINs to prevent identity theft/refund fraud
The IRS continues to ramp-up its work to fight identity theft/refund fraud and recently announced new rules allowing the use of abbreviated (truncated) personal identification numbers and employer ide...

New law repeals 3% government withholding, provides hiring credits for veterans, and more
On November 21, President Obama signed into law the 3% Withholding Repeal and Job Creation Act. The new law does much more than merely repeal withholding on government contractors. The new law enhance...

FAQ: Does sick pay get any special tax treatment?
The term "sick pay" can refer to a variety of payments. Some of these payments are nontaxable, while others are treated as taxable income. Some of the taxable payments are treated as compensation, sub...

How do I... Place assets "in service" for depreciation purposes?
Depreciation is a reasonable allowance for wear and tear on property used in a trade or business or for the production of income. Property is depreciable if it has a useful life greater than one year ...

The tricky distinction between employees and independent contractors
In light of the IRS’s new Voluntary Worker Classification Settlement Program (VCSP), which it announced this fall, the distinction between independent contractors and employees has become a &ldq...

How do I? Avoid pitfalls within a flexible spending account?
Under a flexible spending arrangement (FSA), an amount is credited to an account that is used to reimburse an employee, generally, for health care or dependent care expenses. The employer must maintai...

FAQs: When can I deduct job-hunting expenses?
Job-hunting expenses are generally deductible as long as you are not searching for a job in a new field. This tax benefit can be particularly useful in a tough job market. It does not matter whether y...

How do I? Compute a 'substantial equal periodic payment'
Taxpayers who wish to withdraw funds from a retirement account such as an IRA before they reach the age of 59 and a half, can do so without their distributions becoming subject to the additional 10 pe...

FAQ: Are Social Security survivor benefits received by children taxable income?
When an individual dies, certain family members may be eligible for Social Security benefits. In certain cases, the recipient of Social Security survivor benefits may incur a tax liability....

FAQ: What is a tax return transcript?
Taxpayers can request a copy of their federal income tax return and all attachments from the IRS. In lieu of a copy of your return (and to save the fee that the IRS charges for a copy of your ta...

Back-to-school look at education tax benefits
The start of the school year is a good time to consider the variety of tax benefits available for education. Congress has been generous in providing education benefits in the form of credits, deductio...

Stay within the tax rules when combining business and personal travel
Whether for a day, a week or longer, many of the costs associated with business trips may be tax-deductible. The tax code includes a myriad of rules designed to prevent abuses of tax-deductible busine...

Check status of a charity before making a contribution
Americans donate hundreds of millions of dollars every year to charity. It is important that every donation be used as the donors intended and that the charity is legitimate. The IRS oversees the acti...

New broker-reporting rules: burden to brokers a boon to taxpayers?
As a result of recent changes in the law, many brokerage customers will begin seeing something new when they gaze upon their 1099-B forms early next year. In the past, of course, brokers were re...

FAQ: What is backup withholding?
Most people are familiar with tax withholding, which most commonly takes place when an employer deducts and withholds income and other taxes from an employee's wages. However, many taxpayers are unawa...

FAQ: What are my chances of being audited?
Often, timing is everything or so the adage goes. From medicine to sports and cooking, timing can make all the difference in the outcome. What about with taxes? What are your chances of being audit...

The small employer health insurance premium credit
Under the Patient Protection and Affordable Care Act (PPACA) enacted in March 2010, small employers may be eligible to claim a tax credit of 35 percent of qualified health insurance premium costs paid...

FAQ: What are the rules for claiming dependents?
The tax rules surrounding the dependency exemption deduction on a federal income tax return can be complicated, with many requirements involving who qualifies for the deduction and who qualifies to ta...

How Do I: Substantiate business gifts to clients?
A business can deduct ordinary and necessary expenses paid or incurred in carrying on any trade or business. The expense must be reasonable and must be helpful to the business....

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