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2018 Year-End Tax Planning Tax Reform 2.0 2018 Post-Filing Season Update Congress Approves Sweeping Tax Overhaul

IRS Lists Population Census Tracts Designated as Qualified Opportunity Zones
The IRS has provided an official list of population census tracts designated as Qualified Opportunity Zones (QOZs), that now includes two additional census tracts in Puerto Rico. The chief executive o...

Inflation Adjustment and Credit for Renewable Energy Production Credit Provided
The IRS has published inflation adjustment factor and reference prices for determining the availability of the credit for renewable electricity production and refined coal production for calendar year...

Veterans Urged to Claim Refund for Tax Overpayments on Disability Severance
The IRS has urged veterans who received disability severance payments after January 17, 1991, and reported it as taxable income, to file Form 1040X, Amended U.S. Individual Income Tax Return, to ...

Obsolete Advance Payment Regulations Removed
The IRS has removed existing regulations regarding advance payments for goods and long-term contracts. These final regulations affect accrual method taxpayers who receive advance payments for goods, i...

Additional Information on Transition Tax for Untaxed Foreign Earnings Provided
The IRS provided additional information for taxpayers seeking guidance on the Code Sec. 965transition tax on untaxed foreign earnings. The Tax Cuts and Jobs Act ( P.L. 115-97) (TCJA) require...

Nina Olson Releases Report Intended to Improve EITC Administration
National Taxpayer Advocate Nina E. Olson has released a special report on the earned income tax credit (EITC), with recommendations designed to increase the participation rate of eligible taxpayers an...

NJ - Combined reporting for banking corporations explained
New Jersey has provided guidance on the treatment of banking corporations that must file corporation business taxes as part of a combined group. Managerial members of combined groups can have either a...

NY - Division properly denied real property tax credit on personal income tax return
Sole shareholders of a real corporation were not entitled to claim their proportionate shares of a real property tax credit on their New York State personal income tax returns. The taxpayers were sole...

PA - Philadelphia guidance on net interest expense limitation clarified
Philadelphia has clarified its guidance to business income and receipts tax (BIRT) taxpayers regarding the federal interest expense deduction.Consolidated Return FilersPhiladelphia’s intent is t...

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