The American Institute of CPAs is sending an urgent request to the Internal Revenue Service and the Treasury Department, asking for “immediate guidance” on the definition of the term “qualified business income” for pass-through entities under the new tax law.
The Treasury Department has proposed to repeal nearly 300 tax regulations, many of which have become obsolete with the passage of the new tax law and earlier legislation, in some cases dating back to 1942.
The Internal Revenue Service and the Treasury Department announced changes Tuesday in the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders subject to the transition tax under the Tax Cuts and Jobs Act.
The Treasury Department and the Internal Revenue Service have released a new notice giving multinational companies some extra guidance to help them calculate the “transition tax” on untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act.
U.S. Treasury Secretary Steven Mnuchin said he will work with the Group of 20 nations to prevent cryptocurrencies such as bitcoin from becoming the digital equivalent of an anonymous Swiss bank account.
The Internal Revenue Service released updated tax withholding tables for 2018 Thursday to reflect changes for the Tax Cuts and Jobs Act, amid warnings that the tables may not be accurate and will need further refinements.