Tax regulations

The Internal Revenue Service and the Treasury Department have issued details about the withholding on the transfer of non-publicly traded partnership interests by foreign persons under the Tax Cuts and Jobs Act, along with guidance on the “transition tax” on the untaxed earnings of overseas subsidiaries of U.S. companies.

The National Association of Enrolled Agents sent a letter to members of Congress’s tax-writing committees calling for a series of changes at the Internal Revenue Service.

Taxpayers who were wrongly imprisoned will have more of an opportunity to take advantage of a tax break that Congress recently approved.

The U.S. Chamber of Commerce is asking the Internal Revenue Service for more guidance on the Tax Cuts and Jobs Act, asking for language specifying how qualified business income and limitations on business interest should be defined, among other matters.

Congressional Republicans created a juicy new break for business owners when they rewrote the U.S. tax code late last year. Three months later, hundreds of thousands of U.S. employers still don’t know if they can claim it.

The National Society of Accountants wants the Internal Revenue Service to provide a six-month extension for businesses to opt to be treated as S corporations for this year, arguing the current deadline of March 15 is too soon to make a decision given the uncertainty surrounding the new tax law.

The Internal Revenue Service’s announcement that it plans to issue regulations clarifying the limitations on carried interest aims to head off a flurry of activity aimed at getting around a provision of the Tax Cuts and Jobs Act.

The U.S. Department of Treasury and the Internal Revenue Service issued guidance seeking to close a loophole that hedge-fund managers had been trying to exploit to avoid paying higher taxes on carried-interest profits.

The Internal Revenue Service has issued a notice extending the relief it provided last year to residents who evacuated or couldn’t return because of the damage caused by the monster storms.

This year may bring a barrage of questions from clients about cryptocurrency. Here's how to be ready for them.