President Trump Signs New Federal Spending Bill Into Law

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Congress recently passed the Consolidated Appropriations Act, 2018, H.R. 1625, which is a $1.3 trillion spending bill. The Act contains a few tax-related provisions, including funding for the Internal Revenue Service as well as a few technical corrections to various recent pieces of tax legislation. Importantly, the bill also amends the centralized partnership audit regime […]

U.S. Chamber Requests Guidance on Several TCJA Provisions

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The U.S. Chamber of Commerce, the world’s largest business federation representing the interests of more than three million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations, recently submitted a letter to the IRS a requesting clarification and guidance on the provisions of the Tax Cuts and […]

House Democrats Accuse IRS of “Bureaucratic Overreach”

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On March 5, 2018, 11 Democratic members of the House Ways and Means Committee sent a letter to Acting Internal Revenue Service Commissioner David J. Kautter, requesting an explanation for restrictions placed on the prepayment of property taxes in 2017. Kautter is serving as commissioner until Charles P. Rettig, President Trump’s nominee, is confirmed by […]

IRS Announces Help in Properly Determining Federal Income Tax Withholding Under the TCJA

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Most taxpayers realize by now that the Tax Cuts and Jobs Act (TCJA), which was enacted in December 2017, repealed the long-standing deductions for personal exemptions and dependent exemptions. The previously determined amount of deduction associated with these exemptions was $4,050 per exemption. For example, a married couple filing jointly with two qualifying children would […]