Power of Attorney and Declaration of Representative (POA), submitted on behalf of a limited liability company (LLC) treated as a partnership or disregarded entity for federal income tax purposes. The IRS has refused to talk to counsel about matters if the POA did not satis...
The Final Regulations modify the “look-through” rule for certain domestic C corporations, and introduce a new ten-year transition rule. On April 24, 2024, the IRS and Treasury issued final regulations for determining whether a real estate investment trust (a “REIT”)[1]qualifies as ...
New IRS rules could have been “disastrous” for crypto taxpayers during the bull market, a crypto tax executive said. 31324 Newsletter Blockchain Association sues IRS over digital asset reporting rules: Law Decoded Dec 30, 2024 by Ezra Reguerra The IRS issued new regulations requiring DeFi...
…The bill contains nearly $80 billion for the Internal Revenue Service… With this bill, it would be able to hire as many as 87,000 new employees…the wealthy and corporations don’t pay their fair share. …Americans don’t mind paying taxes, as long as they believe the system is fair...
The new rule: Nearly every employer will be filing electronically The new rules drop the 250-return threshold to 10 for returns due in 2024 or later years, and, most significantly, require employers to aggregate the number of different returns it files when determining whether ...
of who is considered a highly paid participant is based on FICA wages, the process of identifying these participants involves data that is not necessarily being captured currently. For plans that do not currently offer Roth contributions, the implementation of the new rules was even more daunting...
Depends on how the LLC is taxed. Single-Member LLCs mail a letter to IRS. 1120, 1120S, and 1065 LLC filers check off "name change" on return.
The Final Regulations are important for sponsors of funds that include QIEs in the fund ownership structure and investors in those funds or other QIEs, as the new look-through rule impacts whether a QIE will be treated as “domestically controlled.” Sponsors should ensure they ...
New Rules Under the Tax Cuts and Jobs Act In late 2017, the Tax Cuts and Jobs Act became law, overhauling the U.S. tax code for the first time in decades. This actaffected the regulation of deductiblebusiness expenses. Some changes under the new law include the elimination of certain ded...
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