On April 24, 2024, the IRS and Treasury issued final regulations for determining whether a real estate investment trust (a “REIT”)[1]qualifies as a “domestically controlled qualified investment entity” (a “DREIT,” and the final regulations, the “Final DREIT Regulations”). These...
The proposed regulations make it possible for unincorporated organizations owned by one or more applicable entities to elect out of the partnership rules outlined in IRC Section 761(a) for purposes of claiming the direct pay benefit under IRC Section 6417. Requirements for Making the Election The p...
Follow IRS Rules: Adherence to IRS guidelines is crucial for accurate filing. State Tax Awareness: Be mindful of your state's tax deadlines and regulations. This comprehensive guide aims to demystify the 2025 tax season, helping taxpayers navigate important deadlines, adhere to IRS regulations, and...
Brokers must adopt the FIFO method under new rules,… News IRS and Treasury Finalize DeFi Broker Regulations, Market Experts Decry ‘Overreach’ By James M. Gathecha28. December 2024 The U.S. Department of the Treasury has classified DeFi platforms as traditional brokers, imposing new ...
January 4, 2024 Publications IRS Finalizes Rules on Safe Harbor for Incorrect Information Returns December 28, 2023 Publications Guidance Issued on Foreign Tax Credits and Global Minimum Tax December 20, 2023 Publications Stradley Ronon Associate Linsay Sobers Earns Inaugural LCLD Atlas Award ...
The guidance also discusses the scope of the global minimum tax, application definitions, taxable income calculations and treatment. The OECD guidance clarifies how GILTI, which is considered a controlled foreign corporation tax regime under the global anti-abuse and base erosion rules, fits within ...
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IRS Explains FSA Substantiation RulesLinkedIn Facebook X Send Embed On April 28, 2023, the Internal Revenue Service (“IRS”) Office of Chief Counsel issued a Chief Counsel Advice (“CCA”) explaining the requirements for claim substantiation for health and dependent care flexible spending accounts...
And I close with a political observation. It will be interesting to see whether some of the potential 2024 presidential hopefuls decide to battle these people and make tax reform part of their campaigns. Combined with other good ideas such asspending capsandfederalism, there might be a winning...
Tax benefits help individuals and corporations reduce their overall tax bills. These benefits are a significant part of the tax regulations and legislation set by local, state, and federal governments. Tax benefits such asdeductions, credits, exemptions, and exclusions reduce the amount you owe annua...