2018 Inflation-Adjusted Amounts Modified
The IRS has modified certain previously released inflation-adjusted amounts. Generally, these new inflation-adjusted figures apply to tax years beginning in 2018 or transactions or events occurring in...

Virtual Currency Transactions: They Are Reportable
The IRS has reminded taxpayers that income from virtual currency transactions is reportable on their returns and that these transactions are taxable just like those involving any other property.Virtua...

New Carried Interest Holding Period to Apply to S Corps
The IRS plans to issue regulations clarifying the new three-year holding period for certain carried interests. The new regulations will provide that partnership interests held by S corporations are su...

Proposed Regs Would Expand ACA-Exempt Short-Term Insurance
In response to President Trump’s Executive Order 13813, the Departments Health and Human Services, Labor and the Treasury (the Departments) are proposing regulations to expand the availability o...

IRS Ending Offshore Voluntary Disclosure Program
The IRS has announced it will begin to shut down the 2014 Offshore Voluntary Disclosure Program (OVDP). The program will close on September 28, 2018. Therefore, U.S. taxpayers with undisclosed foreign...

OPR Highlights Important Process Change
The IRS Office of Professional Responsibility (OPR) on March 6 issued an alert highlighting an important process change. The OPR has modified its investigation procedures to give practitioners an oppo...

New Withholding Calculator, W-4 Released
The IRS has released a new withholding calculator, as well as a new version of Form W-4, Employee’s Withholding Allowance Certificate. The new withholding calculator will let employees check tha...

MI - Deduction for renaissance zone residents expanded
Michigan has enacted legislation expanding the deduction for income earned or received by residents of a renaissance zone. The legislation revises the definition of a "qualified renaissance zone,...