AICPA Renews Call for 199A Guidance
The American Institute of CPAs (AICPA) has renewed its call for
immediate guidance on new Code Sec. 199A. The AICPA
highlighted questions about qualified business income (QBI) of
House Lawmakers Examine Tax Extenders
The House Ways and Means Tax Policy Subcommittee held a March 14
hearing in which lawmakers and stakeholders examined the future of
various temporary tax extenders post-tax reform. Over 30 tax
Congress takes first steps to tax reform
Tax reform continues to be highly touted in Congress as lawmakers
from both parties call for simplification of countless complex
rules, overhaul of tax rates, and more. At times this year,
IRS focuses on new partnership audit rules
Legislation enacted in 2015 provides new rules for IRS partnership
audits. The new rules are a drastic departure from current rules
and the IRS is hopeful that the rules will simplify the audit
How do I? Set up a like-kind exchange
Under Code Sec. 1031, a taxpayer can make a tax-free exchange of
property held for productive use in a trade or business or for
investment. The exchange must be made for other property that the
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