Monday, January 28, 2019

List Of 2018 Expired IRS Federal Tax Provisions


List of 2018 Expired IRS Federal Tax Provisions

As we enter tax season, here is a listing of those extenders, that, as noted in a recent report by the Joint Committee on Taxation (JCT), have not been extended to 2018.


Background. The Code contains dozens of temporary tax provisions—i.e., provisions with a fixed termination date. Often, these expiring provisions are temporarily extended for a short period of time (e.g., one or two years).

Many of these extender provisions would have been extended through the end of 2018 by a the Retirement, Savings, and Other Tax Relief Act of 2018 and the Taxpayer First Act of 2018 (H.R. 88). However, on Dec. 10, 2018, that bill was revised so as to not include those extensions.

On January 15, Charles Grassley (R-IA), Chairman of the Senate Finance Committee stated that his goal is to guide extenders legislation to final enactment. However, he acknowledged that he does not have a specific plan and that no hearings on the subject have been scheduled.

List of extenders that haven't been extended to 2018. On January 19, the JCT released its annual report on the temporary individual, business, and energy tax extender provisions. This report contains a section that serves as a reminder of the extender provisions that expired at the end of 2017.

The provisions can be fit into three categories—those primarily affecting individuals, those primarily affecting businesses, and being energy-related provisions.

The expired individual provisions are:

The expired business provisions are:


The expired energy provisions are:


Tax forms and instructions. A sampling of the relevant 2018 tax forms/instructions, as they existed at the time we went to press, indicates that those forms/instructions reflect the fact that the above extenders do not apply for 2018 tax years.


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Monday, January 21, 2019

IRS Issues Final Regulations And Other Guidance On Section 199A Qualified Business Income Deduction

Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction
The Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).

The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified business income.  Eligible taxpayers can also deduct up to 20 percent of their qualified real estate investment trust (REIT) dividends and publicly traded partnership income. 

The QBI deduction is available in tax years beginning after Dec. 31, 2017, meaning eligible taxpayers will be able to claim it for the first time on their 2018 Form 1040.
The guidance, released today includes:
  • A set of regulations, finalizing proposed regulations issued last summer, A new set of proposed regulations providing guidance on several aspects of the QBI deduction, including qualified REIT dividends received by regulated investment companies

  • A revenue procedure providing guidance on determining W-2 wages for QBI deduction purposes,

  • A notice on a proposed revenue procedure providing a safe harbor for certain real estate enterprises that may be treated as a trade or business for purposes of the QBI deduction
The proposed revenue procedure, included in Notice 2019-07, allows individuals and entities who own rental real estate directly or through a disregarded entity to treat a rental real estate enterprise as a trade or business for purposes of the QBI deduction if certain requirements are met.  Taxpayers can rely on this safe harbor until a final revenue procedure is issued.

The QBI deduction is generally available to eligible taxpayers with 2018 taxable income at or below $315,000 for joint returns and $157,500 for other filers. Those with incomes above these levels, are still eligible for the deduction but are subject to limitations, such as the type of trade or business, the amount of W-2 wages paid in the trade or business and the unadjusted basis immediately after acquisition of qualified property. These limitations are fully described in the final regulations.

The QBI deduction is not available for wage income or for business income earned by a C corporation.

For details on this deduction, including answers to frequently-asked questions, as well as information on other TCJA provisions, visit IRS.gov/taxreform.

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Monday, January 14, 2019

FBI Corruption And The Danger Of Latest Trump/Russia Hoax Investigations

I almost never agree with Glenn Greenwald, but he covers many important points about the Trump/Russia hoax investigation regarding the abuse of power by the FBI. Well worth the read and history lesson about how the FBI investigated Vice President Wallace under FDR for decades without any proper basis for so doing.

From the article.....

"The lack of any evidence of guilt has never dampered the excitement over Trump/Russia innuendo, and it certainly did not do so here. Beyond being construed as some sort of vindication for the most deranged version of Manchurian Candidate fantasies – because, after all, the FBI would never investigate anyone unless they were guilty – the FBI’s investigation of the President as a national security threat was also treated as some sort of unprecedented event in U.S. history. “This is, without exception, the worst scandal in the history of the United States,” pronounced NBC News’ resident ex-CIA operative, who – along with a large staple of former security state agents employed by that network – is now paid to “analyze” and shape the news.

The FBI’s counterintelligence investigation of Trump is far from the first time that the FBI has monitored, surveilled and investigated U.S. elected officials who the agency had decided haroberd suspect loyalties and were harming national security. The FBI specialized in such conduct for decades under J. Edgar Hoover, who ran the agency for 48 years and whose name the agency’s Washington headquarters continues to feature in its name (see photo above).

Perhaps the most notable case was the Hoover-led FBI’s lengthy counterintelligence investigation of the progressive Henry Wallace, both when he served in multiple cabinet positions in the Franklin Roosevelt administration and then as FDR’s elected Vice President. The FBI long suspected that Wallace harbored allegiances to the Kremlin and used his government positions to undermine what the FBI determined were “U.S. interests” for the benefit of Moscow and, as a result, subjected Wallace to extensive investigation and surveillance."

Well worth the read...

https://theintercept.com/2019/01/14/the-fbis-investigation-of-trump-as-a-national-security-threat-is-itself-a-serious-danger-but-j-edgar-hoover-pioneered-the-tactic/