Tag: IRS
At NAHB’s Urging, IRS to Waive 2018 Withholding Penalties for Most Filers
The Internal Revenue Service (IRS) has announced that it is waiving the tax penalty for many home builders and other small businesses that pay estimated quarterly taxes but whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
Upcoming Webinars to Clarify New Tax Law
Still confused about the new tax law? Then take advantage of two upcoming opportunities to hear directly from the IRS about the changes made to the business tax code.
NAHB Asks IRS to Clarify Key Questions on Opportunity Zones
NAHB has joined the Bipartisan Policy Center and eight other national organizations to ask Acting Internal Revenue Service Commissioner David Kautter to issue guidance on key issues facing investors interested in opportunity zones, established as part of the Tax Cuts and Jobs Act of 2017.
Treasury Releases Draft Regulations for 20% Pass Through Entities
The Treasury Department today released draft regulations for the new 20% pass through entity deduction under the Tax Cuts and Jobs Act of 2017.
The proposed regulations concern the deduction for qualified business income under Section 199A of the Internal Revenue Code.
New IRS Campaign Targets S-Corp Compliance
The Internal Revenue Service on July 2 announced that it is launching five new compliance campaigns, including one that will seek to stop S corporations from abusing the rules governing pass-through entities.
What Happened to the Alternative Minimum Tax?
While the corporate alternative minimum tax (AMT) was abolished permanently by recent legislation, the individual AMT still exists. However, the rules are now more taxpayer friendly, and other changes to the tax code reduce the odds that NAHB members will owe the AMT while the changes are in effect. Here’s the details.
Expiring Provisions of the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (TCJA), signed into law at the end of 2017 by President Trump, added 52 temporary provisions to the tax code that will expire between this year and 2027. Nearly half of these expiring tax provisions will lapse at the end of 2025, many of which are of most interest to […]
NAHB Seeks Safe Harbor for Quarterly Filers
NAHB has called on the Internal Revenue Service to provide a safe harbor for anxious home builders and other small business that pay estimated quarterly taxes but don’t yet know how recent tax reform legislation will be implemented – and thus may underpay.
Treasury, IRS to Release Regulations on SALT Workarounds
The Department of Treasury and Internal Revenue Service (IRS) have released Notice 2018-54, which announces their intention to propose regulations addressing state legislative proposals that create a workaround for the newly imposed limits to the state and local tax deduction. In plain language, the IRS is warning taxpayers that just because the state law permits them, it does not make the workaround deductible under federal tax law.
About Those Changes to the Business Interest Deduction
The new tax law places limitations on the business interest deduction and the treatment of business interest expenses. The good news: An exception was made for real estate businesses.