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IRS Prop. Reg.: ABA Tax Section Comments on Fines, Penalties After Tax Reform (IRC §162)
Treasury and IRS Release Favorable Final Regulations on University Excise Tax | Locke Lord LLP -
The Tax Cuts and Jobs Act (the “TCJA”), became law in December 2017 and created an excise tax on the Net Investment Income (the “NII”) of certain private colleges and universities. In June 2019, Treasury and the IRS issued proposed regulations (the “Proposed Regulations”) intended to provide guidance concerning this newly imposed excise tax.
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In a surprising reversal from the Proposed Regulations and in response to a number of public comments, the Final Regulations exclude income received from the housing of current students of an educational institution from the gross investment income component of the NII calculation.
Q&A: House District 38 Candidate Rebecca Dow » Albuquerque Journal
What steps should the Legislature take to ensure New Mexico has a balanced budget amid falling oil prices and an economic downturn prompted by the coronavirus outbreak?
What more, if anything, should the Legislature do to address a court ruling that found New Mexico is failing to provide a sufficient education to all students?
All ideas should be considered as New Mexico continues to rank last in education. Fully embracing educational freedom and returning PED to an independent, nonpolitical, governed entity is the right start. School districts need more stability in everything from curriculum and assessments to required immunizations and graduation standards.
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Wyoming SBOE Proposes Regulations to Clarify Property, Excise Tax Appeals Hearing Procedure
Aspen City Council puts brakes on short-term vacation rental regulations | AspenTimes.com
Aspen City Council on Tuesday put the brakes on a new law that would require all property owners who rent their condos or homes on a short-term basis to have a business license and a vacation rental permit filed with the municipal government.
Council was poised to pass an ordinance requiring those regulations, but the exemption for "condo-hotels" to have a business license on file for each owner on the property was viewed as unfair by a majority of council members, as well as vacation rental and property management companies who made public comment during Tuesday's meeting.
Final regs. outline trust and estate expenses still deductible under TCJA - Journal of Accountancy
The IRS on Monday issued final regulations ( T.D. 9918 ) clarifying that certain expenses incurred by, and certain excess deductions upon the termination of, an estate or nongrantor trust are not affected by the suspension of miscellaneous itemized deductions for tax years 2018 through 2025. The regulations also provide guidance on determining the character, amount, and allocation of excess deductions that are succeeded to by beneficiaries.
Sec. 67(g), enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, disallows miscellaneous itemized deductions for any tax year beginning after Dec. 31, 2017, and before Jan. 1, 2026. Before the TCJA, miscellaneous itemized deductions were allowed to the extent that their aggregate amount exceeded 2% of adjusted gross income (AGI). They are defined as itemized deductions other than those listed under Secs. 67(b)(1) through (12).
BTAX Onpoint: Final and Proposed Downward Attribution Rules
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