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Andrew Presti

Lawmakers continue tax reform debate and discussions

Lawmakers continue tax reform debate and discussions Lawmakers from both parties spent much of June debating and discussing tax reform, but without giving many details of what a comprehensive tax reform package could look like before year-end. At the same time, several bipartisan tax bills have been introduced in Congress, which could see their way […]

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Steve Grgas

Centralized partnership audit rules finally released; impacts all partnerships

Centralized partnership audit rules finally released; impacts all partnerships The much-anticipated regulations (REG-136118-15) implementing the new centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA) have finally been released. The BBA regime replaces the current TEFRA (Tax Equity and Fiscal Responsibility Act of 1982) procedures beginning for 2018 tax year audits, with an earlier […]

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Salvatore Russo

What’s next for IRS/Treasury regulations in response to Executive Orders?

What’s next for IRS/Treasury regulations in response to Executive Orders? With the release of regulations on centralized partnership audits, many taxpayers hope that it will signal the re-start of a regular flow of much-needed guidance from the Treasury Department and the IRS that has been virtually stopped dead in its tracks since January 20. Others […]

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Salvatore Russo

FAQ: Has the IRS’s treatment of virtual currency changed?

FAQ: Has the IRS’s treatment of virtual currency changed? No. The IRS continues to treat virtual currency as property for U.S. federal tax purposes. However, last year, a government watchdog, and this year, a group of lawmakers, urged the IRS to clarify its virtual currency guidance. The IRS has described virtual currency as a “digital […]

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Salvatore Russo

How do I…work-around the IRS Data Retrieval Tool (DRT) being offline?

How do I…work-around the IRS Data Retrieval Tool (DRT) being offline? Every year, millions of post-secondary students access the IRS Data Retrieval Tool (DRT) to complete the Free Application for Federal Student Aid (FAFSA). This year, the DRT is unavailable for FAFSA filers because of cybersecurity concerns. The information needed to complete the FAFSA can […]

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