Tax Alerts

This article is reproduced with permission from Spidell Publishing, Inc. The IRS announced in Notice 2018-54 (Notice) that proposed regulations will be issued to address the deductibility of state and local tax payments for federal income tax purposes. The Notice also specifies that federal law controls the characterization of the payments for federal income tax purposes regardless […]

The entertainment industry has used independent contractors extensively for years. Since most creative projects are often produced on a one-off basis with the crew hired on a short-term basis, it makes financial sense to follow this practice. Just because it is accepted does not necessarily make it right, because independent contractor rules are often abused. […]

The White House and Republican lawmakers are continuing discussions focused on a second round of tax reform, according to President Trump’s top economic advisor. National Economic Council Director Lawrence Kudlow indicated that Trump and House Ways and Means Committee Chairman Kevin Brady, R-Tex., again discussed a “phase two” of tax reform. According to Kudlow, Trump and […]

Technical corrections to the partnership audit rules were included in the bipartisan Consolidated Appropriations Act (CAA), 2018 ( P.L. 115-141), which was signed by President Trump on March 23. The omnibus spending package, which provides funding for the government and federal agencies through September 30, contains several tax provisions, including technical corrections to the partnership […]

This article is reproduced with permission from Spidell Publishing, Inc. The IRS has ruled that a home battery used to store power generated by a taxpayer’s rooftop solar panels qualifies for the 30% solar energy credit under Internal Revenue Code Section 25D. In the IRS’s ruling, home batteries can qualify for the 30% solar credit […]