Tax Alerts


Penalty Relief for Partner’s Negative Tax Capital Account Information

Tuesday, April 2, 2019

In Notice 2019-20, the IRS has provided penalty relief under Internal Revenue Code (IRC) Section 6722 (failure to furnish correct payee statements), Section 6698 (failure to file partner-ship return), Section 6038(b) and Section 6038(c) (failure to furnish information with respect to certain partnerships), and any other Code section for filing or furnishing Schedules K-1 (Form […]

New 2019 IRS Form 1098-F and Instructions

Tuesday, April 2, 2019

IRS Issues Required Form for Government Agencies to Report Fines and Penalties The instructions to the newly released 2019 IRS Form 1098-F are used to comply with a section of the Tax Cuts and Jobs Act (TCJA) that requires government and nongovernment entities to report amounts they receive from taxpayers for fines, penalties, etc. For […]

Low-Income Housing Tax Compliance Finalized

Tuesday, April 2, 2019

The Compliance Monitoring Obligations of Low-Income Housing Credit Agencies is Finalized Final regulations relating to the low-income housing tax credit revise and clarify requirements that low-income housing agencies must follow when conducting physical inspections of low-income units and reviewing low-income certifications and other documentation. The regulations finalize previously issued temporary regulations. Sample Inspection Size The […]

Bipartisan Craft Beverage Modernization and Tax Reform Bill Introduced

Tuesday, April 2, 2019

Senators have introduced a bipartisan bill specifically tailored to reduce excise taxes and regulations for the U.S. craft beverage industry. The bill aims to promote job creation and permanently reduce certain taxes and compliance burdens. Craft Beverage Tax Reform The Craft Beverage Modernization and Tax Reform Bill of 2019 was introduced on February 6 by […]

California Fast-Tracking Increase of Wayfair Threshold to $500,000

Tuesday, April 2, 2019

This article is reproduced with permission from Spidell Publishing, Inc. A bill to increase California’s Wayfair threshold from $100,000 to $500,000 (AB 147) has passed the California Assembly and is now before the California Senate. If passed by the Senate, it will be sent to the Governor. If enacted, the bill would be effective April […]