Tag: IRS

NAHB Asks IRS to Clarify Key Questions on Opportunity Zones

Filed in Tax Reform Toolkit by on September 11, 2018 0 Comments
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.

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Treasury Releases Draft Regulations for 20% Pass Through Entities

Filed in Codes and Regulations by on August 8, 2018 1 Comment
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.

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New IRS Campaign Targets S-Corp Compliance

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.

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What Happened to the Alternative Minimum Tax?

Filed in Codes and Regulations, Tax Reform Toolkit by on July 5, 2018 0 Comments
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.

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Expiring Provisions of the Tax Cuts and Jobs Act

Filed in Economics, Tax Reform Toolkit by on June 21, 2018 0 Comments
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 […]

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NAHB Seeks Safe Harbor for Quarterly Filers

Filed in Economics by on June 8, 2018 0 Comments
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.

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Treasury, IRS to Release Regulations on SALT Workarounds

Filed in Codes and Regulations by on May 23, 2018 0 Comments
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.

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About Those Changes to the Business Interest Deduction

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.

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HELOCS Deductible for Capital Improvements, IRS Says

Filed in Codes and Regulations, Housing Finance, Remodelers by on February 21, 2018 1 Comment
HELOCS Deductible for Capital Improvements, IRS Says

In a victory for NAHB remodelers, the IRS today issued a letter clarifying changes to home equity loans and lines of credit to confirm that households may take a tax deduction when these loans are used for home improvements.

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Republican Tax Reform Plan Slams Middle Class

Filed in Capitol Hill, Codes and Regulations, Leadership by on November 2, 2017 31 Comments
Republican Tax Reform Plan Slams Middle Class

“The House Republican tax reform plan abandons middle-class taxpayers in favor of high-income Americans and wealthy corporations. The bill eviscerates existing housing tax benefits by drastically reducing the number of home owners who can take advantage of mortgage interest and property tax incentives,” said NAHB chairman Granger MacDonald.

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