Treasury Department

There’s one area where the traditional pension plan is getting new life — as a tax dodge for wealthy business owners.

The American Institute of CPAs requested immediate guidance Monday from the Internal Revenue Service and the Treasury Department on various provisions of the Tax Cuts and Jobs Act related to S corporations.

The Treasury Department and the Internal Revenue Service proposed regulations Friday to increase and expand the first-year depreciation deduction for qualified property from 50 to 100 percent, carrying out a provision of the Tax Cuts and Jobs Act.

The American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service and the Treasury Department about the impact of last December’s tax code overhaul on accounting method changes for small businesses.

The Finance Committee is expected to approve Trump’s nomination of a tax attorney as the next head of the Internal Revenue Service.

Many tax-exempt groups that participate in politics will no longer be required to disclose their donors to the Internal Revenue Service, the Treasury Department said.

CPAs and EAs are raising objections to the draft version of the Employee’s Withholding Allowance Certificate.

U.S. Treasury Department rules outlining which businesses structured as S corporations, partnerships and limited liability companies can claim a 20 percent tax deduction are likely to be delayed until the end of July, according to a senior administration official.

The draft version of the streamlined form tries to deliver on one of the promises of the tax simplification effort, but adds more schedules.

National Taxpayer Advocate Nina Olson released her mid-year report to Congress Wednesday, spotlighting her top areas of concern, particularly how the new tax overhaul will be implemented.