Gary M. Thomas, CPA

Tax Alerts

Tax Briefing(s)

2018 Year-End Tax Planning Tax Reform 2.0 2018 Post-Filing Season Update Congress Approves Sweeping Tax Overhaul

Proposed Regs Provided for Code Sec. 163(j) Limit
The IRS has proposed regulations on the limitation on the business interest expense deduction under Code Sec. 163(j), as amended by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has is...

Brady Introduces Revised Tax, IRS Reform Package
The House’s top Republican tax writer has introduced a revised tax and IRS oversight package. The “tweaked” 253-page package addresses retirement savings, disaster relief, IRS reform...

New Tax Reform-Related Regs May Appear Soon
A top Senate tax writer has said additional proposed regulations for the new tax code are expected to be released soon. Treasury Secretary Steven Mnuchin provided Republican senators with an update on...

Tax Court Adopts Amended, New Practice Rules
The Tax Court adopted amendments to its electronic filing and paying rule. The adopted rules cover petitions and other documents that are currently not filed electronically. These rules were first pro...

Senate Confirms Key Tax Reform Architect for Top Treasury Role
A key figure in shaping last year’s tax reform has been confirmed as the Treasury’s second-highest ranking official. The Senate confirmed Justin Muzinich as deputy Treasury secretary on De...

TIGTA Presents Semiannual Report to Congress
The Treasury Inspector General for Tax Administration (TIGTA) has released its semiannual report to Congress, highlighting its audits, investigations, inspections and evaluations. The report includes ...

Proposed Regulations Intend to Reduce FATCA Withholding Compliance Burden
Proposed regulations address and intend to reduce taxpayer burden in complying with certain withholding requirements under the Foreign Account Tax Compliance Act (FATCA), Chapter 4 ( Code Secs. 1471 -...

Regulations to be Issued on Controlled Foreign Corporations’ Previously Taxed Earnings and Profits
The IRS and the Treasury intend to provide regulations that will address issues affecting foreign corporations with previously taxed earnings and profits (PTEP). The regulations are in response to cha...

IRS Extends Filing Deadlines, Penalty Relief for Health Insurance Forms
Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 4, 2019, to provide individuals with Forms 1095-B, Health Coverage, or Forms 1095-C, Em...

Eligibility for Allocation of Deduction for Energy Efficient Commercial Building Property Clarified
The IRS has issued a memo that sets forth guidelines for determining various factual scenarios such as whether a taxpayer may qualify as a designer of energy efficient commercial building property und...

LA - Louisiana adopts market-based sourcing regulations
The Louisiana Department of Revenue has adopted corporate income tax regulations governing market-based sourcing for the purpose of attributing sales other than sales of tangible personal propertyImpl...

MS - Vaiden imposes new tax
On January 1, 2019, the city of Vaiden, Mississippi, begins imposing a tourism, parks, and recreation tax. Authorization of the levy was previously reported.Tax RateThe new tax is imposed at a rate of...

TX - November 2018 certification of average closing price of gas and oil released
The Texas Comptroller of Public Accounts has determined the average taxable price of crude oil for the reporting period November 2018 is $49.28 per barrel for the three-month period beginning on Augus...