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Kirk Mitchell

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2020 Congressional Research Service Report on TCJA Impact on Families

The Congressional Research Service (CRS), which serves as a nonpartisan shared staff to members of Congress and congressional committees, and operates
Tax
Kirk Mitchell | 12.19.2019

New Federal Government Spending Bill Includes Significant Tax Provisions

As part of an overall $1.4 trillion spending package (two separate bills) expected to make its way through the House and Senate and then onto President

Proposed House Bill Would Eliminate State and Local Tax Deduction Cap

House Democrats have proposed a bill that would remove the $10,000 cap on state and local tax (SALT) deductions. Called the “Restoring Tax Fairness

TCJA – Could 2019 Taxable Income be Higher than Projected?

As we approach the end of 2019, two separate changes in reporting of gross income from providing goods and/or services could combine for an unpleasant

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IRS Releases Advance Payment Proposed Regulations for Accrual Method Taxpayers, Providing One-Year Deferral

On September 5, the IRS released guidance in the form of proposed regulations (Prop. Reg. §1.451-8) that address the receipt of payments from customers

Advance Payments: Potential for Longer Term Deferral under Newly Issued Regulations, Repeal of Regulation §1.451-5

Back in July, the IRS formally removed regulation §1.451-5 from the Code of Federal Regulation. The regulation had permitted some companies to defer

Additional Opportunity Zone Regulations Issued

On April 17, the IRS finally issued additional guidance (the 4/17 proposed regulations) concerning qualified opportunity zone (QOZ) investments following

Significant Tax Savings Available Using Qualified Opportunity Zones: Proposed Regulations Issued

The Internal Revenue Service (IRS) finally issued much needed guidance, in the form of proposed regulations, on Qualified Opportunity Zones (QOZs). The

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Business Meals Remain Deductible

On Wednesday, October 3, 2018, the Internal Revenue Service (IRS) issued Tax Notice 2018-76 confirming our conclusion reached in March 2018 that certain

The interplay of the new charitable deduction regulations and state and local tax credits

There is a lot of concern, and possibly even misconceptions, regarding the (practical) impact of the proposed charitable contribution regulations that

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