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Questions remain about the excess business loss rule
P.L. 115-97, informally known as the Tax Cuts and Jobs Act (TCJA), added Sec. 461(l) and the phrase "excess business losses" to the Code. Little has been written about the excess business loss rule. Perhaps people believe it to be straightforward and not worthy of comment. However, IRS guidance is needed to determine items of business income, gains, losses, and deductions to arrive at the amount of excess business losses.
Court upholds IRS PTIN fees
The IRS has authority to charge a user fee for preparer taxpayer identification numbers (PTINs) a federal appeals court held on Friday, paving the way for the agency to reinstate the charges for obtaining and renewing a PTIN (Montrois, No. 17-5204 (D.C. Cir. 3/1/19)). A valid PTIN is required for anyone who prepares or assists in preparing a federal tax return for compensation. The IRS stopped charging a user fee for PTINs in 2017, after it lost a case in federal district court (Steele, 260...
Feds call Connecticut's statewide tolls proposal 'new territory'
Gusty winds peppered Gov. Ned Lamont with dust and occasional snow flurries Monday as he stood beneath the "mixmaster," the outmoded I-84 and Route 8 interchange undergoing a $152.9 million rehabilitation that will buy Connecticut time — putting off a far more expensive and disruptive replacement for another 25 years. Looming above him like a prehistoric, if badly rusting, octopus, the mixmaster provided a telegenic backdrop for the easiest part of Lamont's campaign to win approval of...
CT suit against Trump border wall seeks to protect National Guard funds
California, the lead state in the lawsuit that aims to block President Donald Trump from tapping military construction funds to build a border wall, has a lot at stake — nearly $820 million in projects Congress has approved for the state’s many military installations. Connecticut has much less on the table. Congress has appropriated less than $2 million in the 2019 federal budget to construct a deicing facility for Air National Guard planes and a vehicle maintenance shop at Bradley...
National Taxpayer Advocate delivers annual report to Congress: Addresses impact of shutdown; urges more funding for IT modernization
National Taxpayer Advocate Nina E. Olson today released her 2018 Annual Report to Congress, describing challenges the IRS is facing as a result of the recent government shutdown and recommending that Congress provide the IRS with additional multi-year funding to replace its core 1960s-era information technology (IT) systems. The release of the National Taxpayer Advocate’s report was delayed by a month because of the government shutdown.
CT lawmakers invite State of the Union guests with political messages
Connecticut lawmakers are participating in the ritual of sending a political message through the choice of guests they invite to President Donald Trump’s State of the Union speech next week.
IRS Activities Following the Shutdown
The IRS has reopened following the end of the government shutdown, and IRS employees are working hard to resume normal operations and help taxpayers as much as possible. As the IRS resumes operations, there are some important pieces of information for taxpayers and tax professionals to keep in mind in several areas.
AICPA Letter to Treasury and IRS Highlights Challenges of Government Shutdown on Taxpayers and Practitioners
As this year’s tax filing season approaches, the AICPA and the CTCPA are receiving questions from members about the impact of the government shutdown on the IRS.
CT federal workers to be paid, but government could shut down again
The pact between congressional Democrats and President Donald Trump to temporarily end a 35-day partial government shutdown is more of a truce than the end of hostilities. The agreement, announced by Trump Friday afternoon from the Rose Garden at the White House, will allow about 1,500 federal employees in Connecticut affected by the shutdown to receive all back pay due them.
IRS Update on Shutdown Impact on Tax Court Cases; Important Information for Taxpayers, Tax Professionals with Pending Cases
The United States Tax Court’s website ( www.ustaxcourt.gov ) announced that the Tax Court shut down operations on Friday, December 28, 2018, at 11:59 p.m. and will remain closed until further notice.  The IRS reminds taxpayers and tax professionals the Tax Court website is the best place to get information about a pending case.  There are some important points for taxpayers and tax professionals to keep in mind. These are some questions and answers to help during the...