Recent News
The Treasury Department today released the first tranche of proposed guidance for the opportunity zones (OZ) incentive, addressing gains invested in qualified opportunity funds. Treasury also released a related revenue ruling. Treasury will accept comments for 60 days.
Rep. Kevin Brady, R-Texas, today highlighted the introduction of three bills that he said constitute the Tax Reform 2.0 package from Republicans on the House Ways and Means Committee. None of the bills contain provisions directly impacting affordable housing, community development or historic preservation programs. The legislation will lock in individual and small business tax cuts made in the legislation passed in December 2017, and reform savings- and education-related tax provisions.
The Internal Revenue Service (IRS) and Treasury Department today published Notice 2018-43 to invite public recommendations on what should be included in the 2018-2019 priority guidance plan. The 2018-2019 priority guidance plan will identify which guidance projects that Treasury and the IRS will prioritize from July 1, 2018, to June 30, 2019. The deadline to submit recommendations for possible inclusion in the original 2018-2019 priority guidance plan is June 15.
The Department of Treasury today released a second-quarter update to its 2017-2018 Priority Guidance Plan. Guidance for Opportunity Zones created under the new tax law was added in this update.
A client alert issued today by Novogradac & Company explains the new federal Base Erosion and Anti-abuse Tax (BEAT) and discusses its implications to tax credit communities. The alert, written by Michael Novogradac, CPA, and Nicolo Pinoli, CPA, explains who is affected, how the BEAT is calculated and how the BEAT may affect future tax credit investments.
