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IRS Having Difficulty Processing Power Of Attorney Forms

The tax season that’s due to open when the Internal Revenue Service begins accepting tax returns next Monday is promising to bring a host of challenges. Tax professionals are largely ready to forge ahead to help their clients get through it, but now they may have trouble getting power of attorney forms processed.


179D is Extended

On February 9th, Congress passed a budget agreement that included a number of tax energy extenders, including the Energy-Efficient Commercial Building Deduction (179D) through December 31, 2017. Since it was initially passed as part of the Energy Policy Act of 2005, Section 179D has proven not only to be sound energy policy, but a vital incentive in terms of promoting U.S. job creation and economic growth.


Chairman Brady Introduces the Tax Cuts and Jobs Act

Today, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced the Tax Cuts and Jobs Act – bold legislation to overhaul America’s tax code for the first time in 31 years. With this bill, a typical middle-income family of four, earning $59,000 (the median household income), will receive a $1,182 tax cut.


New IRS Directive on Research Credit May Help Large Businesses

On September 11, 2017, the LB & I Division of the IRS issued a new directive that allows IRS examiners to accept a taxpayer’s determination of its qualified research expenses (QREs) to the extent that the QREs are computed in accordance with ASC 730 Financial Statement R&D. The new directive is a step in the right direction and gives taxpayers who qualify a potential partial safe harbor in calculating the research credit. However, the new directive leaves many open questions.