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Monthly Archives: June 2019

Senate Passes IRS Reform Bill

The Senate passed the Taxpayer First  Act (H.R. 3151) on Thursday, June 13 by a voice vote. The bill includes provisions to improve customer service, protect personal data, preserve tax-preparation services and curb private debt collectors. The measure now goes to the President who is expected to sign.  On June 6, House Ways and Means Committee…
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IRS & Treasury Issue Guidance on Global Intangible Low-Taxed Income (GILTI)

The Treasury Department and the Internal Revenue Service issuedfinal and proposed regulations on June 14, 2019 concerning global intangible low-taxed income under section 951A the would expand an exception the GILTI tax, the foreign tax credit, the treatment of domestic partnerships for purposes of determining the subpart F income of a partner, and the treatment…
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