Proposed PFIC regulations revise reporting by US partnerships
IRS issued proposed PFIC regulations which impact US partners with foreign assets held through US partnerships.
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Business connecting lease parties not qualified under section 1202
IRS: Website that connects lessors to lessees is a “brokerage service,” shareholder not eligible for section 1202 capital gain exclusion.
Important upcoming deadline for deferred payroll tax
The first payment deadline for deferred payroll taxes is quickly approaching and employers should be prepared to make payments.
IRS clarifies temporary deductibility of per diem meal expenses
The IRS issued Notice 2021-63, clarifying previous guidance pertaining to the deductibility of food and beverages provided by a restaurant.
House passes infrastructure legislation; sends bill to President Biden
Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.