IRS

Congress could pass legislation authorizing advance refundings and liberalizing private activity bond restrictions to aid in disaster recovery, NABL said.

The proposed Treasury rules would limit states' use of charitable deductions as workarounds for the $10,000 cap on the federal deduction for state and local taxes.

The cut has dropped from 6.6% in fiscal 2018 and 6.9% in fiscal 2017. The initial sequestration cut in fiscal 2013 was 8.7%.

The bonds were issued by the Chester County Industrial Development Agency for West Chester University in Pennsylvania.

The Trump administration’s effort to publish a proposed rule comes just over two months after the IRS announced May 23 it was working on the regulations to enforce the $10,000 cap on what previously was an unlimited personal deduction of state and local taxes, also known as SALT.

The Public Employee Pension Transparency Act (HR 6290) would prohibit states and localities from issuing tax-exempt bonds unless they file annual reports on their public pension systems to the U.S. Treasury Department.

The 1.2-percentage point reduction will amount to $12,000 in saving on a $1 million tax settlement.

The audit could be part of an ongoing initiative by the IRS to examine refunding bonds, said a lawyer.

The new service will save dealer firms time and effort as they enter into muni underwriting syndicates.

Tax accountants, financial advisors, private schools, and other organizations are advertising tax credits for donating to private K-12 voucher funds as ways to "sidestep," "bypass," "circumvent," or "mitigate" the impact of the federal SALT deduction cap, according to a survey.

State workarounds for the new $10,000 cap on the deduction for state and local taxes may present new legal issues for the service, nominee Charles Rettig says.

The Kinney County Public Facility Corp. issued $9.23 million in project revenue bonds to finance the the warehouse style building with 384 beds for adults.

The proposed rules would clarify that an institutional investor could take part in a public-private partnership for a bond-financed project without making the bonds taxable.

An advisory panel suggested modifying the fee structure for tax law violations to encourage more issuers to self-report them.

The IRS Office of Professional Responsibility took no action on the misconduct allegation against Brad Waterman, but informed him that a record of it would be kept for 25 years and revisited if needed.

Currently at least 33 states provide 113 different tax credits that are already federally deductible.

The IRS has produced dozens of "issue snapshots" for the tax-exempt bond community, charities and non-profits, retirement plans, Indian tribal governments and federal, state and local governments.

New York, New Jersey and Connecticut are the first states to have created charitable funds that taxpayers can contribute to in order to claim a charitable deduction in lieu of paying state and local taxes.

The IRS notice warns that federal law, not state law, controls how payments for federal income tax purposes are characterized.

The IRS is focusing on $435.2 million of Series 2014A senior lien revenue refunding bonds and $75.87 million of Series 2014C second lien revenue refunding bonds.