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After 4 1/2 months of no activity, the IRS is back in Florida as of February 1, 2018. 
   
After Hurricane Irma in September, a disaster declaration FL-2017-04 was issued in all 67 counties of Florida. The IRS was told to back off all taxpayers until February 1, 2018. 

The good news for delinquent taxpayers is that the IRS has not contacted them or made any demands for payment or financial information. There have been no lien filings or levies of wages and bank accounts.

We have seen that the IRS is now aggressively pursuing these cases that have been on hold since September 2017.

 Contact the Tax Lawyers at 

Marini & Associates, P.A.  

 

 

for a FREE Tax Consultation

According to Law360, the U.S. Department of the Treasury intends to scrap nearly 300 tax rules in keeping with President Donald Trump's executive orders to cut back on regulatory burdens, according to proposed regulations released Tuesday.



The tax laws generally provide that a taxpayer seeking to change its annual accounting period and use a new taxable year needs to get the approval of the IRS.

In general, the newly enacted section 965 of the tax code that was included in the Tax Cuts and Jobs Act imposes a transition tax on untaxed foreign earnings of foreign subsidiaries of U.S. companies by deeming those earnings to be repatriated.

Foreign earnings held in the form of cash and cash equivalents are taxed at a 15.5 percent rate, and the remaining earnings are taxed at an 8 percent rate. The transition tax generally may be paid in installments over an eight-year period.

The new revenue procedure was issued to prevent the avoidance of the purposes of section 965 through changes in the taxable years of certain foreign corporations, such as controlled foreign corporations that are effectively subsidiaries of U.S. corporations.  

Rev. Proc 2018-17 will be published in IRB 2018-09 on Feb. 26, 2018.