True Partners Insights

Pillar Icon

Partnership Compliance Insights

Washington Tax Insight August 2020

Politics and Congressional Activity Despite spending the last several weeks working on the next phase of COVID-19 relief legislation, Congressional leaders and the Administration have failed to reach agreement and the negotiations appear to be stalled this week.  The House and Senate are both technically still in session, but many members have returned to their home districts subject to a call to return should a deal be reached.  Both chambers […]

August 11, 2020

IRS Finalizes Guidance on Deduction for Foreign-Derived Intangible Income (FDII) & Global Intangible Low-Taxed Income (GILTI)

On July 9, 2020, Treasury and the IRS issued final regulations (“Final Regulations”) that provide guidance on deductions for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI) allowed to domestic corporations under §250 of the Internal Revenue Code (the Code).  These Final Regulations provide guidance on the computation of both deductions, substantiation and documentation requirements, and whether income is foreign-derived for the purpose of FDII.  The guidance also […]

July 31, 2020

Prospects For a 4th Phase of Federal Stimulus & Relief in Response to the COVID-19 Crisis

Congressional Schedule and Prospects   As summarized in past True Alerts (Tax Issues Addressed by COVID-19 Emergency Legislation; Congressional Action on the COVID-19 Pandemic: The CARES Act), Congress has passed several major pieces of legislation to provide economic relief to the US economy and US taxpayers from the impact of the COVID-19 crisis.  Immediately after completing action on the Coronavirus Aid, Relief & Economic Security Act (“CARES Act”), the attention […]

July 15, 2020