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Washington Tax Insight April 2022

Politics and Congressional Activity Congress began a two-week recess on April 8th with a list of issues they would like to address prior to that date.  The Senate voted to confirm Judge Ketanji Brown Jackson to the Supreme Court on April 7th.  Leadership continues to work on a COVID-19 supplemental spending bill, and the House approved a bill to replenish the Restaurant Revitalization Fund. Congress is also working to complete […]

April 13, 2022

Final & Proposed Regulations for Domestic Pass-through Entities: Section 958 and PFICs

On January 24, 2022, the IRS issued final regulations (RIN-1545-BP79, TD 9960) under Section 958 regarding the treatment of domestic partnerships for purposes of determining amounts included in the gross income of their partners with respect to foreign corporations (958 Final Regulations). Also, on January 24, 2022, the IRS issued proposed regulations (REG-118250-20), which provide guidance on passive foreign investment companies (PFICs) and controlled foreign corporations (CFCs) held by domestic […]

April 5, 2022

Washington Tax Insight March 2022

Politics and Congressional Activity President Biden gave his first State of the Union Address on March 1st and addressed the nation on the Russian war in Ukraine as well as domestic policy, including his Administration’s achievements to date and his key priorities for the months ahead. In addition to dealing with international priorities, the Administration will be working to advance the nomination of Judge Ketanji Brown Jackson to the Supreme […]

March 14, 2022

Sharing Our Client Survey Results

The results are in. Recently, True Partners Consulting completed a client survey through ClearlyRated. As a result, True Partners earned the 2022 Best of Accounting Award. We were given a 4.9 rating out of 5.0, based on 122 client responses. Our 88.3% Net Promoter Score (NPS) was more than 50 points above the national average (38.0%). Nearly 90% of our clients are loyal enthusiasts and say they are likely to […]

March 7, 2022

Key Issues Addressed by Final Foreign Tax Credit Regulations

On January 4, 2022, Treasury and the IRS published final regulations (2022 Final Regulations)(T.D. 9959) under the Tax Cuts and Jobs Act (TCJA)(P.L. 115-97) addressing several issues related to the foreign tax credit (FTC). This is the third set of final regulations that have been issued related to the core provisions of the US FTC regime following the TCJA. The 2022 Final Regulations include final rules on certain of the […]

March 1, 2022

Wisconsin Introduces Unclaimed Property Voluntary Disclosure Program

The Wisconsin Department of Revenue (“DOR”) has introduced a one-time unclaimed property voluntary disclosure program (“Program”) to encourage businesses, organizations, and governmental units not in compliance with Wisconsin unclaimed property laws to voluntarily come forward to report and remit unclaimed property without penalties.  The Program is available for the 13-month period beginning February 1, 2022 through February 28, 2023. According to the state’s website, to qualify for the Program, all […]

February 28, 2022