Current Federal Tax Developments for the week of August 20, 2018: State Tax Credit Structures Take a Hit

This week we look at the following items:

• Taxpayers creating multiple entities to try and avoid double taxation of C corporation income find their plan fails
• IRS issues SALT workaround regulations and affect both new and pre-existing state tax credit programs
• Modifications made to automatic accounting method revenue procedure to deal with S corporation revocations under special TCJA rule
• Guidance provided on applying the rules to compute UBTI separately for each trade or business

The audio only version of this week's broadcast can be streamed or downloaded below:

The articles for this week's update can be downloaded as a PDF below:

2018-08-27 Current Federal Tax Developments