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Department of the Treasury Secretary Janet Yellen offered members of the House Ways and Means Committee limited insight as to how the Biden Administration will handle the provisions of the Tax Cuts and Jobs Act that are expiring in 2025.


The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures set forth in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. The latest guidance updates and supersedes the current list of automatic changes found in Rev. Proc. 2023-24, I.R.B. 2023-28, 1207.


The IRS intends to amend the base erosion and anti-abuse tax (BEAT) regulations under Code Secs. 59A and 6038A to defer the applicability date of the reporting of qualified derivative payments (QDPs) until tax years beginning on or after January 1, 2027. Until these reporting rules apply, the current transition period rules for QDP reporting will continue to apply.


In an effort to increase awareness of and participation in the alternative dispute resolution process, the Internal Revenue Service Independent Office of Appeals has formed an Alternative Dispute Resolution Program Management Office.


The IRS has released proposed regulations that provide guidance regarding information reporting of transactions with foreign trusts and receipt of large foreign gifts and regarding loans from, and uses of property of, foreign trusts. Further, the IRS has issued proposed amendments to the regulations relating to foreign trusts having one or more U.S. beneficiaries. The proposed regulations affect U.S. persons who engage in transactions with, or are treated as the owners of, foreign trusts, and U.S. persons who receive large gifts or bequests from foreign persons.


News & Updates

Partner Ryan Sheppard, CPA Recently published an article on overlooked tax credits in Fairfield Lifestyle Magazine, April 2024.  Common Overlooked Tax Credits

Partner Ryan Sheppard, CPA and Senior Manager Jayme White, CPA - National webinar presentation on tax aspects of divorce.  Tax aspects of divorce

Partner Ryan Sheppard, CPA video on year end moves in a down market - December 2022.  Year end moves

Partner Ryan Sheppard, CPA video on Restricted Stock Units - June 2022 - RSUs

Partner Ryan Sheppard, CPA was published in the CPA Journal on Divorce and Tax Considerations - December 2021 - Divorce and Tax Considerations

Partner Ryan Sheppard, CPA was published in Bloomberg Tax Management - December 2021 - IRS Allows SALT Workaround...For Some

Partner Ryan Sheppard, CPA video on Biden administration tax policies - June 2021 - Biden tax policies

Partner Ryan Sheppard, CPA video on Stimulus checks - February 2021 - Stimulus checks

Partner Ryan Sheppard, CPA video on PPP forgiveness - December 2020 - PPP Forgiveness

Partner Ryan Sheppard, CPA video on sole proprietors tax strategy - November 2020 - Tax strategy small business

Partner Ryan Sheppard, CPA video on Trump vs. Biden tax policies - October 2020 - Trump vs. Biden Tax Policy

Partner Ryan Sheppard, CPA video on EIDL advantages for Covid relief - October 2020 - EIDL Program

Partner Ryan Sheppard, CPA video on PPP program and tax deductions for PPP expenses - October 2020 - PPP Forgiveness and Tax Deductions

Partner Ryan Sheppard, CPA Writes article for Bloomberg Law - June 2020 - Advising Clients in a Post Covid World

Partner Ryan Sheppard, CPA webinar on PPP Program and more - April 2020 - Navigating PPP and Unemployment 

2018 Tax Law Changes Updates:

Other News:

On June 1, 2016 Ryan Sheppard was appointed Chairman of the Professional Ethics Committee for the State of Connecticut Society of CPAs - CT Society of CPAs Ethics Committee