You Are Not the Only One With Questions in Search of Answers

We all have questions on the practical application of TCJA: how it will impact our business and personal tax returns and what we can do now to minimize the resulting tax liabilities. Often, hearing the questions that other people have can make us aware of issues we had not yet considered and thereby provide us with a deeper understanding of the law. With that in mind, here are some links to questions that are being posed to the Treasury and key tax writers in Congress by the American Institute of CPAs, New York State Bar Association, and U.S. Chamber of Commerce:

• The AICPA’s letter to the Treasury Department asks for further guidance regarding the Section 199A deduction, accounting method changes, and penalty relief for underpayment of income taxes attributable to the new rules.
• The AICPA’s letter to the Chairman and ranking members of the Senate and House committees responsible for TCJA suggests various technical corrections with respect to the elimination of the net operating loss carryback provision, the unintentional 39-year depreciation life for qualified improvement property instead of 15 years, and the new 60% limitation on charitable contributions. 
• The New York State Bar Association’s report requests guidance on Section 199A.
• The New York State Bar Association’s second report requests guidance on the new 30% limitation on the deduction of business interest expense.
• The U.S. Chamber of Commerce’s document requests guidance and offers suggestions related to various individual and business provisions, both domestic and international.