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: