YIKES! IRS Issues Proposed Regulations on New 3.8% Net Investment Income Tax
A new Net Investment Income Tax goes into effect starting in 2013. The 3.8 percent Net Investment Income Tax applies to individuals, estates and trusts that have certain investment income above certain threshold amounts. The IRS and the Treasury Department have issued proposed regulations on this new Net Investment Income Tax. I’m going to pour over these recently released documents and make a follow up post or two. Either way this here is one ledge in the fiscal cliff.For more specifics on the proposed regulations check out the IRS’ FAQ Page on the matter. Or feel welcome to call Michala Irons, (202) 622-3050, or David H. Kirk, (202) 622-3060 or you can email ME your questions and concerns and I’ll do the best I can to respond accordingly. Please feel welcome to also submit comments electronically, by mail or hand delivered to the IRS as follows:US Mail: CC:PA:LPD:PR (REG-130507-11), Room 5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.Hand-delivered: Monday through Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-130507-11), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC, orSent electronically: via the Federal eRulemaking portal at www.regulations.gov (IRS REG-130507-11).If you questions concerning submissions of comments, the hearing, and/or to be placed on the building access list to attend the hearing, call Oluwafunmilayo (Funmi) Taylor, (202) 622-7180.