Squib On The New Regs Under IRC Sec. 67

The 2% Rule

Treasury Decision 9664

On May 9, 2014 the Treasury Department and the IRS adopted final regulations, which generally retained the 2011 proposed regulations with minor modifications. The final regulations are effective for tax years beginning on or after May 9, 2014 and address several types of expenses. The net effect is that many more expenses will now be classified as subject to the 2% rule, as you will see below. The following is a summary of the new rules, and a copy of the Treasury Regs. may be found on the TEdec home page under Free Resources. Our comments will be keyed to sections of the Regulations:

2% Rule-TEdec Times Article On Treasury Decision 9664 [ Click Here ]

Our full explanation of this new regs [ Click Here ]

IRS Bulletin 2014-022 – Treasury Decision 9664 [ Click Here ]