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May 2020 - The Tax Adviser

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  2. May 2020
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S CORPORATIONS

Current developments in S corporations

This annual update on S corporations covers cases, regulations, and IRS rulings that have been issued in the last year, including the rules for eligible terminated S corporations.

procedure & administration

COVID-19 pandemic prompts many tax changes

Taxpayers have a variety of tax relief measures to help them through the economic disruption caused by the coronavirus pandemic. From tax credits to filing postponements, here is a breakdown of the initial changes benefiting individuals and businesses.

TAX CLINIC

CHARITABLE CONTRIBUTIONS

Do a business’s charitable contributions reduce its QBI deduction?

FOREIGN INCOME & TAXPAYERS

Foreign pension plans and the US-UK tax treaty

Puerto Rico: A permanent tax deferral in a GILTI world?

MISCELLANEOUS

Section 301 China tariffs: Where things stand

partners & partnerships

Commercially reasonable expectation of payment under final Sec. 752 regulations

Bottom-dollar payment obligations

Deduction for worthless partnership interest

STATE & LOCAL TAXES

Sales tax conflicts where two states tax the same transaction

State entity-level income tax elections for passthrough entities after federal tax reform

TAX ACCOUNTING

Inflation adjustments affect small business limits, Sec. 179 expensing

COLUMNS

NEWS NOTES

IRS says no need to report most video game currency transactions

Meal expenses still 50% deductible under proposed regs.

Proposed regs. would update income tax withholding rules for TCJA changes

TAX PRACTICE RESPONSIBILITIES

AICPA committee updates its conflict-of-interest advice

CAMPUS TO CLIENTS

Promoting integrity in the classroom

CASE STUDY

Classifying business entities under the check-the-box regulations

50TH ANNIVERSARY

50 years ago in The Tax Adviser

TAX TRENDS

Supreme Court strikes down attempt at federal common-lawmaking

Tax on early distributions is constitutional

employee benefits & pensions

Abstract image of pie chart, with pieces being pulled from several directions. IMAGE BY VECTORMINE/ADOBE STOCK

Profits interests: The most tax-efficient equity grant to employees

By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.

Tax Clinic

Proposed regulations issued on retirement catch-up contributions

IC-DISC commission payment provisions

The role of REITs for foreign investors in US real estate

Signing partnerships’ returns and other tax documents

Practical considerations for taxpayers and advisers following Loper Bright and Corner Post