These simplifying provisions, which apply to small business taxpayers, expand the use of the overall cash method of accounting and grant exemptions from inventory methods under Sec. 471, UNICAP rules under Sec. 263A, and the use of the percentage-of-completion method for certain long-term construction contracts under Sec. 460.
Results for ""TCJA""
The final regulations provide relief to hedge funds and their passive investors, although the regulations may increase the administrative burden and reporting requirements on hedge fund managers.
This item discusses highlights of the Sec. 451(b) regulations, which address the timing of income recognition for accrual-method taxpayers with an applicable financial statement.
This guide provides tax preparers an outline of questions to ask clients when evaluating HVAC repair costs.
This item provides an overview of the federal tax rules that apply to debt modifications and restructurings, with a primary focus on how U.S. corporate shareholders of CFCs are affected.
The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
The IRS finalized proposed regulations on certain carried interests to account for changes made by the TCJA.
This article provides background on like-kind exchanges and examines how final regulations define real property for purposes of like-kind exchanges.
Taxpayers should consider all available facts and circumstances when determining the suitability and permissibility of a Sec. 460 long-term contract method.
Businesses with employees working remotely in a new location as a result of the pandemic should carefully evaluate the rules in those states to ensure proper withholding.
The IRS grants underpayment penalty relief for taxpayers affected by excess business loss repeal.
EMPLOYEE BENEFITS Separation from service exception does not apply to taxpayer’s IRA distribution The Tax Court held that the Sec. 72(t)(2)(A)(v) separation from service exception to the 10% additional tax on early retirement plan distributions did not apply to the taxpayer. The court noted that, although the taxpayer had a
As the IRS focuses more attention on Sec. 965, it is vital that taxpayers with Sec. 965 tax liabilities and their advisers understand the potentially applicable periods of limitation on assessment.
This semiannual update covers recent developments affecting individuals and discusses a number of pandemic-related developments.
The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the TCJA.
The IRS finalized regulations for simplified accounting rules for small businesses.
Compared to pre-TCJA rules, there is no material change in the tax treatment of a building involved in a like-kind exchange, where a cost segregation study has been performed.
IRS Notice 2020-69 provided a new entity election that allows an S corporation to compute the deemed inclusions at the entity level, as opposed to at the shareholder level. This item provides background on the new election, illustrates its effects, and highlights opportunities and traps to consider when contemplating the election.
This item examines the complex approaches used by Colorado, Maryland, and Oregon to adopt the IRC on a rolling basis.
Treasury and the IRS issued bonus depreciation final regulations that substantially modified the previous proposed regulations in four areas.