With the repeal of technical terminations, partnerships can only terminate for U.S. federal income tax purposes if no part of any business, financial operation, or venture continues to be conducted by any of its partners.
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The Sec. 162(m) grandfather rule provides multiple opportunities outside of the exemption for performance-based compensation.
In a changing landscape, U.S. C corporation multinationals should consider reevaluating their value chain.
Practitioners should be aware of changes to the due-diligence requirements for returns that claim the earned income tax credit, the American opportunity tax credit, and/or the child tax credit.
This article discusses changes that might affect clients that are divorced, are in the process of divorcing, or that have prenuptial or post-nuptial agreements.
This article discusses the modifications made to Sec. 174 and Sec. 41, which will affect taxpayers’ R&D tax credit claims for tax years after Dec. 31, 2021.
Notice 2018-76 generally allows a taxpayer a 50% business deduction for meals associated with an entertainment activity to the extent that the meals are purchased separately from the entertainment, or the cost is stated separately from the entertainment cost on the receipt.
Employer reimbursements made in 2018 of qualified moving expenses incurred prior to 2018 in connection with a move that occurred prior to Jan. 1, 2018, may be excluded from employees’ wages and gross income despite the suspension of the exclusion for tax years 2018 through 2025.
Sec. 856(n)(1)(a) specifies that passive foreign exchange gain (as defined in Sec. 856(n)(3)) for any tax year is not gross income for purposes of Sec. 856(c)(2).
Jeff Bilsky, CPA, senior practice leader for BDO’s national partnership taxation group, sat down recently for a question-and-answer session on guidance that has been issued on the Sec. 199A qualified business income deduction.
CORPORATIONS IRS issues new procedure for obtaining consent for a change in computing insurance reserves The IRS issued a revenue procedure modifying Rev. Proc. 2018-31 to provide procedures for an insurance company to obtain automatic IRS consent to change its method of accounting to comply with Sec. 807(f), as amended
The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.
The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.
The TCJA created an incentive program that allows a taxpayer to elect to exclude from gross income capital gain if it is properly reinvested in a qualified opportunity zone.
A terminated S corporation may remain a cash-basis taxpayer if its average gross receipts for the three previous tax periods are less than $25 million.
This item discusses the many tax ramifications of converting.
The IRS issued proposed regulations implementing Sec. 951A’s global intangible low-taxed income provision, which requires a US shareholder of a controlled foreign corporation to include this income in the shareholder’s gross income.
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
Notice 2018-67 provides interim and transition rules for aggregating qualifying partnership interests.
Wayfair and the TCJA have positioned SALT issues to be a leading consideration in the overall tax landscape in the 2019 tax return preparation season.