The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members of a consolidated group, holding that state law is well equipped to decide the matter.
The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.
This article discusses ways taxpayers can structure transactions according to the form that has the most beneficial tax result.
The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.
This item highlights three often overlooked or misunderstood factors potentially disrupting international transactions.
Issues raised in pillars 1 and 2 of the OECD consultation documents resemble issues being addressed at the state and local tax level in the United States.
Several states have begun extending the economic nexus standard approved in Wayfair beyond sales tax, adopting economic nexus provisions for corporate income taxes.
This article discusses methods and strategies for how a corporate tax department can move forward in its quest for tax function automation.
To facilitate the transition away from IBORs and minimize the resulting market disruption, the IRS issued the proposed regulations with an aim of reducing associated tax uncertainty and taxpayer burden.
This discussion provides an overview of the current Sec. 382 regime, and then discusses the significant changes in the proposed regulations and their implications.
This article explores the competing perspectives and discusses the IRS’s interim guidance on the deductibility of business meals.
A company acquired by another company cannot take a deduction for a fee from the acquisition transaction that it paid on behalf of the acquiring company.
This article discusses the areas that may continue to pose TCJA implementation challenges for companies.
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
The IRS issued proposed regulations that provide a safe harbor for corporations to calculate built-in gains and losses after an ownership change.
The end to hemp prohibition opens new industrial business opportunities for clients, making it important that CPAs have a working knowledge of industrial hemp.
Many taxpayers do not realize that the R&D tax credit is available to businesses of all sizes in many lines of business, not just major corporations conducting tests in research laboratories.
Sec. 302 affords a shareholder the advantage of sale or exchange (capital gain transaction) treatment on redeemed stock but only if the redemption meets one of several tests.
LB&I recently announced it was adding six new compliance campaigns to its list of areas on which to focus its examinations.
This discussion provides a high-level overview of the affiliated service group rules.