C Corporation Income Taxation

TOPICS

October 27, 2022

New process provided for anonymous reporting of ERC mills

In a move the AICPA supports, the IRS is providing a new way to make anonymous reports about third-party vendors promoting improper claims for the employee retention credit.

October 18, 2022

AICPA seeks guidance on corporate alternative minimum tax

The organization’s letter to the IRS and Treasury makes recommendations in five areas to help companies deal with the new tax.

October 6, 2022

ESG and taxation: A necessary part of a company’s strategic objectives

Businesses are likely to find themselves at a competitive disadvantage if they don’t keep abreast of tax aspects of ESG.

October 3, 2022

R&D credit claim transition period extended

Taxpayers now have until Jan. 10, 2024, to supply missing information within 45 days of submitting a Sec. 41 research and development credit refund claim under new requirements.

October 1, 2022

Employee retention credit: Navigating the suspension test

This item is intended to help mitigate risk for those still pursuing the ERC by breaking down the suspension test into its core components and shedding light on areas to proceed with caution.

October 1, 2022

Capital loss rules limit deduction of fees paid to terminate merger agreement

Chief Counsel Advice provides insight to taxpayers planning or negotiating merger-and-acquisition transactions.

October 1, 2022

M&A transactions: Deducting accrued liabilities

This item discusses the rules for deducting accrued liabilities in M&A transactions and then provides an illustration by looking at a recent IRS technical advice memorandum.

September 26, 2022

AICPA again critiques new IRS requirements for R&D credits

In a second letter, the AICPA takes issue with broad new documentation requirements for refund claims involving the Sec. 41 credit, outlined in an IRS memo in fall 2021.

September 1, 2022

Paying dividends as a tax planning strategy

Determining the best way to extract cash from a corporation depends on many factors and assumptions; here is how to evaluate paying compensation vs. dividends.

August 17, 2022

Congress enacts tax and climate bill

With Senate amendments approved by the House on Friday, the budget reconciliation bill now known as the Inflation Reduction Act will go to the president for his signature.

August 8, 2022

Key tax provisions in the Senate reconciliation bill

The Inflation Reduction Act passed by the Senate on Sunday includes many tax items, some designed to raise revenue and others to promote various clean energy initiatives.

August 1, 2022

Deferred compensation deduction and the sale of a business

This item discusses business acquisitions that include assumption of deferred compensation costs and who — buyer or seller (or neither) — has a right to deduct those compensation amounts.

July 29, 2022

CHIPS and Science Act with semiconductor tax credit passes Congress

The bill now goes to President Joe Biden, who has said he will sign it into law.

July 28, 2022

Senate deal paves way to reconciliation bill with tax provisions

A federal budget reconciliation bill with tax provisions, including a 15% corporate minimum tax and a variety of tax credits, took a step closer to reality with Sen. Joe Manchin’s agreement to the package’s contents.

July 1, 2022