This item provides examples of accounting method changes or elections that may decrease taxable income.
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TOPICS
C Corporation Income Taxation
Acceleration of deferred revenue in M&As
Sec. 451(c) should be considered when structuring such M&A transactions — including special rules
relating to short tax years of 92 days or less.
‘Restaurant’ defined for 100% deductible business meals in 2021 and 2022
The IRS issued guidance on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.
IRS posts ARPA credit FAQs
The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.
Practical considerations of Sec. 1202 in M&A transactions
This article provides an overview of the Sec. 1202 requirements and discusses the practical considerations of the provision in merger-and-acquisition transactions.
Stock-based compensation cost-sharing regs. following Altera
The Supreme Court’s denial of Altera’s petition could have significant tax and financial reporting consequences for companies that have excluded SBC costs from CSA intangible development cost
pools.
IRS explains employee retention credit rules for first half of 2021
The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021.
President’s budget contains many tax proposals
The proposed $6 trillion fiscal year 2022 budget unveiled by the Biden Administration includes a host of tax items, including proposals to raise the corporate tax rate, raise the top tax rate for high-income individuals, limit like-kind exchanges, and make permanent recent temporary changes to various tax credits.
Deductibility of business expenses funded by PPP loans
This item discusses whether expenses paid for with PPP loans can be deducted as business expenses.
A walk through the step-transaction doctrine
This article discusses the step-transaction doctrine, the three tests used to determine if it applies, and advice for taxpayers to help avoid an IRS challenge of the tax treatment of a series of transactions based on the doctrine.
Casualty losses related to COVID-19 when there are no physical losses
The COVID-19 pandemic brings taxpayers into uncharted territory with regard to casualty losses without physical damage but where there is still an undeniable impact to the business, especially where property values are permanently reduced due to the pandemic.
Handling tax issues related to noncompete agreements
Covenants not to compete can protect a company’s interest as long as they are drafted in an appropriate manner, but their 15-year amortization period can cause issues.
Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns
The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended return or administrative adjustment request for the 2020 tax year.
IRS explains which meals qualify for temporary 100% expense deduction
The IRS issued guidance on Thursday on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.
How to claim the employee retention credit for the first half of 2021
The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021. It will issue guidance on the employee retention credit from July 1 to Dec. 31, 2021, provided in new Sec. 3134, at a later date.
Debt workouts involving commercial real estate
As short-term agreements that borrowers and creditors reached at the beginning of the pandemic start to expire, real estate companies and others
will need to find long-term solutions to their insolvency problem.
Excise tax on aircraft management services: Final regulations
This discussion addresses the key provisions in the regulations implementing the new aircraft management company exemption.
Final rules determine when fines and penalties are deductible
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.
Like-kind exchanges of real property: New final regs.
This article provides background on like-kind exchanges and examines how final regulations define real property for purposes of like-kind exchanges.
IRS issues additional rules on the business interest expense limitation
The IRS issued final regulations containing rules on the Sec. 163(j) interest expense limitation, including rules for specific passthrough entities and regulated investment companies.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
