Whether a corporation’s debt is a security could have significant tax ramifications when the debt is exchanged for stock or new debt.
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TOPICS
C Corporation Income Taxation
Employee retention credit changes leave practitioners with questions
The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.
Taxpayers need clarity on coordination of ERC and PPP loans
The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.
Final regs. govern deductibility of fines and penalties
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.
IRS issues final regulations on consolidated group NOLs
The IRS finalized regulations governing the treatment of net operating losses by consolidated groups after recent legislation changed the rules.
Choosing a tax year for a personal service corporation
A personal service corporation must generally use a calendar year, but it can choose a fiscal year in certain circumstances.
2021 standard mileage rates decrease
The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.
Executive compensation regulations finalized
The IRS issued final rules on the $1 million executive compensation limits enacted by the law known as the Tax Cuts and Jobs Act, finalizing proposed rules with a few changes in response to comments.
Final rules govern disallowed transportation fringe benefits
The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.
Several tax provisions set to expire at end of 2020
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
Final regulations on the meals and entertainment deduction
The IRS issued regulations to address the changes made to the meals and entertainment deduction under the TCJA.
Tax-saving opportunities for the housing and construction industries
This item discusses how businesses can qualify for
incentives in the housing and construction industries and how tax preparers can assist them in claiming these tax benefits.
Deductions for meal and entertainment expenses
The IRS finalized rules disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.
The built-in gains tax
The built-in gains tax applies to C corporations that make an S corporation election, and it can
be assessed during the five-year period starting with the first tax year for which the S election is effective.
Expenses funded with PPP loans
This item discusses tax issues related to the forgiveness of PPP loans.
How to treat foreign tax credits
The IRS issued final and proposed regulations covering a variety of issues involving deductions and credits for foreign taxes.
IRS doubles down on nondeductibility of PPP-funded expenses
The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.
Blockchain technology firms’ transfer-pricing issues
This article presents some of the transfer-pricing considerations that blockchain companies must address as they grow and expand across borders.
Qualified transportation fringe disallowance
The article discusses the June 2020 proposed regulations and how they compare to the prior guidance in Notice 2018-99.
Consolidated group NOL rules are finalized
The IRS finalized regulations governing the treatment of net operating losses by consolidated groups after recent legislation changed the rules.
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.
