Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.
Advertisement
TOPICS
C Corporation Income Taxation
Regs. governing $1 million compensation limits are proposed
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
Crime doesn’t pay — and may be taxable under Subpart F
One potentially important component of Subpart F
income under Sec. 952(a)(4) is illegal bribes, kickbacks, or other payments made by or on behalf of a CFC to a foreign government official, employee, or agent.
Country-by-country reporting: Considerations facing US multinationals
As the OECD member states plan to review the
CbC framework in 2020, this discussion highlights several common issues large U.S. MNEs may face.
Supreme Court overturns consolidated group tax refund allocation rule
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.
Proposed regs. issued on meal and entertainment expense deductions
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.
Tax-efficient dispositions of assets
This article discusses ways taxpayers can structure transactions according to the form that has the most beneficial tax result.
Final rules determine maximum vehicle values
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.
Update on OECD’s proposals: Pillars 1 and 2
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.
Cross-border M&As post-TCJA: Three things advisers should know
This item highlights three often overlooked or misunderstood factors potentially disrupting international transactions.
A road map for tax function automation
This article discusses methods and strategies for how a corporate tax department can move forward in its quest for tax function automation.
Recent nonstatutory state reactions to Wayfair
Several states have begun extending the economic nexus standard approved in Wayfair beyond sales tax, adopting economic nexus provisions for
corporate income taxes.
Five areas of focus as companies work to implement the TCJA
This article discusses the areas that may continue to
pose TCJA implementation challenges for companies.
Tax Court shoots down finder’s fee deduction
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.
Prop. regs. address eliminating LIBOR, other interbank-offered rates
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.
The business meal expense deduction after the TCJA
This article explores the competing perspectives and discusses the IRS’s interim guidance on the deductibility of business meals.
Prop. regs. would eliminate Sec. 338 safe harbor, modify calculations
This discussion provides an overview of the current Sec. 382 regime, and then discusses the significant
changes in the proposed regulations and their implications.
Proposed regs. would govern Sec. 162(m) executive compensation limits
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
Industrial hemp: A growing industry
The end to hemp prohibition opens new industrial business opportunities for clients, making it important that CPAs have a working knowledge of industrial hemp.
R&D tax credit: Don’t leave money on the table
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.
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.
