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.
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TOPICS
C Corporation Income Taxation
Classifying business entities under the check-the-box regulations
An entity that is recognized for federal tax purposes as an entity separate from its owners can be classified as one of several entity types, but the available classification options depend greatly on
state law and the number of owners or members.
Puerto Rico: A permanent tax deferral in a GILTI world?
Under the right set of circumstances, there may be a significant opportunity for tax savings in Puerto Rico.
Employer tax credits form, employee retention credit guidance posted
The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.
Compensation and benefit deductions when domesticating a CFC
This item briefly discusses some risk areas for newly domesticated CFCs to help advisers spot issues for clients.
IRS regulations update 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 TCJA increased those values to $50,000, adjusted for inflation.
Coronavirus paid sick leave and family leave guidance issued
The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.
CARES Act tax provisions aim to stabilize pandemic-ravaged economy
The $2 trillion stimulus bill, which passed the Senate by a 96-0 vote late on Wednesday, contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.
Practitioners seek further clarity on tax filing, payment delay
Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.
IRS provides guidance for April 15 filing delay
The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.
Tax filing deadline moving to July 15, Treasury secretary announces
Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.
AICPA expresses strong concern over lack of filing relief in coronavirus tax notice
The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines or apply to any other type of tax.
Treasury secretary announces 90-day delay in tax payment deadline
Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.
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.
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.
