The new head of the Financial Crimes Enforcement Network said the online videos, which she used in her previous government position, are among the communication options being considered to inform companies about beneficial ownership information reporting requirements.
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TOPICS
C Corporation Income Taxation
The true cost of ERC noncompliance
The eligibility requirements for the ERC are strict, despite dubious assertions that all employers qualify, propelled by a manufactured fear of missing out.
Defining software development costs
Software development costs that historically may not have been identified as qualified research expenditures for purposes of the Sec. 41 tax credit for increasing research activities need to be identified to comply with the capitalization requirement under Sec. 174.
Aggregation rules affecting foreign-owned companies
Multinational businesses should carefully consider whether the aggregation rules may trigger the application of unfavorable tax rules for their U.S. subsidiaries.
Beneficial ownership information reporting: Right around the corner
Clients should start developing procedures and policies to comply with the new reporting requirement and begin to gather the data that will be necessary.
Sec. 174(d) in M&As: Risks and opportunities
Taxpayers and advisers should focus on understanding the risks and maximizing the benefits of Sec. 174 when involved in M&A transactions.
FinCEN posts guide to help small businesses with BOI reporting
A new guide posted by the Financial Crimes Enforcement Network describes BOI rules, answers questions, and provides tools to assist with compliance with the BOI reporting rules.
Guidance issued on applicability and calculation of new corporate AMT
In advance of proposed regulations, the IRS provided interim guidance to help corporations determine whether they are subject to the new corporate alternative minimum tax and how to calculate the tax, including how to determine financial statement income and applicable financial statement income.
Liquidating a controlled subsidiary tax-free
A parent corporation does not recognize gain or loss on its subsidiary’s liquidation and can succeed to certain of its tax benefits.
Integrating transfer pricing and ESG: Practical considerations
This item outlines a framework and approach for in-house tax professionals to consider when endeavoring to align transfer pricing operations within the broader context of ESG strategy.
Proposed regulations update, revise consolidated return regulations
New proposed regulations would update the regulations to reflect 50-plus years of statutory changes, remove regulations and certain transition rules that no longer have practical application, and eliminate obsolete or incorrect terms and cross-references.
Credit for increasing research activities in a short tax year
How a short year affects the determination of the credit for increasing research activities under Sec. 41 is often an afterthought for many taxpayers and their tax advisers.
New advanced energy project tax credits under the Inflation Reduction Act
For taxpayers that intend to pursue these credits, it’s a good idea to start planning now and register on
the eXCHANGE portal sooner rathernthan later.
M&A transactions: The value of sell-side tax diligence
This item highlights how sell-side tax diligence can mitigate risks.
AICPA advocates for delay in BOI reporting requirements
Too many businesses are unaware of the beneficial ownership information reporting requirements, which will be a burden for small businesses, the AICPA told Congress.
FDII deduction: Options for determining taxable income
This discussion highlights uncertainties that may arise in determining a corporation’s taxable income for purposes of calculating its foreign-derived intangible income deduction under Sec. 250.
Inflation Reduction Act implications for Sec. 355 distributions
This item examines the implications for distributions described in Sec. 355(a) that follow from the introduction by the Inflation Reduction Act of the stock repurchase excise tax and the corporate alternative minimum tax.
Defining software development costs
Until guidance is issued, taxpayers seeking to determine the fundamental characterization of software costs in order to evaluate what expenditures fall within the scope of new Sec. 174 may find other sources helpful, including those that have historically governed this area.
‘Blocker’ corporations: Considerations for investment fund managers
This item outlines several issues for fund managers to consider as they analyze how to use blocker corporations in their fund structures.
IRS cannot assess Sec. 6038(b) penalties
The IRS does not have statutory authority to assess Sec. 6038(b) penalties.
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.
