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.
C Corporation Income Taxation
This item briefly discusses some risk areas for newly domesticated CFCs to help advisers spot issues for clients.
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.
The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.
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 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.
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.
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.
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 Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
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.
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.
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.
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.
This article discusses ways taxpayers can structure transactions according to the form that has the most beneficial tax result.
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.
This item highlights three often overlooked or misunderstood factors potentially disrupting international transactions.
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.
Several states have begun extending the economic nexus standard approved in Wayfair beyond sales tax, adopting economic nexus provisions for corporate income taxes.