Bonus depreciation prop. regs. on no prior use, departures from group
Taxpayers and their advisers now have a framework to determine the availability of bonus depreciation following various transactions involving consolidated groups.
IRS Practice & Procedure
Documenting qualified research activities for the research tax credit
The process-of-experimentation requirement has received increased focus by taxing authorities in examinations.
A renewed chance to revisit old assets for repairs and maintenance expense
For the 2019 tax year, taxpayers and their accountants should seriously consider revisiting repairs and maintenance when planning strategies for increased deductions.
What does ‘consulting’ mean for purposes of Sec. 1202?
The Code does not define consulting for purposes of the rule on qualified trades or businesses, nor do Treasury regulations or Sec. 1202 legislative history provide guidance, leaving taxpayers to find other sources to derive the meaning.
Bounced check is not a payment
The IRS can apply levy proceeds to liabilities for any tax year covered by the levy.
IRS penalty relief available when approvals not timely
Tax Court decisions address the proof the IRS must provide to show proper supervisory approval was obtained to assert penalties.
Lack of postmark does not mean petition was not mailed timely
A taxpayer can prove, through extrinsic evidence, the mailing date of a Tax Court petition that has no postmark on the mailing envelope.
Business identity theft poses continuing challenges
Businesses must follow different procedures than individual taxpayers to prompt the IRS to initiate an identity theft investigation.
Regulations supersede the common law mailbox rule
The Ninth Circuit agrees that an IRS regulation abolished the common law mailbox rule.
IRS broadens student loan COD relief
The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
Recovery rebate payments to be issued within 3 weeks
The IRS has issued guidance on these payments, which it calls “economic impact payments,” and says they generally will be direct-deposited to most qualifying taxpayers’ bank accounts in the next three weeks without taxpayers having to do anything.
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.
Practitioner Priority Service, other IRS help lines suspended due to coronavirus
The IRS announced that, because of staff shortages, it was closing the Practitioner Priority Service, a special phone line for tax practitioners, as well as the e-Services Help Desk line and the e-Services, FIRE, and AIR system help desks “until further notice.”
AICPA requests broader relief for taxpayers
In a letter to Treasury and the IRS the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.
IRS announces more operational changes related to coronavirus
The IRS announced that, under its People First Initiative, it was taking various actions to alter its activities beyond the tax filing and payment delay announced last week.
Maximizing deductions on like-kind exchanges using cost segregation
This article will help practitioners understand how to maximize accelerated deductions by examining Sec. 1031 exchange rules and how they are affected by cost segregation studies.
IRS posts FAQs about coronavirus-related filing and payment extensions
The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.
IRS alters certain operations in effort to protect employees, taxpayers during outbreak
To protect taxpayers and its employees, the IRS is scaling back its operations during the coronavirus pandemic to focus on mission-critical activities. Here’s a look at what services are being affected.
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.
