Tax department transformation - from technology to the TCJA. Stop by our sponsor table for tax insights and attendee gifts.
Tax department transformation - from technology to the TCJA. Stop by our sponsor table for tax insights and attendee gifts.
QOZ funds, operating businesses and private investors should understand the practical application of the final QOZ regulations.
Tax accounting professionals highlight the top three methods issues that may require your attention in 2020.
In early September, Mexico released a proposed tax reform package with significant changes in the country’s international tax regime.
Publicly traded companies located in Illinois may be subject to new demographic reporting requirements by Jan. 1, 2021.
Recent reversal of long-standing exemption for medical billing services scheduled to be effective April 1, 2020.
If adopted, the accredited investor definition will be a test family office investors will need to pass before investing in private markets.
Massachusetts rejects change in domicile after Florida home purchase, driver’s license change and new voter registration.
Department issued compliance alert explains the sales and use tax collection responsibilities for marketplace facilitators and sellers.
A webcast covering new and noteworthy developments in IRS practice and procedures that you should be aware of in case of exam.
Last year’s service-based and advanced computing business surcharges receive significant makeover after public concern.
The ACA’s shared responsibility penalty on individuals without health insurance no longer applies after 2018, but state penalties may apply.
Online software products allowing remote access to a host computer as well as screen sharing capabilities were taxable.
Discusses recent case that Mail box rule applies to statute of limitation when late filed return is also a claim for refund.
Redesigned forms and instructions require partnerships to reconsider tax basis capital and section 704(c) compliance processes.
Fund management companies face difficult challenges in determining their state income tax filing obligations and apportionment rules.
The IRS released the electronic Form 1023 and guidance for mandatory use of the online application, effective February 1, 2020
Six weeks after enacting significant tax changes, the Utah legislature and governor repealed the entire tax reform package.
Listed Transaction Penalty and Trust Fund Recovery Penalty (TFRP) require Supervisor Approval under I.R.C. Section 6751(b)
IRS has issued final regulations narrowing nonrecognition treatment for certain transfers of property to partnerships with foreign partners.
Ruling expresses IRS’ views in areas where regulations are silent; reinforces the need for transaction cost analysis.
This article discusses state, county, and local-level credits and incentives a company should consider in evaluating investment into the US.
Instructions for claiming a refund or credit, or adjust Form 990-T for qualified transportation fringe of unrelated business income tax.
Corporate income tax regulations provide procedures for pass-through entities to elect to be taxed as C corporations.
Employers that do not provide Affordable Care Act-compliant health coverage are in danger of being assessed IRS penalties.
Holders of IRAs may need to withhold 10% federal tax and file Form 1099-R when escheating certain IRA distributions.
The IRS is willing to consider relief from double taxation resulting from the application of section 965 in limited circumstances.
Favorable classification available for retailers selling private label products and consumer products companies using contract manufacturing
Three states have prescriptions for opioid taxes on manufacturers and distributors. Here’s what you need to know.
In the event of an economic slowdown, how should taxpayers consider adjusting their pursuit of credits and incentives?
The IRS describes the procedures required to make a one-time claim for all 2018 and 2019 biodiesel and alternative fuels tax credits.
Individuals and their advisors need to be familiar with the various IRA tips and traps to avoid negative consequences.
When employing family members, it’s best to follow set hiring policies to help ensure success. Learn how to avoid generational failure.
The medical device excise tax, the health insurance tax and Cadillac tax have all been repealed by recent legislation.
New Jersey becomes the sixth state to adopt an entity-level tax establishing a workaround to the federal SALT deduction limitation.
Compliance with ASC 842 includes evaluation of the tax implications that may affect businesses during the implementation.
Learn about the tax opportunities and challenges facing private equity and hedge fund owners which should be revisited in 2020.
It should be easy to know where you live, but for state personal income tax purposes, the question becomes “where are you domiciled?”
Transition rules for proposed built-in gain regulations helpful, but do they signal impending finalization of anti-taxpayer rules?
RSM’s tax leaders bring insight on upcoming policy shifts for the Tax Cuts and Jobs Act in a short audio cast.
Recent U.S. Tax Court cases shed light on the requirement that the IRS must obtain written supervisory approval of certain penalties.
Many companies miscalculate the available accelerated depreciation on qualified leasehold improvements. Is your company one of them?
There are five key actions to take now to prepare to file information returns in January to ensure compliance with FATCA.
RSM's virtual summit on transformative tax issues facing the middle market is available as an on-demand webcast.
Join us for a webcast to learn about IRS trends and changes in U.S. tax information reporting and withholding requirements.
The due date for providing 2019 Forms 1095-B and 1095-C to individuals has been extended by the IRS from Jan. 31, 2020 to March 2, 2020.
Taxpayers with filing deadlines should carefully consult state taxing authority rules and regulations on timing filings.
Financial Accounting Standards Board releases accounting standards update 2019-12 (ASU 2019-12) relating to simplifying ASC 740.
The Ninth Circuit has confirmed a Tax Court decision that denied S corp shareholders basis for loans held by a related S corporation.
Massachusetts Department of Revenue issues final guidance on application of section 163(j) Interest Expense Limitation.
The IRS finalized rules for withholding and reporting U.S. source payments to foreign individuals and financial institutions.
The IRS issued a notice of proposed rulemaking to provide guidance on procedures for recovery of a misdirected direct deposit refund.
The ruling allows taxpayers to amend a return to increase their ITC because of an increase in the basis of self-constructed property.
The Texas Comptroller adopted a $500,000 economic nexus threshold for the state's franchise tax effective in 2020.
The comment letter explains that certain S corporations that experienced an ownership change should also qualify under these rules.
Both incentive programs were scheduled to sunset in 2019; receive a one-year extension under federal tax bill.
House bill, if enacted, would increase SALT deduction cap in 2019 for certain taxpayers and repeal SALT deduction cap for 2020 and 2021
The SECURE Act makes changes affecting retirement benefits in qualified plans and in IRAs for both the employers and individuals.
The Act’s significant implications for individuals’ retirement and estate planning suggests that they consult with their advisors…now
The final Qualified Opportunity Zone regulations include several taxpayer favorable improvements over the proposed regulations.
Congress has repealed the Affordable Care Act’s Cadillac tax on employer health plans prior to its effective date in 2022.
Taxpayers received a pre-holiday surprise when Congress ended stalemate to agree to extend many popular tax incentives.
New legislation includes repeal of the parking tax on exempt organizations and streamlines the excise tax rate on net investment income.
DAC 6 will introduce five different “hallmark” categories that represent an indication that a transaction may have a risk of tax avoidance.
The IRS has released the final version of Form W-4 reflecting changes to employee withholding from the Tax Cuts and Jobs Act.
The IRS released proposed regulations which supplant and largely following previous guidance in Notice 2018-68 with important distinctions.
Learn more about the current expected credit loss standard, the London Interbank Offered Rate transition and tax reform.
New tax laws and industry trends create planning opportunities for fund owners and management firms in the year ahead.
Companies investing in the U.S. must consider how the new regime of state and local sales and use tax nexus may affect their organization.
The Internal Revenue Service recently announced planned implementation dates for mandatory e-filing by tax-exempt organizations.
Certain perishable meat manufactures, processors, and sellers may be eligible for a reduced business and occupation tax rate.
In the rush to take advantage of the qualified opportunity zones program, taxpayers may overlook the benefits of state and local tax credits
Some hedge fund managers are making the move to restructure their wealth as a family office; however, there are key areas to consider.
The Michigan Department of Treasury issued a letter ruling detailing the sales tax treatment of various information services.
An update on the tax and accounting developments, macroeconomic outlook, trends and policies affecting the real estate industry.
With the NCAA opening the door to name, image and likeness compensation, there are several key considerations for schools and athletes.
IRS guidance establishes amendment deadline for 401(k) and other retirement plans to comply with new hardship distribution rules.
Delay in required reporting of tax basis capital may be less beneficial than it appears; many will still need to compute for 2019.
Notwithstanding unfavorable changes to the Code, capital gain treatment is still available on the sale of patents in certain scenarios.
IRS issues guidance on voluntary employees’ beneficiary associations (VEBAs) and supplemental unemployment benefit trusts (SUBs).
The IRS finalized Forms 8985 and 8986, a mechanism for partnerships to push-out partnership audit and AAR adjustments to their partners.
The FTB ruled that limited partnerships disregarded for federal income tax purposes are not subject to minimum tax or filing requirements.
Final regulations on new sales and use tax registration and collection requirements address remote retailers and marketplace facilitators.
The Final QOZ Regulations have been submitted to the Office of Management and Budget for final review and publication is expected soon.
DAC 6 reporting by intermediaries implementing or advising on certain cross-border arrangements in EU member states starts July 2020.
Newly released foreign tax credit regulations address tax reform changes, clarify existing rules and provide new elections and safe harbors.
IRS confirms that gifts between 2018 and 2025 will be covered by the exemption then in place and not in the year of death.
Ruling explores the difference between a capital contribution and a deductible payment on behalf of a corporate subsidiary.
After years of litigation, a state appellate court again declared Pennsylvania’s flat dollar cap for net loss carryover unconstitutional.
Retailers should assess gift card procedures including an annual review of reporting, sales tax, unclaimed property and more.
Ohio backtracks on eliminating business income deduction for certain taxpayers after concerns over enforcement and application surface.
An update on pressing tax issues that individuals and family businesses should consider before Dec. 31 as well as in the year ahead.
RSM’s Davenport office is introducing a tax planning series that will include three sessions: Sept. 19 and Nov. 21, 2019, and Jan. 16, 2020.
Final regulations affect whether a controlled foreign corporation is a related person under attribution rules.
Join RSM for our annual tax update webcast as we review the current tax landscape for exempt organizations as well as look ahead to 2020.
Join RSM to learn about regulatory changes on the horizon that could impact insurance company risk analysis and investment decisions.
Comments address concerns and recommendations regarding proposed regulations addressing section 382 built-in gains and losses.
The IRS has published final section 6050Y regulations requiring reporting of sales and acquisitions of certain life insurance contracts.
Favorable rule for corporate stock acquisitions where life insurance contracts are less than 50 percent of the target corporation’s assets.
The IRS released Revenue Procedure 2019-44 listing the inflation adjustments for individual, trust and estates.
New IRS enforcement campaign targeting the section 965 transition tax compliance indicates a likely increase in section 965 audit activity.
Business tax year-end webcast: Update on federal, international and pass-through tax considerations for year-end planning
The IRS announced that syndicated conservation easements are a priority compliance area and it will increase enforcement efforts.
New law for sourcing sales of services and intangibles effective with tax years beginning on or after Jan. 1, 2020.
North Carolina joins more than 30 states adopting a marketplace facilitator nexus provision effective Feb. 1, 2020.
The IRS issues proposed regulations to update the life expectancy tables to reflect current, longer life expectancy rates.
Revenue Procedure 2019-43 supersedes Rev. Proc. 2018-31, providing procedures to change accounting methods with automatic consent.
The U.S. Senate approved treaty protocols that will affect the taxation of pension plans between certain contracting states.
Puerto Rico has enacted new legislation to provide additional tax benefits for investing in projects in PR opportunity zones.
Although not effective until July 2020, DAC 6 reporting obligations retroactively apply to transactions occurring on, or after June 25, 2018
The IRS publishes applicable annual limitations and maximums for retirement plans, resulting in small increases for 2020.
New guidance from the UK’s Her Majesty’s Revenue and Customs provides more clarity for businesses engaged digital asset businesses.
Attend this program providing the latest information on tax changes, issues and solutions designed specifically for manufacturers.
The IRS released long-awaited guidance outlining how former S corporations should source distributions between S corp and C corp earnings.
IRS to retain regulations treating some related party debt as equity, but will propose rules easing one of the regulations’ harshest rules.
Data is the new battleground for tax authorities. Businesses should take steps to assure the quality and integrity of their data.
All companies seeking QI, WP, or WT status for 2019 must apply by Nov. 15, 2019 to have an agreement in effect.
The IRS has published a long-awaited practice unit as guidance for examinations of electronic books and records under section 1441.
The IRS Tax Exempt and Government Entities division released the Fiscal Year 2020 Program Letter on Oct. 17, 2019.
IRS denied a formal refund claim as untimely, but taxpayer obtained relief through the informal claim doctrine.
Joint LB&I and SB/SE directive allows taxpayers to claim work opportunity tax credit in the year delayed state certifications received.
The Massachusetts Department of Revenue establishes a $500,000 threshold for state corporate excise tax nexus.
Join us for a discussion of 2019 state tax legislative developments and their implications on middle market businesses.
Understand the critical legislative updates and changes from 2019 affecting state and local tax planning and compliance.
Guidance would facilitate transitions of existing debt and derivatives to alternative benchmark rates without creating taxable exchanges.
Technology can help drive efficiencies for tax departments and help achieve strategic goals. Learn where you stand.
Target company’s deduction claim denied because investment banking firm did not provide services to Target or for Target’s benefit.
There are numerous ways that an S corporation can compromise its status. Being careless with election forms is just one example.
The U.S. Treasury Dept. and the IRS released the 2019-2020 priority guidance plan, including items related to exempt organizations.
As of Jan. 1, 2019, foreign non-resident taxpayers conducting business in Quebec are required to register for the Quebec Sales Tax.
A business guide to tax considerations for 2019 to help make informed decisions after the Tax Cuts and Jobs Act.
Market-based sourcing effective for periods ending on or after Dec. 31, 2021, for the Business Enterprise Tax and the Business Profits Tax.
Minnesota tax-exempt organizations may find some relief knowing that the state does not conform with two major federal changes.
The IRS has finalized rules for bottom-dollar guarantees under the disguised sale rules and for partnership liability allocations generally.
U.S businesses with operations in the Netherlands may be impacted by the 2020 Tax Plan proposed on Sept. 17, 2019.
New IRS cryptocurrency guidance provides much needed clarity but may require changes to returns not yet filed.
Supreme court will not hear case arguing that taxpayers can exclude the fuel tax credit from income and also deduct the tax as an expense.
More than $750bn VAT revenue has been lost across the EU over a 5-year period from VAT fraud and more significantly to noncompliance.
Court found corporation did not have reasonable cause and good faith for its understatement of tax in upholding a negligence penalty.
The increasing trend of gross receipts taxes in West Coast states and cities, including recent enactments and enhancements.
Proposed rules limit the impact and reduce the reporting burden caused by tax reform changes to CFC ownership rules.
Recently released draft 2019 Schedule K-1s showcase a major shift in reporting that may begin with the next filing season.
Pennsylvania Department of Revenue issues guidance that administratively implements economic nexus for corporate net income tax.
Wisconsin published final regulations on corporate income tax nexus. The new regulations establish 15 day activity threshold.
A court found that conclusory statements without additional evidence were insufficient to support an R&D credit study.
A federal district court agreed with the IRS that an S corporation’s AAA balance resets to zero following a switch to C corporation status.
IRS issued Rev. Proc. 2019-39, a revenue procedure that establishes a system of recurring remedial amendment periods.
Appeals court finds Taxpayer did not have reasonable cause for claiming fuel tax credits and is subject to 200% penalty.
Proposed regulations reflect updated donor and other information reporting requirements; related penalty relief provided.
IRS has finalized safe harbor provisions that rental real estate enterprises may use to qualify as a trade or business for section 199A.
India’s sweeping corporate tax cuts, effective retroactively to April 1, 2019, makes the country a viable investment destination in Asia.
The IRS issued final regulations on the 401(k) plan hardship distribution requirements as amended by tax reform (T.D. 9875).
Proposal would clarify how the bonus depreciation related party rules and no prior use rules apply in the context of consolidated returns.
Final bonus depreciation rules similar to previously proposed rules, uncertainty remains for certain transactions.
The IRS announced new relief procedures from paying back taxes for certain former citizens who wish to become compliant.
State enacts “ABC test” for determining when employees are considered independent contractors; prior test still used for some industries.
Final and re-proposed regulations released by the Treasury and IRS address important factors for 100% bonus depreciation.
The announcement states that select taxpayers qualify for a settlement offer for abusive micro-captive insurance transactions.
This webcast will focus on examining the effect of tax reform on pass-throughs at international, state and local levels.
A robust look at several significant international provisions for foreign-derived intangible income, also referred to as section 250.
Tax Court allows ordinary business bad debt deduction, rejecting argument that loans not secured by real property were nonbusiness loans.
From taxation complexity to understanding cyberthreats, what are today’s top five concerns for family offices?
Passthroughs that have applied the Proposed (not final) GILTI regulations must notify their partners or shareholders to avoid penalties
Arizona Supreme Court finds online travel companies must collect tax on service fees and mark-ups paid to book hotel rooms.
Recent activity among state and local gross receipts taxes may signify that a historic approach to taxation is ready to be a new trend.
Rev. Proc. 2019-37 offers procedures for accounting method changes to comply with proposed regulations under sections 451(b) and 451(c).
The much anticipated proposed regulations, under Reg. section 1.451-3, implement section 451(b) and affect nearly every taxpayer.
Proposed regulations would accelerate credit card fee income and similar items, but would not affect most interest income items.
Proposed Reg. section 1.451-8 clarifies how taxpayers can use the section 451(c) method to defer recognition of certain revenue.
Proposed section 382 rules would prohibit section 338 approach for determining NUBIG/RBIG, and require a modified section 1374 approach.
Changes to the built-in gain rules under section 382 would drastically reduce the availability of NOLs following an ownership change.
Department of Revenue Services releases guidance addressing increased sales and use tax rate for certain digital goods and services.
TIGTA General Business Credit Review suggests changes to R&D Credit Exams after identifying billions of Carryforward Claim discrepancies.
CDFI Fund opens final round of allocation before program is scheduled to expire; extension efforts underway in Congress.
A favorable ruling on a "fit and focus" spin-off reiterates that only a minimal amount of employee overlap is permissible.
Canadian firms need to be aware of significant Canadian tax pitfalls that may arise when considering investments into opportunity zones.
The amount of wealth managed by family offices continues to grow as more families sell out their founding businesses.
Fluctuation in value of stock did not impact exception to gain recognition, but no ruling on overall tax-free nature of reorganization.
Beginning in 2020, some individual taxpayers working remotely in Illinois will have a 30-day safe harbor from the state income tax.
IRS issues proposed regulations regarding special valuation rules for employee’s personal use of an employer-provided vehicle.
Court dismisses a tax refund suit for lack of jurisdiction, though postmarked before the statute of limitations expired.
New Jersey Division of Taxation rescinds unpopular GILTI and FDII allocation guidance issued in December; new guidance expected shortly.
IRS Chief Counsel opined that Target’s consolidated group survived notwithstanding the explicit language of the reverse acquisition rules.
Join us to hear an update, including lessons learned from the first returns filed under the 2017 tax reform law.
IRS answers a few important questions regarding the taxation and withholding rules for uncashed distribution checks.
The introduction of the services cost method concept to the Base Erosion Anti-Abuse Tax (BEAT) is a welcome benefit to some taxpayers.
The second round of Qualified Opportunity Zone regulations may spur taxpayer confidence and financial implications will drive investment.
Proposed regulations provide guidance on classifying cloud transactions and income sourcing for transfers of digital content.
As of Aug. 16, 2019, the Taxpayer First Act modifies the notification rules when contacting third parties and limits John Doe summonses.
Cost-sharing arrangements remain in flux as Altera continues. Taxpayers should monitor the developments to ensure appropriate alignment.
Senate Bill 1591 provides an income tax credit for qualified apprentice education expenses through Dec. 31, 2024.
Rev. Proc. 2019-34 offers simplified procedures for insurers to change accounting methods to comply with section 807 for reserves.
Amnesty programs will run through Nov. 15, 2019, and offer qualifying taxpayers complete waiver of interest and penalties.
Effective Nov. 1, 2019 Polish tax authorities announced they will introduce what is known as a Split Payments Mechanism (SPM).
New law aims to protect New Hampshire businesses from sales and use tax compliance obligations due to economic sales tax nexus.
In PLR 201930011, the Service rules that it is OK to “go your own way” without tax penalty in a textbook split-up.
The state has indicated that it will enforce economic sales tax nexus on Oct. 1, 2019, without a minimum sales or transaction threshold.
Senate Bill 523 provides a definition for certain digital goods and clarifies tax treatment for items without a tangible equivalent.
Washington Court of Appeals determined the graduated income tax to be impermissible under a uniformity requirement.
Revenue Procedure 2019-33 provides procedures for taxpayers to make or revoke certain bonus depreciation elections.
Exploring ways to incorporate qualified opportunity fund investments into your overall estate and gift tax plan.
Actual extension not required to supersede timely filed return, avoiding new adjustment procedures, by extended return deadline.
The IRS has begun sending over 10,000 letters to certain taxpayers advising them to report virtual currency transactions.
The IRS released final regulations that address income inclusion when a lessor elects to treat the lessee as having acquired the ITC.
Final regulations issued in late June 2019 on GILTI inclusion could have a considerably differently impact on PE and VC fund structures.
The District enacts emergency legislation implementing the FY20 budget and modifying incentives for qualified high technology companies.
Budget bills address pass-through entity tax, sales tax base and nexus changes, tax credits and reporting obligations.
Ohio budget bill makes a number of changes to Ohio’s tax code expecting to result in millions in tax cuts; sales tax nexus addressed.
Reminder of Manitoba’s retail sales tax transition rules for one-percent rate reduction effective July 1, 2019.
Amendments extend the tax abatement an additional five years, provides for an enhanced abatement and makes minor other changes.
The California fiscal year 2020 budget addresses TCJA conformity and other new and amended state tax provisions.
New guidance provides automatic method changes for insurance companies to comply with section 846 and revises unpaid loss discount factors.
There are four key pillars of service to having an effective global VAT strategy: structural, automation, compliance and reclamation.
Professional services firms could be overlooking financial reporting standards that affect software and cloud-based platforms costs.
Sellers are able to command top dollar if they go into the sales process ready to hit the ground running which includes tax preparation.
Answers to questions about the most common tax related issues for U.S. citizens and residents starting an assignment abroad.
The IRS LB&I Division has recently announced that it is adding six new compliance campaigns to its growing list of campaigns.
View this RSM recorded webcast for an interactive discussion on how the Supreme Court’s decision will affect taxation of trusts.
A recent court case shows the IRS’s power to penalize the failure to disclose a transaction substantially similar to a listed transaction.
A recent GASB Exposure Draft addresses the accounting for Internal Revenue Code Section 457 deferred compensation plans.
RSM shares an overview of the Taxpayer First Act of 2019 and highlights some of the changes coming to the IRS mandated by the new law.
New IRS guidance allows high deductible health plans to pay for treatments for chronic health conditions as preventive care.
Taxpayer must use the year-by-year method in determining NOL carryover due to section 170 adjustments to modified taxable income.
Small business owners may be able to increase tax-beneficial retirement contributions with the use of a cash balance plan.
Final regulations terminate Reg. Section 1.451-5, which previously allowed multiyear deferral of advance payments for goods and services.
On July 15, 2019, several of our club clients received “warning notices” from the IRS. Read to learn what this means for private clubs.
Varied taxable income can lead to fluctuations in the real estate life cycle. Minimize exposure to phantom income with these considerations.
Hawaii becomes the first state to adopt a $100,000 sales or 200 transaction threshold applicable to the state’s income tax.
If a fund is organized as a partnership, and has German investors, the annual filing of a partnership return in Germany is required.
Correction to constructive ownership rules under section 52 likely to increase aggregation and alter small taxpayer status for many.
The work of the OECD regarding tax transparency has been substantial, and automotive multinationals should assess the impact.
IRS allows early reconsolidation given waiver of capital loss generated by the disaffiliation and lack of other tax benefits.
California amends the effective date for district remote seller nexus requirements; offers penalty relief for certain marketplace sellers.
Budget bills address pass-through entity tax, sales tax base and nexus changes, tax credits and reporting obligations.
The new pass-through entity level tax may benefit some individuals subject to the $10,000 SALT deduction limitation.
If adopted, these rules may make multiple-employer 401(k) plans an effective way for small business to provide retirement benefits.
Marketplace facilitators liable for sales tax collection; budget compromises avoid certain proposed tax increases on businesses.
Final regulations maintain partners cannot be employees of a disregarded entity owned by the partnership in which they are partners.
The 2019 legislature passed several tax changes, issued marketplace facilitator rules and provided additional credits and incentives.
New regulations allow employers to use truncated taxpayer identification numbers on Forms W-2 that are issued to employees.
Get key tips for bringing the next generation into the family business. These lessons learned can help propel the enterprise.
High court allows Minnesota Supreme Court decision finding so-called “grantor-domicile” rule unconstitutional to stand.
Learn more about the recent South Dakota v. Wayfair, Inc. U.S. Supreme Court decision and how it could affect private clubs.
A refund opportunity exists for taxpayers who paid the CSG and CRDS French social taxes thanks to new guidance from the IRS.
Revisions to the U.S. income tax treaties with Switzerland, Luxembourg, Japan and Spain may pass the Senate after years of being stalled.
The Department of Labor will require filings for executive retirement plans to be submitted electronically beginning Aug. 16, 2019.
Plan sponsors have until July 31, 2019, to pay the patient-centered outcomes research fee on health plans for plan years ending in 2018.
New York enacts legislation exempting 95% of GILTI and increases the sales component of the economic sales tax nexus threshold.
The proposed regulations clarify fixes addressing the “grain glitch” and specify information cooperatives must provide to their patrons.
Final regulations reduce the amount determined under section 956 for certain domestic corporations that own stock in foreign corporations.
Final and new proposed GILTI and Subpart F regulations provide significant relief to private equity and other non-corporate taxpayers.
The IRS FAQ states that 1231 gains invested in a QOF before the second set of proposed regulations can still be eligible for gain deferral.
Active trade or business present in subsidiary without independent current revenue but with a plan to make future product sales.
The Senate recently passed the Taxpayer First Act after eliminating the controversial Free File Program from the bill.
Highly-anticipated trust taxation case considers whether a state can tax a trust based on the residency of a beneficiary.
Tax Court found that the taxpayers established material participation despite failing other quantitative material participation tests.
In Mihelick v. United States, the Court of Appeals for the 11th Circuit reversed the lower court ruling on substance over form.
Modernization addresses Alabama’s Opportunity Fund, Jobs Act Credit, federal opportunity zones and other incentive provisions.
What government contractors should know regarding accounting methods after tax reform and the new revenue recognition standards.
Rules clarify how S corporation income allocated to an ESBT will be taxed when a trust beneficiary is a nonresident alien.
Pass-through entity tax election for the 2019 tax year due June 28, 2019; election window will close until next calendar year.
Effective for tax years beginning after Dec. 31, 2019, market-based sourcing adopted for services and intangibles.
Treasury and the IRS finalize and withdraw certain provisions contained in previously issued temporary section 987 regulations.
The IRS issued proposed regulations designed to clarify and modify the rules for foreign pensions investing in U.S. real property.
Minnesota’s long-awaited conformity bill presents new challenges for individual and corporate taxpayers; remote seller provisions modified.
Alabama makes significant reforms to the Financial Institution Excise Tax by establishing estimated payments and redefining net income.
The IRS has issued guidance for withholding agents on the submission of delinquent international withholding forms.
RSM sponsors SelectUSA in Washington D.C. from June 10-12, 2019. Learn more about foreign direct investment in the U.S.
Buyers and sellers should take into account tax and regulatory changes when considering tax purchase price allocations.
IRS publishes termination date to end faxed and third-party mailed tax transcripts in its continuing effort to protect taxpayer privacy.
The IRS announced tax relief, including extended deadlines, for counties in Oklahoma affected by the recent flooding.
U.S. government to appeal taxpayer favorable outcome of first ever research and development credit jury trial.
Companies often need to review ESOPs as changes arise in the business, employee demographics and in the economic environment.
Certain domestic holding companies can be excluded from the combined return, but pending legislation would limit the decisions.
Tax-exempt private schools can satisfy publicity requirement by posting nondiscriminatory policies to their websites.
District of Columbia OTR will no longer require an affirmation letter from an organization renewing its tax-exempt status.
Specially designated districts designed to fuel economic growth where development has been stagnant offer investors tax-saving options.
The Historic Rehabilitation Credit, Quality Jobs Tax Credit, and Manufacturing Investment Tax Credit are all impacted by new legislation.
U.S. businesses providing certain services and digital goods to individuals in Quebec may have Quebec sales tax compliance obligations.
Rev. Proc. 2019-26 provides guidance and tables to assist in determining depreciation for passenger automobiles placed in service in 2019.
Modifications to tax on real estate sales, financial institutions, international investment management, nonresident sales tax and others.
Certain service-based businesses and large advanced computing companies should expect to pay a higher B&O tax beginning in 2020.
The Community Development Financial Institutions Fund announces $3.5 billion in New Markets Tax Credit allocation.
Program offers credit against the corporation business tax and the gross income tax for certain digital media content expenses.
Tax will significantly affect any business with Oregon-sourced commercial activity, as state seeks to raise over $1 billion in new revenue.
This article dispels myths about the new UNICAP rules and discusses the impact of the new rules on manufacturers.
The Tenth Circuit has affirmed a 2017 Tax Court decision concluding ESOPs are treated as trusts when applying certain related party rules.
The new disclosure will likely be used to gauge virtual currency noncompliance and may require disclosure of the six most recent tax years.
LB&I will apply a two-step program to identify the largest and most complex taxpayers that have the highest compliance risk.
Withholding generally applies to transfers of partnership interests by foreign persons, regulations generally follow previous guidance.
Favorable estate planning rules in place to 2026 would be less so in 2021 under some Democrats’ proposals. Time to consider the what ifs?
Ruling concludes certain redemption payments treated as distributions should be tax-free to the extent of undistributed S corp earnings.
Cayman Islands will accept Cayman FATCA and CRS reports, originally due May 31, through July 31, 2019, without penalty.
Eleventh Circuit affirms Tax Court’s ruling that an S corporation shareholder will not get basis for amounts advanced by related entities.
Tax-exempt charities can effect positive change. Learn how private clubs can establish and maintain an affiliated tax-exempt charity.
The IRS ruled that provisions in the agreement triggered upon termination of an employee-shareholder’s employment would be ignored.
Learn what family offices should weigh when it comes to restructuring. Tax and sustainability considerations are key.
Watch this brief video to understand the important questions to weigh as well as key tax considerations when creating your family office.
RSM professionals share how tax reform affects family offices. Key concerns: succession planning, entity choices and state and local tax.
Learn about the importance of family office governance and why it’s key for today’s complex, multi-faceted family office structure.
Not all digital assets are received through an exchange; airdrops and hard forks create another layer of complexity for taxpayers
Alleviate the stress of your business sale or transition by addressing 10 key missteps many business owners make.
Internal Revenue Service expands determination letter process to statutory hybrids and merged plans, effective Sept. 1, 2019.
Health savings accounts are a valuable tool for saving money for medical expenses since they offer a triple tax benefit.
Tax Court sides with IRS in its analysis of whether taxpayers’ sufficiently notified IRS of change in “last known address."
Join this webcast on April 24 for a discussion on new and noteworthy developments in IRS practice and procedures.
9th Court of Appeals rejects common law “mailbox rule” in favor of section 7502 regulations detailing mailing requirements.
IRS advises that partners, sole proprietors and other non-employees cannot be Form W-2 employees of professional employer organizations.
The internal revenue service guidance updated under Employee Plans Compliance Resolution System (EPCRS) is effective April 19, 2019.
The US Tax Court disallowed R&D credit claims because the taxpayer did not produce evidence to support requirements under section 41.
What happens if you get audited by the IRS? Download our IRS Audit Survival Guide to learn how to navigate IRS examinations and lower risk.
The proposed regulations would impact S corporations owned by ESBTs that have non-resident alien beneficiaries.
The new revenue guidance has cleared the way for businesses and investors to invest in opportunity zones and drive economic growth.
Colorado adopts RUUPA with minor variations; shortens dormancy for many property types, and eliminates the standard deduction.
Justices express concern over North Carolina’s tax on the undistributed trust income earned for the benefit of a resident.
The new Qualified Opportunity Zone regulations answer many questions that favor taxpayers, though some questions remain.
Changes to the international tax system will require U.S. taxpayers to navigate important foreign tax credit transition rules.
Rev. Proc. 2019-18 lets professional sports teams treat certain personnel contracts and draft picks as having a zero value when traded.
Unclaimed property trends and modernization are highlighted at the 2019 Unclaimed Property Professionals Organization conference.
Budget bill address GILTI, qualified manufacturers, sales tax nexus, personal income tax rate extensions and property tax rate caps.
Kentucky addresses IRC conformity, amends various income tax provisions and enacts marketplace provider nexus.
The reduced corporate tax rate enables a pass through entity to increase net R&D credit benefit by making a section 280C(c)(3) election.
Tax bill reduces corporate tax rate and adopts single-sales factor apportionment and NOL changes; enacts remote sales tax provisions.
The IRS currently has identified over 50 Large Business and International campaigns that taxpayers should be aware of.
New partnership examination procedures which began in tax year 2018 under the BBA are more complex than previous procedures.
Signing a statute of extension when an examination extends past the three year deadline may be a good option.
IDRs are used by the IRS to gather information that supports the taxpayer’s determination of income, deductions and tax.
The IRS Office of Appeals opportunity to settle without going through litigation may be the best strategy for resolving difficult tax issues
Intersection of GILTI rules and business interest expense limitation rules creates opportunity to characterize interest expense.
Understanding the impact GILTI will have on your multinational organization may maximize tax planning opportunities and minimize risk.
If finalized, a recent proposed Accounting Standards Update would modify the current disclosure requirements for income taxes.
The New Jersey Division of Taxation's website for the mandatory registration of a combined group by its managerial member is now available.
Tax bill reduces nexus thresholds and amends provisions of the business and occupation tax; addresses remote sales tax collection.
Department clarifies that the high-technology data center equipment exemption is available to customers of data centers.
IRS: The “share-by-share approach” to recovery of stock basis, although broadly appropriate, might not apply to every scenario.
The IRS released Rev. Rul. 2019-11 regarding the tax treatment of state and local tax refunds.
The TCJA revised the long-standing prohibition on a nonresident alien being a potential current beneficiary of an ESBT
The enactment of TJCA creates pressure on taxpayers to distinguish what qualifies as a trade or business for tax purposes.
Understanding the importance of section 1202 and consequences of capital contributions to closely-held corporations
Proposed Sec. 465 regulations provide significant guidance and detailed examples of the application of the at-risk rules for partnerships.
With the second installment of taxpayer’s section 965 liability due soon, there are several items to remember before the filing deadline.
Carefully consider international blockchain enterprise structuring in light of the Tax Cuts and Jobs Act (TCJA)
Changes made to the qualified transportation fringe benefit and loss of deduction by the TCJA under tax reform.
Proposed rule would benefit certain purchasers of banks and other C corporations owning life insurance contracts.