IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by Oregon wildfires.
IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by Oregon wildfires.
New IRS guidance updates and clarifies the previous ASC 730 Directive for R&D credit claims of LB&I Taxpayers using U.S. GAAP rules.
IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by Hurricane Laura.
IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by CA wildfires and IA derecho.
Legislation adopts several new credit and incentives programs as well as creates a new property tax incentive.
Taxpayers have until Sept. 15, 2020 to participate in the program that may reduce transfer pricing disputes and provide penalty waiver.
The IRS postponed the first quarter filing and payment deadline for federal sporting goods excise taxes until Oct. 31, 2020.
Eligible businesses that did not receive certain other COVID-19 relief may qualify for grants up to $250,000.
The department found the business did not engage in qualifying research or submit proper documentation to substantiate the claim.
The court ruled that DOL regulations unduly restrict paid leave, thus expanding the eligibility of FFCRA paid leave.
These treasury regulations affirm the statutes the IRS will use to assess, reconcile, and recapture the COVID-19 payroll tax credits.
Treasury proposes clean up to air trans excise tax regulations and rules to exempt payments by aircraft owners to management companies.
The Community Development Financial Institutions Fund announces over $3.5 Billion in New Markets Tax Credit allocation.
The Sixth Circuit held that the DOJ should have been permitted to provide evidence regarding a taxpayer’s historic R&D credit information.
TTB FAQs allowing for the destruction of beer off brewery premises and waiver of notice of intent to destroy were extended through Sept. 1.
Refundable credit receives taxpayer-friendly updates, including increased availability and extended application deadline and sunset dates.
The TTB now allows tobacco proprietors to file their special occupation tax online via the agency’s Permit Online program.
The IRS extended the second quarter filing and payment deadline for federal sporting goods excise taxes until Oct. 31, 2020.
The Office of Tax Appeals determined that the taxpayer did not show that it undertook a process of experimentation.
The recent IRS Notice provides relief in the form of flexibility for investment timing and testing periods for QOFs and their investors.
Long awaited proposed regulations clarify a number of open questions that remained with the carbon sequestration credit.
TTB adopted, with minor changes, temporary regulations on alcohol tax filing dates implementing 2015 PATH Act for eligible excise taxpayers.
The IRS released proposed regulations that clarify five-year rehabilitation credit period created by the Tax Cuts and Jobs Act.
IRS Notice 2020-41 grants an extension to place renewable energy property in service and expands a safe harbor for beginning construction.
The IRS has issued updated questions and answers regarding CARES Act employee retention credits for employers impacted by COVID-19.
TTB issues new guidance in Q&A format about tax-free withdrawals of distilled spirits and hand sanitizer under the CARES Act.
New TTB FAQ addresses requirements for a winery holding remote wine tastings with customers, including tax, labeling, and container sizes.
A recent IRS private letter ruling granted an extension of time for the required certification of a Qualified Opportunity Fund.
IRS released CARES Act FAQs on aviation excise tax holiday. FAQs provide clarification on issues related to jet fuel and ticket tax.
Employers should use the updated Form 941 to properly report new CARES Act and FFCRA credits beginning in the second quarter of 2020.
Taxpayer-friendly measures provide interest waivers, extension of limitations periods and assistance to impacted businesses.
TTB issued FAQs providing guidance for refund claims on taxpaid beer for brewers when unmerchantable beer is destroyed during COVID-19.
Notice 2020-32 disallows deductions for expenses paid with loan proceeds from the PPP when loan forgiveness occurs.
Congress authorizes additional $310 billion for PPP; SBA issues additional eligibility guidance for hedge funds and private equity.
The COVID-19 pandemic may relieve recipients of tax incentives from the recapture provisions under the Nebraska Advantage Act.
TTB has extended its waivers for certain distilleries wishing to produce hand sanitizer through the 2020 calendar year.
Maintaining static conformity to the IRC, Wisconsin adopts several taxpayer-friendly provisions of the federal CARES Act.
Remote programming employee directly impacted an Arkansas employer's ability to carry out its mission and purpose.
Recent guidance extends certain deadlines for LIHTC, WOTC, and Historic Rehabilitation tax credits because of COVID-19.
Notice 2020-23 incorporates Rev. Proc. 2018-58 filing postponements to extend certain excise tax filing deadlines.
Recent guidance provides that certain deadlines, including the allowable time to invest in a QOF, are now extended because of COVID-19.
California-based employers have limited window to submit requests for cash grants from COVID-19 related employee training program.
The bills address the state's IRC conformity as it relates to new federal section 163(j) limitation rules, among other provisions.
Technology investments in response to the COVID-19 outbreak may be eligible for the research and development tax credit.
Employer social security payroll tax payment deferral for taxes incurred from March 27th through Dec. 31, 2020.
The Department of Labor has issued updated questions and answers regarding paid leave for employees impacted by COVID-19.
Basic questions answered to help taxpayers interpret and claim the Employee Retention Tax Credit of the CARES Act.
Act contains broad relief for individuals and businesses; includes funding vehicles, recovery payments, and modifications to TCJA provisions
Today, the House of Representatives passed the CARES Act on a voice vote and the President signed the bill enacting it into law.
Mandatory paid leave for employees impacted by COVID-19 is set to start April 1, 2020, per new Department of Labor guidance.
On March 19, the U.S. Senate released the third round of emergency assistance resulting from the 2020 COVID-19 pandemic.
IRS LB&I issued a memo to communicate the process to centralize compliance risk determinations for research credit cases.
New proposed regulations provide helpful examples of business entertainment and meals deductions still permissible after TCJA restrictions.
IRS LB&I announce campaigns to improve compliance with fuel mixture credits and research issues related to sections 41 and 174.
IRS issued guidance describing the start of construction requirement and partnership structure for the carbon sequestration credit.
The IRS describes the procedures required to make a one-time claim for all 2018 and 2019 biodiesel and alternative fuels tax credits.
The medical device excise tax, the health insurance tax and Cadillac tax have all been repealed by recent legislation.
The ruling allows taxpayers to amend a return to increase their ITC because of an increase in the basis of self-constructed property.
The final Qualified Opportunity Zone regulations include several taxpayer favorable improvements over the proposed regulations.
Taxpayers received a pre-holiday surprise when Congress ended stalemate to agree to extend many popular tax incentives.
The Final QOZ Regulations have been submitted to the Office of Management and Budget for final review and publication is expected soon.
Joint LB&I and SB/SE directive allows taxpayers to claim work opportunity tax credit in the year delayed state certifications received.
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.
Court found corporation did not have reasonable cause and good faith for its understatement of tax in upholding a negligence penalty.
A court found that conclusory statements without additional evidence were insufficient to support an R&D credit study.
Appeals court finds Taxpayer did not have reasonable cause for claiming fuel tax credits and is subject to 200% penalty.
TIGTA General Business Credit Review suggests changes to R&D Credit Exams after identifying billions of Carryforward Claim discrepancies.
The IRS released final regulations that address income inclusion when a lessor elects to treat the lessee as having acquired the ITC.
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.
U.S. government to appeal taxpayer favorable outcome of first ever research and development credit jury trial.
The US Tax Court disallowed R&D credit claims because the taxpayer did not produce evidence to support requirements under section 41.
The new Qualified Opportunity Zone regulations answer many questions that favor taxpayers, though some questions remain.
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.
Documentation based solely on consulting firm testimony ruled insufficient to substantiate use of start-up base period calculation.
The Mexican government has introduced two tax stimulus credits for certain taxpayers operating in the northern states.
The new law will allow Wisconsin taxpayers a refund of up to 10 percent of their Research credit carryforward.
Technical corrections bill would reverse Treasury interpretation for section 199 and 199A deduction for fiscal year pass-through entities.
TIGTA audit of 2017 R&D credit claims identifies deficient IRS programs and procedures for the qualified small business payroll tax offset.
JCT summary of law differs from Treasury guidance regarding pass-through of DPAD from fiscal year entity to owner in 2018.
A new LB&I directive provides guidance on how to risk assess DPAD claims and when to assess an erroneous claim for refund credit penalty.
Fiscal year pass-through owners may claim DPAD on 2018 return despite repeal for fiscal years beginning after 2017.
The IRS released proposed regulations and a Revenue Ruling providing guidance on the newly created Qualified Opportunity Zones.
In two recent private rulings, a taxpayer who mistakenly failed to file Form 7004 and 1120 was allowed 120 days to make late elections.
The IRS issued interim guidance on the deductibility of certain business meal expenses that are related to entertainment activities.
IRS has issued Notice 2018-71 to address questions around claiming the new section 45S employer tax credit for family and medical leave.
H.R. 6756, the American Innovation Act of 2018, increases the amount of start-up and organizational expenses a business can deduct.
The IRS concedes a Tax Court case where an automotive supplier treated tooling costs as qualified research expenses for its R&D tax credit.
Court holds that fuel tax credits which reduce an excise tax liability also reduce the attributable cost of goods sold deduction.
Alta Wind case illustrates requirement to use residual method of allocation is broad and may apply in cases where no goodwill is present.
The State of Pennsylvania has established a new R&D tax credit online application submission and processing portal.
IRS has issued Notice 2018-59 providing guidance on beginning of construction for taxpayers claiming the energy investment tax credit.
The U.S. Tax Court recently ruled in favor of a taxpayer claiming bonus depreciation and solar energy credits on purchased equipment.
The IRS recently released two new documents that provide further clarification on the LB&I ASC 730 R&D credit safe harbor.
The TCJA established Opportunity Zones for taxpayers to invest proceeds from property sales in a fund to defer capital gains tax.
The Relieve High Unemployment Tax Incentives Act provides property tax abatements, employment tax credits and tenant credits.
Eligible businesses may subtract certain property, payroll and sales from apportionment factors to reduce state taxable income.
To address questions around the new section 45S employer tax credit for family and medical leave, the IRS published an FAQ document.
A court recently found a taxpayer ineligible for fuel tax credits claimed because it did not meet the sales for use as a fuel requirement.
Nebraska aims to better understand its return on investment with improved performance auditing of tax incentives
California Franchise Tax Board issues first of three reports discussing implications of recent federal tax reform.
The IRS provides procedures on how to claim a one-time fuel tax credit for the retroactively enacted 2017 fuel tax credits.
Tax incentives focused on job growth and investment, many of which have already expired, extended through budget legislation.
The recent legislation signed into law funds the government and provides extensions to various tax credits and deductions.
The IRS released a memo that discusses the nontaxable use requirements for obtaining a credit for fuel used in diesel particular filters.
H.R. 195 funds the government until Feb. 8, 2018 and extends the moratorium on the medical device excise tax an additional two years.
Tax reform bonus: Reduced R&D tax credit rate under section 280C(c)(3) actually increases while corporate tax rate decreases.
Major changes to the treatment of research and experimentation expenditures are coming in 2022 as a result of Tax Reform.
Changes to excise tax and regulatory requirements related to craft beverages provides significant savings, potential for industry growth.
Latest ruling reestablishes IRS position that TV programming packages may be treated as a single item for DPGR purposes.
The medical device tax is set to resume on Jan. 1, 2018, however a House bill was introduced to delay the tax another five years.
Ohio Development Services Agency announces fiscal year 2018 workforce training program application period; $25,000 in maximum grants.
Qualified research expenses will not be challenged if they are certified by the taxpayer as following the rules outlined in the directive.
Wisconsin enacts legislation intended to promote growth in the state and close budget gaps with both tax reductions and increases.
Illinois extends sunset of the Economic Development for a Growing Economy and Angel Investment tax credits for an additional five years.
IRS Chief Counsel Legal Memorandum addresses timing issues for offsetting payroll taxes with R&D tax credits for qualified small businesses.
Company meeting meal expenses may be employee de minimis fringe benefits and potentially be treated as 100 percent deductible.
The first round of funding for the California Competes Tax Credit for FY 2017-18 opens July 24, 2017, and will close on Aug. 18, 2017.
Arizona enacts three bills providing favorable modifications to several existing state credits and incentives programs.
Illinois extends sunset of the Economic Development for a Growing Economy Tax Credit Act; agreements must be entered into by April 30, 2017.
IRS provides interim guidance defining chassis and body for purposes of the excise tax on the first retail sale of heavy trucks and trailers.
A loss on the sale of equipment used to produce qualifying production property should be allocated to non-DPGR for purposes of the DPAD.
The IRS released final regulations relating to the development of computer software and its eligibility for the research tax credit.
Massachusetts reforms economic development incentive program and creates angel investor credit and college savings tax incentive program.
New draft forms for computing and electing the qualified small business payroll tax credit portion of the R&D credit issued for 2017.
New Hampshire bills repeal the ‘phantom tax,’ conform to the Code, and increase the capital expenditures depreciation deduction.
Arizona Gov. Doug Ducey completes action on all legislation passed this session, including a number of tax bills.
Tennessee creates Hall income tax angel investor credit effective for tax years beginning on or after Jan. 1, 2017.
Proposed regulations address admin changes and court decisions for excise taxes imposed on highway trucks, tractors, trailers and tires.
Iowa enacts sales and use tax exemption for manufacturing supplies and provides significant definitions applicable to manufacturing exemptions.
Louisiana enacts legislation impacting the state’s sales and use, corporate net income, and franchise taxes.
Collector of excise tax isn't entitled to credit or refund unless it can prove it repaid the tax to its customer or received their consent.
Notice 2016-05 provides rules for making claims for retroactively extended 2015 biodiesel mixture and alternative fuels excise tax credits.
Connecticut Gov. Daniel Malloy signs the state’s biennial budget and an implementer bill that revised numerous tax changes.
North Carolina enacts important corporate income and franchise tax, individual income tax and sales tax changes.
Wisconsin enacts legislation intended to promote growth and close budget gap with various tax increases and decreases.
Kansas enacts legislation intended to close budget gap with various tax increases and the establishment of a tax amnesty program.
A revenue procedure allows taxpayers to treat economic performance for certain ratable service liabilities as occurring as the services are provided.
This article will look at which clubs qualify for the FICA tip credit, how the credit is calculated, and conclude with some uses for the credit.
The IRS has issued final and temporary regulations that simplify the calculation of the research tax credit for taxpayers in a controlled group.
The IRS recently held that an acquiror could only include a target’s post-acquisition QREs in its consolidated research credit for the acquisition ...
Final regulations simplify the IRC section 280C(c)(3) elections to claim a reduced research credit.