Ideas & Insights

The IRS released final regulations affecting S corporations that revoked their status in response to TCJA and lower C corporation tax rates.

State tax increases in various forms seem inevitable because of massive budget shortfalls caused by the pandemic and economic crisis.

IRS releases final and proposed regulations on the deduction for dividends from foreign corporations and related reporting rules.

Former Vice President Joe Biden’s tax plan features significant changes. Rates seem likely to rise, even if President Trump wins re-election

The proposed regulations clarify rules on simplified accounting methods for qualified small business taxpayers.

Treasury proposes clean up to air trans excise tax regulations and rules to exempt payments by aircraft owners to management companies.

Final regulations generally taxpayer-favorable versus 2018 proposal, additional proposed regulations give guidance on pass-throughs, others.

The IRS clarifies overpayment claims for tax attributes created or released by carrying back an NOL enjoy an extended limitation period.

Final and proposed regulations related to the GILTI high tax exclusion and subpart F high tax exception released.

Final regulations allow any reasonable method to be applied in calculating deduction amounts allowed under sections 250, 172, and 163(j).

Treasury and the IRS have issued final regulations on determining the amount of the deduction for FDII and GILTI.

Recently issued final section 199A regulations clarify the treatment of suspended losses and provide guidance on certain RIC dividends.

The proposed regulations provide long-awaited guidance for the disallowance of qualified transportation benefits and commuting expenses.

The new proposed regulations clarify what constitutes ‘real property’ for purposes of section 1031 to help implement changes in TCJA.

Section 4960 proposed rules add examples and clarity while generally following interim guidance and providing taxpayer-friendly exceptions.

Exempt organizations may carryback siloed NOLs to tax years beginning before 2018 and apply them to net unrelated business income.

The CARES Act includes beneficial tax relief. Coupled with sophisticated planning, now is the time to revisit your individual tax strategy.

Procedures provide guidance for the retroactive expensing of qualified improvement property and reconsidering of elections.

Provides more time to elect out of 163(j) interest deduction limitation for taxpayers with certain real property or farming businesses.

The five-year carryback rule applies to insurance companies, both life and non-life, although both categories are singled out in the Act.