Ideas & Insights

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.

The IRS released Rev. Rul. 2019-11 regarding the tax treatment of state and local tax refunds.

Proposed rule would benefit certain purchasers of banks and other C corporations owning life insurance contracts.

Proposed regulations for section 250 deductions provide multi-step process to account for NOL deductions and interest deduction limitation.

Final section 965 regulations extend the deadline to make, or amend a previously made, basis adjustment election to May 6, 2019.

Revenue procedure 2019-13 provides a safe harbor for depreciating passenger autos that qualify for bonus but are limited by section 280F.

The bill decouples from the SALT deduction cap, increases the standard deduction and addresses GILTI and 163(j) income.

IRS increased the user fees for certain method changes, and revised the Form 3115 with new filing location, among other changes.

Rental businesses hoping to claim the 20 percent section 199A deduction should consistently apply the trade or business standard.

Under the Bluebook’s interpretation, intent for application of 80 percent limitation was taxpayer favorable.

The IRS has released the final pass-through deduction regs. This is welcome guidance to taxpayers claiming this new 20 percent deduction.

For section 199A deduction calculation purposes, it is critical for businesses to file timely its W-2 Wage and Tax Statements.

Newly introduced tax reform technical corrections bill will serve as the roadmap for future legislative tax correction packages.

Missing the little known requirement for certain disregarded entities to file a pro-forma tax return could result in substantial penalties.

Corporations' cash refunds of AMT credits would increase under OMB’s decision that automatic federal budget cuts do not apply.

Technical corrections bill would reverse Treasury interpretation for section 199 and 199A deduction for fiscal year pass-through entities.

New Jersey Division of Taxation provides updates to its section 965 reporting procedures in an effort to streamline compliance obligations.

The IRS released Notice 2019-09 providing guidance to assist taxpayers in implementing new executive compensation rules under section 4960.

Revenue Procedure 2019-12 provides a safe harbor for businesses to deduct quid pro quo contributions under section 162.