Ideas & Insights

The IRS announced that December 31, 2020 will be the last date to submit tentative net operating loss carryback claims via fax.

Section 6662(i) 40% penalty is an enhancement of section 6662(b)(6). Failed approval of section 6662(b)(6) cannot be cured later.

Annual license renewals will be required for certain taxes, including the sales tax, sellers use tax and the simplified sellers use tax.

Chief Counsel Notice discusses frequent questions regarding settlement requirements for syndicated conservation easements.

IRS increases enforcement efforts and warns taxpayers to review reportable micro-captive transactions prior to October 15 tax deadline.

IRS has issued two campaigns for Life Insurers and issues regulations on the calculation of life insurance reserves under section 807(d).

SBA procedural guidance provides answers on how to navigate PPP loan changes in ownership; deals can now move forward with certainty.

The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274.

General Motors will refund Ohio $28 million in tax benefits after closing an assembly factory before the end of an incentives agreement.

Extension of corporate surtax and expanded millionaire’s tax assists New Jersey with significant budget deficit caused by the coronavirus.

IRS provides specific guidance through proposed IRM provisions to implement interim policy changes for supervisory approval of penalties.

IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by Hurricane Sally.

The final regulations address the treatment of administration expenses and excess deductions on termination of an estate or trust.

The IRS and Treasury released the final bonus regulations applicable to property acquired and placed in services after Sept. 27, 2017.

On Sept. 1, 2020, the Treasury released final regulations on the section 59A base erosion and anti-abuse tax (BEAT).

The final version of Form 941-X Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund has been released by the IRS.

A recent proposal would simplify how private-company franchisors analyze their performance obligations in accordance with ASC 606.

IRS to focus on taxpayer compliance with the documentation requirement to allocate and deduct success-based fees.

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.