United States
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.
A court found that conclusory statements without additional evidence were insufficient to support an R&D credit study.
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.
The new Qualified Opportunity Zone regulations answer many questions that favor taxpayers, though some questions remain.
Documentation based solely on consulting firm testimony ruled insufficient to substantiate use of start-up base period calculation.
The new law will allow Wisconsin taxpayers a refund of up to 10 percent of their Research credit carryforward.
TIGTA audit of 2017 R&D credit claims identifies deficient IRS programs and procedures for the qualified small business payroll tax offset.
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.
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.
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.
Illinois extends sunset of the Economic Development for a Growing Economy and Angel Investment tax credits for an additional five years.
Tennessee creates Hall income tax angel investor credit effective for tax years beginning on or after Jan. 1, 2017.