Ideas & Insights

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.

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

Tax Court ruled rejected e-filing triggered three-year limitation statute despite omission of taxpayer’s personal identification number.

The U.S. State Department informed Hong Kong authorities that the shipping agreement between the countries has been suspended or terminated.

The IRS expanded its previous temporary authorization of e-signatures to an additional 7 forms in response to the COVID-19 pandemic.

A new election could minimize likelihood of S corps triggering taxable distributions to their shareholders when they have GILTI inclusions.

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

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

Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.

Due to the COVID-19 pandemic, the IRS is expanding the use of e-signatures to reduce the need for in-person contact.

IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by CA wildfires and IA derecho.

IRS releases a statement announcing that the application period for the CAP program is now open to qualifying corporations for 2021.

Delaware letters advise companies to either participate in the state’s unclaimed property VDA Program or be subject to an audit.

Guidance addresses owner-employee ownership thresholds, related party rents and costs for tenants or sub-tenants or home-based businesses.

IRS provides further guidance on managing inventory of unopened mail containing tax payments and relief for bad check penalty.

The U.S. Department of Labor has issued necessary regulations for service providers that want to offer PEP arrangements to their clients.

The IRS updated taxpayers on its operations status and recognized the delays in processing check payments due on July 15, 2020.

The DOL’s lifetime income disclosure rule will increase costs and information required for benefit statements in defined contribution plans.

These proposed regulations apply to the extension of time to rollover participant loans provided by the Tax Cuts and Jobs Act (TCJA).

Legislation adopts several new credit and incentives programs as well as creates a new property tax incentive.