Ideas & Insights

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

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

Corporate taxpayers filing a consolidated return have an added layer of rules to navigate when carrying back a net operating loss.

The IRS provided long-awaited guidance for taxpayers anxious to take advantage of the NOL provisions in the CARES Act.

Recent guidance provides that certain deadlines, including the allowable time to invest in a QOF, are now extended because of COVID-19.

The IRS issued guidance extending the time for taxpayers to file certain Form 3115s and Form 1128s to July 15, 2020.

Accelerating worthless stock deductions on an insolvent subsidiary without disposing of the business to increase NOL carrybacks.

Immediate and retroactive expensing of qualified improvement property creates tax saving opportunities for taxpayers.

With evolving tax regulations on a federal, state and international level, understand the key tax due diligence when selling.

The IRS is reconsidering the traditional rule requiring revenue to satisfy the active trade or business requirement of section 355.