Ideas & Insights

Partnerships making certain narrow, and specified changes, may not need to file administrative adjustment requests.

Significant tax changes made to GILTI, bonus depreciation, net operating loss limitations and the phase-out of the state’s franchise tax.

Tax bill makes significant changes to rules affecting income taxes, inheritance taxes, credits, bonus depreciation and federal conformity.

Private foundations must electronically file 2020 Forms 4720 with due dates on or after July 15, 2021. Limited exceptions apply.

The European Commission proposes a new framework for business taxation with measures that promote an effective tax structure in the EU.

IRS concludes that a section 481(a) adjustment retains its character as depreciation when computing a taxpayer’s ATI for section 163(j).

Taxpayer relied on statute of limitations to defer tax on merger, then reversed course and said merger was taxable to reduce acquirer’s tax.

During conversations on Saturday June 5, 2021, the G7 made historic strides toward multilateral agreement on a 15% global minimum tax rate.

Ninth Circuit reverses Tax Court, based on Congress’ provision of tax benefits based on form rather than substance.

South Carolina becomes the latest state to enact a state and local tax deduction limitation workaround joining at least a dozen others.

The first-in-the-nation digital advertising tax is postponed for one year until 2022 while the state prepares regulations and guidance.

Nebraska enacts corporate income tax rate reductions over the next two years while promising more reductions in subsequent measures.

Administration issues Presidential priorities and pay-fors. Corporations and wealthy individuals face prospect of increasing tax rates.

RO certifications for the Dec. 31, 2020 period are due July 1, 2021. RSM can assist ROs with this and other FATCA compliance requirements.

Oklahoma tax bills revise the corporate, pass-through entity workaround and individual income tax rates for 2022.

The Treasury just released a report proposing how cryptocurrency compliance will contribute to funding the $80 billion IRS overhaul.

The European Court of Justice refused to uphold the European Commission’s ruling that Luxembourg provided illegal state support to Amazon.

Washington bill applies a retroactive tax on captive insurance premiums covering in-state risks from Jan. 1, 2011.

The Supreme Court ruled that a challenge to micro-captive insurance reporting requirements was not barred by the Anti-Injunction Act.

IRS postpones certain filing, payment and other deadlines for taxpayers affected by Tennessee storms, wind, tornadoes, and flooding.