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Tax Alerts

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most recent tax alerts

IRS releases proposed carried interest regulations

IRS releases proposed carried interest regulations

Proposed carried interest regulations are mostly as expected with a few new items and detailed computational rules.

  • Ben Wasmuth, Lauren Van Crey
  • |
  • July 31, 2020
IRS releases proposed regulations for small business taxpayer methods

IRS releases proposed regulations for small business taxpayer methods

The proposed regulations clarify rules on simplified accounting methods for qualified small business taxpayers.

  • Christian Wood, Ryan Corcoran , Peter Pentland
  • |
  • July 31, 2020
IRS proposes 163(j) safe harbor for residential living facilities

IRS proposes 163(j) safe harbor for residential living facilities

Notice 2020-59 proposes a revenue procedure clarifying real property trade or business elections for residential living facilities.

  • Ryan Corcoran , John Charin
  • |
  • July 30, 2020
Proposed and temp regs issued on Employee Retention and FFCRA Credits

Proposed and temp regs issued on Employee Retention and FFCRA Credits

These treasury regulations affirm the statutes the IRS will use to assess, reconcile, and recapture the COVID-19 payroll tax credits.

  • Tom Windram, Jared Boucher
  • |
  • July 30, 2020
Treasury issues proposed air transportation excise tax regulations

Treasury issues proposed air transportation excise tax regulations

Treasury proposes clean up to air trans excise tax regulations and rules to exempt payments by aircraft owners to management companies.

Senate Republicans propose next round of stimulus legislation

Senate Republicans propose next round of stimulus legislation

Finalized legislation will evolve but the proposal is a starting point for bipartisan negotiations for a new round of economic relief.

  • Anne Bushman, Brian Kirkell, Ryan Corcoran
  • |
  • July 29, 2020
Final business interest expense limitation regulations issued

Final business interest expense limitation regulations issued

Final regulations generally taxpayer-favorable versus 2018 proposal, additional proposed regulations give guidance on pass-throughs, others.

  • Stefan Gottschalk, Ben Wasmuth, Nate Friedman
  • |
  • July 29, 2020
IRS further explains extended NOL carryback claim period

IRS further explains extended NOL carryback claim period

The IRS clarifies overpayment claims for tax attributes created or released by carrying back an NOL enjoy an extended limitation period.

  • Nick Gruidl, Evan Stone, Andrew Mizer
  • |
  • July 29, 2020
Seattle enacts new payroll expense tax effective in 2021

Seattle enacts new payroll expense tax effective in 2021

Seattle payroll expense tax to be imposed on employee compensation of at least $150,000 for businesses with $7 million or more in payroll.

  • Kirsten Moritz-Baune, Andy Colson, Tyler Gritts
  • |
  • July 27, 2020
GILTI high tax kickout rules finalized

GILTI high tax kickout rules finalized

Final and proposed regulations related to the GILTI high tax exclusion and subpart F high tax exception released.

  • Greg Pudenz, Adam Chesman, Kevin Kao
  • |
  • July 27, 2020