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Tax Alerts

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most recent tax alerts

Revised Form 941-X

Revised Form 941-X

The final version of Form 941-X Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund has been released by the IRS.

  • Karen Field, Lorraine Bodden, Sapna  Pillai
  • |
  • September 22, 2020
Certain M&A transaction costs to receive renewed IRS scrutiny

Certain M&A transaction costs to receive renewed IRS scrutiny

IRS to focus on taxpayer compliance with the documentation requirement to allocate and deduct success-based fees.

  • Nick Gruidl, Sarah Lieberman
  • |
  • September 21, 2020
Guidance for taxpayers affected by Oregon wildfires

Guidance for taxpayers affected by Oregon wildfires

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

IRS updates guidance for R&D credit claims under ASC 730 directive

IRS updates guidance for R&D credit claims under ASC 730 directive

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.

  • Tom Windram, Jared Boucher
  • |
  • September 17, 2020
Final regulations address issues for former S corporations

Final regulations address issues for former S corporations

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

  • Ed Decker, Peter Pentland
  • |
  • September 16, 2020
A properly and timely e-filed tax return triggers limitation statute

A properly and timely e-filed tax return triggers limitation statute

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

  • Evan Stone, Alina Solodchikova
  • |
  • September 11, 2020
The cancellation of the U.S. - Hong Kong Shipping Agreement

The cancellation of the U.S. - Hong Kong Shipping Agreement

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

  • Ramon Camacho, Frank Ji
  • |
  • September 11, 2020
IRS permits e-signatures for additional forms

IRS permits e-signatures for additional forms

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

  • Alina Solodchikova, John Deininger
  • |
  • September 11, 2020
IRS intends to issue regulations addressing S corps with E&P and GILTI

IRS intends to issue regulations addressing S corps with E&P and GILTI

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

  • Ed Decker, Kyle Brown
  • |
  • September 10, 2020
Final regulations close section 245A loopholes

Final regulations close section 245A loopholes

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

  • Adam Chesman
  • |
  • September 02, 2020