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IRS releases proposed regulations for Qualified Opportunity Zones

IRS releases proposed regulations for Qualified Opportunity Zones

The IRS released proposed regulations and a Revenue Ruling providing guidance on the newly created Qualified Opportunity Zones.

  • Tom Windram, Don Susswein, Ben Wasmuth
  • |
  • October 22, 2018
IRS informally announces delay of FATCA withholding on gross proceeds

IRS informally announces delay of FATCA withholding on gross proceeds

IRS has informally announced their intent to delay and eventually eliminate FATCA withholding on certain gross proceeds.

  • Aureon Herron-Hinds, Kyle Brown
  • |
  • October 18, 2018
IRS allows late elections for investment credit and R&D amortization

IRS allows late elections for investment credit and R&D amortization

In two recent private rulings, a taxpayer who mistakenly failed to file Form 7004 and 1120 was allowed 120 days to make late elections.

  • Tom Windram, Jared Boucher
  • |
  • October 17, 2018
IRS proposes regulations to remove Treas. Reg. section 1.451-5

IRS proposes regulations to remove Treas. Reg. section 1.451-5

Proposed regulations eliminate Reg. section 1.451-5, which provides a method of deferring revenue from advance payments.

  • Christian Wood, John Charin
  • |
  • October 16, 2018
IRS extends filing deadlines for Hurricane Michael victims

IRS extends filing deadlines for Hurricane Michael victims

The IRS has extended Oct. 15 and other upcoming deadlines to provide tax relief for victims of Hurricane Michael.

  • Alina Solodchikova, Whitney Brady
  • |
  • October 15, 2018
LLCs electing S status must beware of boilerplate operating agreements

LLCs electing S status must beware of boilerplate operating agreements

A recent IRS private letter ruling highlights the need for caution when LLCs elect to be treated as S corporations.

  • Ed Decker, Kyle Brown
  • |
  • October 12, 2018
South Carolina makes changes to state credit programs, adds new credit

South Carolina makes changes to state credit programs, adds new credit

Legislation enacted through a veto override extends and amends certain credit programs, and creates a new agribusiness credit.

  • Rob Calafell, Matt Arnold, Miguel Catalan
  • |
  • October 12, 2018
IRS grants taxpayer permission to change entity classification

IRS grants taxpayer permission to change entity classification

The IRS, in a recent PLR, has allowed a taxpayer to change its entity classification election inside the general 60-month no change period.

  • Don Susswein, Kyle Brown
  • |
  • October 10, 2018

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