Proposed BEAT regs: affiliated groups & their business interest deduction
Preamble to Prop Reg REG-104259-18; Prop Reg § 1.59A-1, Prop Reg § 1.59A-2, Prop Reg § 1.59A-3, Prop Reg § 1.59A-4, Prop Reg § 1.59A-5, Prop …
Thomson Reuters Tax & Accounting News
Prop regs on base erosion anti-abuse tax (BEAT): taxpayers subject to BEAT and computation
Preamble to Prop Reg REG-104259-18; Prop Reg §1.59A-1, Prop Reg §1.59A-2, Prop Reg §1.59A-3, Prop Reg §1.59A-4, Prop Reg §1.59A-5, Prop Reg §1.59A-6, Prop Reg §1.59A-7, Prop Reg §1.59A-8, Prop Reg §1.59A-9, Prop Reg §1.59A-10, Prop Reg § 1.1502-59A, Prop Reg §1.1502-100, Prop Reg §1.6038A-1, Prop Reg §1.6038A-2 …
Lawmakers, Bankers Turn up Heat on Credit Losses Standard
Lawmakers and bankers at a House subcommittee hearing repeated criticisms about the FASB’s much-watched credit losses standard, saying the rules …
Automatic consent procedures for insurance company changing basis of computing reserves under TCJA
Rev Proc 2019-10, 2019-2 IRB In a Revenue Procedure, IRS has provided the procedures under Code Sec. 446 and Reg § 1.446-1(e) for an …
Proposed regs would reduce withholding, etc. requirements under FATCA and Chapter 3
Preamble to Prop Reg REG-132881-17; Prop Reg §1.1441-1, Prop Reg §1.1441-6, Prop Reg §1.1461-1, Prop Reg §1.1461-2, Prop Reg §1.1471-1, Prop Reg §1.1471-2, Prop Reg 1.1471-3, Prop Reg …
Moves that will maximize the new deduction for pass-through income
For tax years that begin after Dec. 31, 2017 and before Jan. 1, 2026, noncorporate taxpayers that meet certain requirements …
Interim guidance on TCJA changes to qualified transportation fringe parking expense rules
Notice 2018-99, IR 2018-247, 12/10/2018 In a Notice and accompanying information release, IRS has provided interim guidance for taxpayers to determine …
Businesses to Get More Influence Under New Leadership
The PCAOB is looking to increase outreach to all of its stakeholders, including the business community, in part by setting …
IRS provides guidance on new deferral option for certain stock-based compensation
Notice 2018-97, 2018-52 IRB; IR 2018-246, 12/7/2018 IRS has issued a Notice and accompanying news release providing initial guidance on Code Sec. …
Supreme Court won’t review 50% owner’s liability for trust fund penalty
U.S. v. Commander, (CA 3 5/25/2018) 121 AFTR 2d 2018-1861, cert denied 12/3/2018 The Supreme Court has declined to review a …
IRS provides post-Sept. 28, 2018 voluntary disclosure procedures
IRS Memorandum—Updated Voluntary Disclosure Practice IRS has provided taxpayers who are concerned that their conduct is willful or fraudulent, and …
Minor Changes to Leases Standard to be Proposed in Early 2019
The FASB by early 2019 plans to release for public comment two minor changes to its lease accounting standard dealing …
IRS gives taxpayers extra day to file returns and make payments originally due December 5
IR 2018-242 In a news release, IRS granted taxpayers an extra day—until Thursday, Dec. 6, 2018—to file any return or …
Supreme Court won’t review start date of 30-day levy notice period
Weiss v. Comm., (CA Dist Col 5/22/2018) 121 AFTR 2d 2018-1853, cert denied 12/03/2018 The Supreme Court has declined to review the …
Tax Court denies deductions and costs of goods sold claimed by medical-marijuana dispensary
Patients Mutual Assistance Collective Corp., et al., (2018) 151 TC No. 11 The Tax Court has denied a California medical-marijuana dispensary’s …
Proposed regs explain new foreign tax credit limitation income categories & provide transition rules
Preamble to Prop Reg REG-105600-18, Prop Reg § 1.78-1, Prop Reg § 1.861-8, Prop Reg § 1.861-9, Prop Reg § 1.861-10, Prop Reg § 1.861-11, Prop Reg § …
Tax bill heads to House floor
The House Rules Committee late on Nov. 29 approved a manager’s amendment from House Ways and Means Committee Chair Kevin …
As Clock Ticks Toward Leases Effective Date, Companies Scramble to Comply
As the 2019 deadline for public companies to comply with the FASB’s lease accounting standard creeps closer, public companies are …