Company and its foreign sales corporation aren’t same taxpayer under interest netting rules
Ford Motor Company, (CA FC 11/9/2018) 122 AFTR 2d ¶ 2018-5414 The Court of Appeals for the Federal Circuit, affirming a …
Thomson Reuters Tax & Accounting News
Kroeker: Banks Need to Implement Credit Loss Standard On Schedule
Banks, lawmakers, and trade groups in recent weeks have pressured the FASB to delay the effective date for the board’s …
Proposed regs would incorporate new law & clarify 401(k) hardship distribution rules
Preamble to Prop Regs REG-107813-18; Prop Reg §1.401(k)-1, Prop Reg §1.401(k)-3, Prop Reg § 1.401(k)-6, Prop Reg § 1.401(m)-3 Proposed Regs, “Hardship Distributions of …
Practice Unit covers taxpayer’s election on partial disposition of building or structural components
Identifying a Taxpayer Electing a Partial Disposition of a Building IRS has issued a Practice Unit focused on identifying when …
IRS adds five new issues to LB&I’s campaign audit strategy
IRS Announces the Identification and Selection of Five Large Business and International Compliance Campaigns (IRS website) Continuing a process that …
Final regs expand exemptions from Affordable Care Act’s contraceptive mandate
TD 9840, 10/15/2018; TD 9841, 10/15/2018; Reg. § 54.9815-2713; Labor Reg. 2590.715-2713A; 45 CFR 147.131 ;45 CFR 147.132; 45 CFR 147.133 TD 9840, “Religious Exemptions and …
Q&As offer guidance on transfer agreements for exceptions to Sec. 965 acceleration and triggering events
Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns (IRS website, 11/6/2018) IRS has updated Questions …
Difference Between Revenue, Collaborative Arrangements Is Clarified With Amendment to U.S. GAAP
The FASB published an update to U.S. GAAP to address financial reporting questions about some types of joint ventures. The …
Proposed regs would reflect TCJA changes to insurance company discounting rules
Preamble to Prop Reg REG-103163-18; Prop Reg §1.846-1 Proposed regs—Modification of Discounting Rules for Insurance Companies IRS has issued proposed regs …
Thomson Reuters Launches Cloud Solution to Automate Oil & Gas Sales, Use and Excise Tax
Thomson Reuters has launched ONESOURCE Determination for Oil & Gas to help tax professionals in all segments of the oil …
Final regs cover tax return preparer due diligence penalty under Sec. 6695(g)
Preparer Due Diligence Penalty under Section 6695(g) TD 9842, Reg § 1.6695-2 IRS has issued final regs on the tax return …
Auditing Standards Board Agrees to Final Standard to Align With PCAOB Guidance
The AICPA’s Auditing Standards Board (ASB) unanimously agreed to issue a final standard to align its guidance with PCAOB standards …
Federal Circuit upholds denial of fuel producer’s $300 million refund claim
Sunoco, Inc. v. U.S. (CA Fed Cir 11/1/2018) 122 AFTR 2d ¶2018-5389 The Court of Appeals for the Federal Circuit, affirming …
Many retirement plan dollar limits increase for 2019
Notice 2018-83, 2018-47 IRB; IR 2018-211, 11/1/2018 IRS has announced the 2019 cost-of-living adjustments (COLAs) with respect to retirement plan limits. …
IRS highlights business changes in the Tax Cuts and Jobs Act
Tax Cuts and Jobs Act: A comparison for businesses (IRS website, Oct. 31, 2018) IRS has posted a useful comparison …
Proposed reliance regs exclude corporate U.S. shareholders from application of Section 956
Preamble to Prop Reg REG-114540-18, Prop Reg 1.956-1, IR 2018-210, 10/31/2018 Amount Determined Under Section 956 for Corporate U.S. Shareholders IRS has …
U.S. GAAP Amended to Give Private Companies Relief From VIE Guidance for Common Control Entities
The FASB published an update to U.S. GAAP that will let private companies skip the complex variable interest entity guidance …
Applying Federal Circuit’s reg interpretation, Claims Court again denies theft loss claim
Adkins v. U.S., (Ct Fed Cl 10/26/2018) 122 AFTR 2d ¶2018-5372 The Court of Federal Claims, on remand from the Court …