Partners’ Agreements to Extend Assessment Period Applied to Partnership Items
The Court of Appeals for the District of Columbia Circuit has affirmed a Tax Court holding that tax matters partners’ …
Thomson Reuters Tax & Accounting
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FASB Issues Narrow Rules to Simplify Accounting for Share-Based Payments to Customers
By Denise Lugo The FASB issued a new accounting standard on November 11, 2019, to provide companies with a simpler, …
LB&I Campaign Targets Sec. 965 Transition Tax
The IRS Large Business and International (LB&I) division has announced that it will target compliance with the Code Sec. 965 …
PCAOB Member Brown Wants Renewed Conversation About Auditor’s Role in Information Outside Financial Statements
By Soyoung Ho As public companies increasingly provide useful information outside the financial statements, PCAOB member Jay Brown said that …
Legislative Push Against FASB’s Credit Loss Rules Reignites Concerns About Independent Standard-Setting Process
By Denise Lugo Recent efforts by U.S. legislators to push the FASB to stop and further study the economic impacts …
Error in Return did not Constitute Election out of Installment Method
In a Private Letter Ruling, IRS determined that errors in an S corporation’s return did not constitute an election by …
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IRS issues updated offer in compromise forms
Form 656 Booklet, Offer in Compromise IRS has issued an updated version of Form 656-B, the “Form 656 Booklet, Offer …
Bankruptcy does not toll refund suit statute of limitations
Dixon, (DC IN 7/24/2019) 124 AFTR 2d ¶2019-5085 A district court has held that a taxpayer’s bankruptcy proceedings did not toll …
Deadline to claim refund for veteran disability severance payments approaching
Code Sec. 104(a)(4) generally provides that gross income does not include amounts received as a pension, annuity, or similar allowance for personal …