Projected 2021 Inflation-Adjusted Tax Brackets and Other Key Figures
The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases. These adjustments …
COVID-19 Testing and Diagnostic Services Not Minimum Essential Coverage
In a Notice, the IRS has determined that Medicaid coverage limited to COVID-19 testing and diagnostic services is not minimum …
IRS Revises Applicability Date of Business Interest Expense Deduction Limitation Final REGs
The IRS has filed Code Sec. 163(j) business interest expense deduction limitation final regs that revise a previous-released version of the …
Base Erosion and Anti-Abuse Tax Final REGs Address Aggregate Groups, Other Issues
The IRS has issued final regs that provide guidance under Code Sec. 59A regarding the base erosion and anti-abuse tax …
IRS Issues Payroll Tax Deferral Guidance
In a Notice, the IRS has provided guidance to employers regarding the recent presidential directive to allow employers to defer …
Tax Court: Processed Seismic Data Not Qualified Production Property
The Tax Court has held that processed seismic data was neither tangible personal property nor a sound recording. Therefore, it …
Final REGs Address Foreign Corporation DRD and Exception to Subpart F Income Rules
The IRS has issued final regs under Code Sec. 245A that limit the deduction for certain dividends received from foreign corporations. The …
2021 Increases to Certain Employee Plan Ruling User Fees
Announcement 2020-14 In an Announcement, IRS has announced increases to user fees relating to certain requests for letter rulings and …
Final REGs on SALT Limitation Workarounds
The IRS has issued final regs on workarounds whereby taxpayers make contributions to charities in return for state-provided state and …
IRS Recording of Power of Attorney Appointments Delayed Due to COVID-19
On its website, the IRS has said that recording information about third parties appointed under a power of attorney into …