Final REGs Cover Hybrid Deduction Accounts, Foreign Tax Credits
IRS has issued final regs that cover reductions of hybrid deduction accounts under Code Sec. 245A(e) and calculation of taxable income for …
Sept. 29 Deadline for Amending 2018, 2019 Partnership Returns to Reflect Cares Act
Reminder: September 29, 2020 is the deadline for partnerships that are subject to the Bipartisan Budget Act of 2015 (BBA)’s …
IRS to Send Letter to Non-Tax Filers Reminding Them to Register for EIPs
In an Information Release, the IRS has said that it will be sending letters later this month to roughly 9 …
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 …