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’ …
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 …
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 …
Draft Instructions for 2019 form 1065 and Schedule K-1 Released
The IRS has released draft instructions for the 2019 Form 1065 (U.S. Return of Partnership Income). The draft instructions also …
IRS Directs Auditors Regarding Proper Year for Claiming Work Opportunity Credit
IRS’s Large Business & International Division (LB&I) and its Small Business/Self-Employed Division (SB/SE) have instructed their auditors to allow employers …
Treasury Department Publishes List of Boycott Countries
The U.S. Treasury Department has published a current list of countries that may require participation in, or cooperation with, an …
IRS Finalizes 199A Rental Real Estate Safe Harbor
In a Revenue Procedure and accompanying News Release (Rev Proc 2019-38, 2019-42 IRB; IR 2019-158, 9/24/2019), IRS has finalized a …
IRS Discontinues Schedule C-EZ and Other Forms for 2019
IRS has announced that, for 2019, it will not be issuing certain forms that it issued in 2018. The obsolete …
IRS Offers Limited Micro-Captive Insurance Transaction Settlement
The IRS has announced in IR 2019-157 (9/16/2019) that it is mailing a time-limited settlement offer to certain taxpayers under …
IRS Finalizes Bonus Depreciation Regs
IRC §168(k) allows an additional first-year (“bonus”) depreciation deduction in the placed-in-service year of qualified property. In August 2019, IRS …