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 …
IRS Opens Compliance Assurance Process to New Corporate Applicants
For the first time in four years, the IRS is accepting new corporate applicants for the Compliance Assurance Process (CAP) …
Employers Should Continue Using the Current Version of Form I-9
The U.S. Citizenship and Immigration Services (USCIS) has advised employers to continue using the current version of Form I-9 (Employment …
Business Expense Deductions Disallowed for Horseless Horse Activity
The Tax Court has determined that the IRS properly disallowed business expense deductions an individual taxpayer claimed for her horse …
New Draft Form Instructions Released for Simplified QBI Computation
The IRS has released draft instructions to the draft Form 8995, Qualified Business Income Deduction Simplified Computation. The Tax Cuts …
IRS Releases New FAQs on Qualified Opportunity Funds
The IRS has released more frequently asked questions (FAQs) regarding the tax deferral and capital gain exclusion possibilities of investing …
CA 9 affirms Amazon’s victory over IRS in cost-sharing dispute
Amazon.com, Inc., (CA 9 8/16/2019) The Ninth Circuit Court of Appeals has affirmed the Tax Court’s determination that the definition …
Proposed regs: cloud and digital content transactions classified
Preamble to Prop Reg REG-130700-14; Prop Reg 1.861-7; Prop Reg §1.861-18; Prop Reg §1.861-19 IRS has issued proposed regs regarding the classification of …
Educational organization reg declared invalid
Mayo Clinic, (DC MN 8/6/2019) 124 AFTR 2d ¶2019-5122 A district court has held that Reg. § 1.170A-9(c)(1), defining “educational organization” for Code …
Employer Liable for Damages for Sending IRS False Information Return
A U.S. district court has ruled that an employer was liable for statutory damages under Code Sec. 7434 because he sent false …