IRS designates two additional Puerto Rico tracts as qualified opportunity zones
Notice 2019-42, 2019-29 IRB In a Notice, IRS has designated two additional census tracts in Puerto Rico as qualified opportunity …
IRS finalizes certain foreign tax credit regs
T.D. 9866; Reg §1.78-1, Reg §1.861-12, Reg §1.965-7 IRS has finalized certain of the foreign tax credit (FTC) proposed regs that it issued …
Court: lawsuit settlement payment was part corporate deduction, part employee expense
Ferguson, TC memo 2019-40 The Tax Court has held that, where a custom homebuilder conducted his business via several corporations and …
IRS releases draft forms to compute qualified business income deduction
Draft 2019 Form 8995 (Qualified Business Income Deduction Simplified Computation) Draft 2019 Form 8995-A (Qualified Business Income Deduction) IRS has …
Proposed regs would tax income otherwise allocable to nonresident alien owner of ESBT
Preamble to Prop Reg REG-117062-18; Prop Reg §1.641(c)-1, Prop Reg §1.1361-1 IRS has issued proposed regs that would ensure that the income …
IRS withdraws proposed regs on allocating consideration and basis recovery in corporate transactions
Withdrawal of Prop Reg REG-143686-07; The Allocation of Consideration and Allocation and Recovery of Basis in Transactions Involving Corporate Stock …
IRS announces phase-out of credit for GM plug-in electric drive motor vehicles
IR 2019-57, 3/26/2019; Notice 2019-22, 2019-15 IRB In an Information Release and Notice, IRS has announced that General Motors (GM) has …
IRS suspends Sec. 355 active trade or business guidance pending study outcome
Rev Rul 2019-9, 2019-14 IRB In a Revenue Ruling, IRS has suspended two 1957 Revenue Rulings pending completion of a …
Bipartisan tax extenders and disaster tax relief introduced in the Senate
On February 28, Senate Finance Committee leaders introduced legislation to retroactively extend tax provisions that expired at the end of …
Employer can’t exclude the value of free meals, but free snacks are de minimis fringes
PLR 201903017 A Technical Advice Memorandum (TAM) concludes that an employer can’t treat free employee meals as excludable under the Code …