IRS and Security Summit partners issue identity theft and tax security checklist
In 2015, IRS convened a Security Summit with chief executive officers and leaders of private sector firms and federal and …
Prop reliance regs explain excise tax on net investment income of colleges and universities
Preamble to Prop Reg REG-106877-18; Prop Reg §53.4968-1 IRS has issued proposed reliance regs for determining the 1.4% excise tax on …
Lack of prearranged plan didn’t save like-kind treatment for related party transaction
The Malulani Group, Limited, and Subsidiary, (CA 9 6/12/2019) 123 AFTR 2d ¶2019-776 The Court of Appeals for the Ninth Circuit …
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 …