Rettig approved as IRS Commissioner
On Wednesday, September 12, the Senate by a vote of 64 to 33 confirmed Charles “Chuck” Rettig as IRS Commissioner, …
Prop regs targeting SALT limitation workarounds don’t affect deductibility of business payments
IR 2018-178, 9/5/2018 In a news release, IRS has clarified that business taxpayers who make business-related payments to charities or government …
Tax Court upholds U.S. parent company’s intercompany loan/repatriation transaction
Illinois Tool Works Inc. & Subsidiaries, TC Memo 2018-121 The Tax Court has determined that a U.S. parent company’s repatriation transaction, …
IRS Practice Unit details treatment of corporate transaction costs
LB&I Process Unit In a Practice Unit, IRS has set out the best practice recommendations for examining a taxpayer’s treatment …
No “gross up” where employer pays taxes on prior year’s unreported income to employee
Program Manager Technical Advice 2018-015 In Program Manager Technical Advice (PMTA), IRS has determined that an employer’s payment of taxes …
IRS removes donor disclosure requirement for many tax-exempt organizations
Rev Proc 2018-38, 2018-31 IRB In a Revenue Procedure, IRS has removed the requirement that exempt organizations other than Code Sec. …
IRS finalizes regs that close corporation inversion loopholes
T.D. 9834, 7/11/2018; Reg. § 1.304-7, Reg. § 1.367(a)-3, Reg. § 1.367(b)-4, Reg. § 1.367(b)-6, Reg. § 1.956-2, Reg. § 1.7701(I)-4, Reg. § 1.7874-1, Reg. § 1.7874-2, Reg. § 1.7874-3, Reg. § 1.7874-4, Reg. § 1.7874-5; Reg. § 1.7874-6, Reg. § 1.7874-7, Reg. § 1.7874-8, Reg. § 1.7874-9, Reg. § 1.7874-10, Reg. § 1.7874-11, Reg. § …
IRS obsoletes old employment tax rulings
Rev Rul 2018-20, 2018-28 IRB 8 In a Revenue Ruling, IRS, continuing its program of reviewing Revenue Rulings published in …
IRS adds five new issues to LB&I’s campaign audit strategy
New compliance campaigns Continuing a process that it began in January 2017, IRS Large Business and International division (LB&I) has …
Favorable U.S. tax ruling gives limited boost to big-box retailers
By April Joyner, Caroline Valetkevitch, Vanessa O’Connell, Nandita Bose, Hillary Russ; New York, Jeffrey Dastin; San Francisco and Caroline Hroncich …