Republican Bill Would Raise Tax on University Endowments
Three Republicans in the House of Representatives introduced legislation aimed at Ivy League and other highly profitable universities that have …
Improperly Forgiven PPP Loans Are Taxable Income
The IRS Chief Counsel’s Office issued an Advice Memorandum confirming that improperly forgiven paycheck protection loans are taxable income. The IRS urges …
Congress Still Grappling with Short-Term Funding Bill
Both Houses of Congress departed Washington on September 15 without taking any action on a continuing resolution (CR) to keep …
IRS Proposals Would Implement TFA Changes to Appeals’ Operations
The IRS has proposed rules that would implement changes to operations of the Independent Office of Appeals, as enacted in …
IRS Delays Effective Date of Final Rules on Dividend Equivalents From U.S. Sources
The IRS has announced that it will extend the phase-in period for Section 871(m) regulations through 2024. Background. In Notice 2018-72, …