Final regs. issued on payments to charitable organizations
The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
Tax
Executive order delays workers’ payroll tax payments
President Donald Trump issued an executive order to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.
TIGTA critiques IRS’s protection of taxpayer data
The IRS continues to have challenges protecting taxpayer data, and especially ensuring that its various applications provide complete and accurate audit trails, according to the Treasury Inspector General for Tax Administration (TIGTA).
AICPA continues to ask Congress to include PPP deductibility in upcoming legislation
In a letter dated Aug. 4, 2020, the AICPA joined over 170 organizations to urge Congress to “include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP)” in its next round of legislation addressing the coronavirus pandemic.
Proposed rules govern carried interests
The Irs issued proposed regulations under Sec. 1061, enacted by the law known as the Tax Cuts and Jobs Act, which requires owners of certain partnership interests to hold them for three years to be eligible for capital gain treatment.
Offside penalty — IRS
To win a client’s tax case, it helps to know the IRS’s rulebook.
Supervisory approval of penalties
Federal courts continue to clarify the contours of the Sec. 6751(b) managerial approval requirements for certain penalty assessments.
‘Retail glitch fix’ gets guidance
Methods for claiming bonus depreciation and 15-year class life for qualified improvement property provide relief but come with a deadline.
Liquidation of assets not mandated for taxpayers’ installment agreement
The Tax Court finds the taxpayers' residence and other properties were necessary for the production of income or the health and welfare of the family.
Line items
State law applied in lieu of Bob Richards rule ... Amended returns to join the electronic age ... Midyear cafeteria plan changes allowed
Tax Court denies deduction for conservation easement
The deed fails to protect conservation purposes in perpetuity, the court finds; a divided opinion holds the extinguishment regulation is valid.
Simplified accounting rules issued for small businesses
The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.
IRS to allow faxing of automatic method change requests
The IRS announced that, beginning Friday, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax instead of mail.
IRS issues business interest expense limitation guidance
The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.
Guidance on recapture of excess employment tax credits
The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.
GILTI rules address income subject to high foreign tax rate
The IRS issued final regulations under the global intangible low-taxed income (GILTI) rules on the treatment of income subject to a high rate of foreign tax. At the same time, the IRS issued proposed rules conforming the GILTI high-tax exception rules with the Subpart F high-tax exception.
Fed expands Main Street Lending Program to more not-for-profits
The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.
IRS updates annual Dirty Dozen tax schemes for 2020
The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”
IRS reinstates PTIN user fees
The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.
Partnership form being redesigned for 2021
The IRS proposes modifying the partnership form (Form 1065) to help standardize the format of international tax items.
