Corporation income taxation

TOPICS / TAX

August 7, 2023

Proposed regulations update, revise consolidated return regulations

New proposed regulations would update the regulations to reflect 50-plus years of statutory changes, remove regulations and certain transition rules that no longer have practical application, and eliminate obsolete or incorrect terms and cross-references.

August 1, 2023

Drug patent litigation expenditures are held deductible

The origin-of-the-claim test in Gilmore controls, the Court of Federal Claims concludes.

July 1, 2023

Bad debt deduction denied

An LLC’s cash advances to a corporation in which the LLC’s owners held shares represented equity, not bona fide debt, the Tax Court held.

June 8, 2023

Penalty for underpayment of estimated corporate AMT waived for 2023

The IRS waived the penalty for corporations that did not make estimated payments of corporate AMT for their 2023 tax year, saying the move is “in the interest of sound tax administration.”

May 2, 2023

Proposed regs. provide rules for repatriation of intangible property

The regulations would terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation

April 13, 2023

IRS obsoletes 1958 revenue ruling on research and experimental costs

The ruling, which is being obsoleted as of July 31, allowed a taxpayer that used the expense method for research and experimental expenditures to deduct on an amended return research and experimental expenditures the taxpayer did not deduct in prior years.

April 11, 2023

Proposed regs. identify microcaptive reportable transactions

The IRS has issued proposed regulations that identify certain microcaptive transactions as listed transactions and certain others as transactions of interest.

February 22, 2023

Final regs. expand company e-filing requirements

Final regulations require certain companies to e-file returns for tax years ending on or after Dec. 31, 2023, and lower the e-filing requirement threshold to 10 returns.

February 13, 2023

Some corporate taxpayers eligible for IRS CAP pilot on prefiling feedback

The IRS announced on Monday a new pilot phase Compliance Assurance Process (CAP) program called Bridge Plus to provide prefiling return review to some large corporate taxpayers in the Bridge phase.

January 23, 2023

FinCEN provides time estimates for compiling beneficial ownership details

FinCEN estimates that most companies will have a simple structure that will require 90 minutes per response, but complex entry filings will require much more time.

January 12, 2023

FinCEN proposes rules about access to beneficial ownership information

Proposed regulations under the Corporate Transparency Act address protocols for access to beneficial owner information by authorized recipients.

December 1, 2022

Line items

Final regulations adopt ‘family-friendly’ health care affordability test … IRS raises per diem standard rates for business travel … AICPA again critiques new IRS requirements for R&D credits … R&D credit claim transition period extended

November 1, 2022

Amortizing R&E expenditures under the TCJA

The change this year from immediate expensing under Sec. 174 sends ripples through affected taxpayers’ returns and may affect financial reporting.

October 27, 2022

New process provided for anonymous reporting of ERC mills

In a move the AICPA supports, the IRS is providing a new way to make anonymous reports about third-party vendors promoting improper claims for the employee retention credit.

October 18, 2022

AICPA seeks guidance on corporate alternative minimum tax

The organization’s letter to the IRS and Treasury makes recommendations in five areas to help companies deal with the new tax.

October 13, 2022

Roth IRAs vs. 529 plans, job candidate questions, and an IRS extension

Learn about Roth IRAs as a potential investment for children, questions to ask and avoid in job interviews, and recent news from the IRS and SEC in this podcast episode with transcript.

October 3, 2022

R&D credit claim transition period extended

Taxpayers now have until Jan. 10, 2024, to supply missing information within 45 days of submitting a Sec. 41 research and development credit refund claim under new requirements.

September 26, 2022

AICPA again critiques new IRS requirements for R&D credits

In a second letter, the AICPA takes issue with broad new documentation requirements for refund claims involving the Sec. 41 credit, outlined in an IRS memo in fall 2021.

July 28, 2022

Senate deal paves way to reconciliation bill with tax provisions

A federal budget reconciliation bill with tax provisions, including a 15% corporate minimum tax and a variety of tax credits, took a step closer to reality with Sen. Joe Manchin’s agreement to the package’s contents.

June 15, 2022

Tax update: S elections, PTE, and Sec. 1202

EY’s Tony Nitti, CPA, shares a preview of general business update topics before his presentation at ENGAGE.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.