Corporation income taxation

TOPICS / TAX

June 11, 2020

Leave-based donation program available during pandemic

The IRS announced that employers may make donations this year to charitable organizations that provide relief to COVID-19 pandemic victims in exchange for personal leave that their employees forgo.

June 1, 2020

Chartering vessel to decommission oil and gas wells is ECI

Continental shelf activities are nonexempt under the US—UK treaty, the Tax Court holds.

May 13, 2020

Final regs. clarify when interest in corporation is stock vs. debt

The IRS has issued final regulations addressing when certain related-party interests in corporations should be treated as stock vs. debt.

May 1, 2020

AICPA challenging nondeductibility of PPP-related expenses

The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.

April 27, 2020

Quick relief with the CARES Act

Chris Hesse, CPA, the AICPA Tax Executive Committee chair, analyzes how the CARES Act’s provisions allowing carryback of net operating losses for 2018 through 2020 interact with other new provisions.

April 24, 2020

COVID-19 pandemic prompts many tax changes

Here are legislative and IRS responses to the coronavirus outbreak.

April 1, 2020

Employer tax credits form, employee retention credit guidance posted

The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.

March 28, 2020

Relieving the April 15 ‘pressure point’

Ed Karl, CPA, the AICPA’s vice president–Tax Policy & Advocacy, outlines how the IRS tax filing delay came about — and what it means for CPA tax practitioners and their clients.

March 27, 2020

Coronavirus paid sick leave and family leave guidance issued

The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.

March 27, 2020

CARES Act tax provisions aim to stabilize pandemic-ravaged economy

The $2 trillion stimulus bill contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.

March 24, 2020

IRS posts FAQs about coronavirus-related filing and payment extensions

The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.

March 23, 2020

Practitioners seek further clarity on tax filing, payment delay

Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.

March 21, 2020

IRS provides guidance for April 15 filing delay

The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.

March 18, 2020

AICPA expresses strong concern over lack of filing relief in coronavirus tax notice

The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines.

March 17, 2020

Treasury secretary announces 90-day delay in tax payment deadline

Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.

February 26, 2020

Supreme Court overturns consolidated group tax refund allocation rule

The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members of a consolidated group, holding that state law is well equipped to decide the matter.

February 24, 2020

Proposed regs. issued on meal and entertainment expense deductions

The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.

February 4, 2020

Final rules determine maximum vehicle values

The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.

February 1, 2020

Sec. 280E is not an excessive fine under Eighth Amendment

The Tax Court denies a challenge by a California marijuana business.

January 1, 2020

No deduction for paying corporate parent’s expense

A subsidiary fails to show that it received the primary benefit from its payment to an adviser incident to a merger.

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.