Corporation income taxation

TOPICS / TAX

August 22, 2018

IRS provides initial guidance on new Sec. 162(m)

The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.

August 7, 2018

Ninth Circuit withdraws Altera opinion

The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”

August 1, 2018

Proposed regs. address several transition tax issues

The IRS issued proposed regulations on the Sec. 965 transition tax that requires U.S. shareholders of deferred foreign income corporations to pay tax on post-1986 deferred income.

July 25, 2018

Stock-based compensation cost-sharing regs. valid

The Ninth Circuit reversed a Tax Court decision invalidating a cost-sharing regulation that requires allocation of stock-based compensation costs between related parties.

May 1, 2018

Carry your losses (further) forward

New rules limit utilization of net operating losses.

May 1, 2018

Corporation’s self-leasing rental expense deduction denied

The Tax Court holds that the payments were not for rent.

March 13, 2018

Businesses affected by winter storms get extra time to file for extensions

The extension to March 20 applies to business taxpayers affected by the two recent winter storms, Quinn and Skylar, that primarily hit the Northeast and Mid-Atlantic United States.

January 2, 2018

SEC permits reasonable estimates in corporate tax reporting

Companies may initially have difficulty determining the effects of the new federal tax law on their income tax reporting.

December 20, 2017

How tax overhaul would change business taxes

The tax reform bill that Congress is expected to vote on this week contains numerous changes that will affect businesses large and small.

December 20, 2017

Congress passes tax reform

The House of Representatives reapproved tax reform legislation on Wednesday, sending the bill to President Donald Trump for his signature.

December 2, 2017

Senate passes tax reform bill

In the early hours of Saturday morning, the U.S. Senate passed its version of the Tax Cuts and Jobs Act bill by a vote of 51–49.

November 7, 2017

Foreign income provisions in the Tax Cuts and Jobs Act

The draft Tax Cuts and Jobs Act makes many important changes to the tax treatment of U.S. corporations that own foreign corporations.

November 6, 2017

House bill features many business tax changes

The House tax reform bill contains a large number of proposed changes that would affect businesses.

September 22, 2017

IRS to rule on tax-free stock distributions

The IRS is introducing an 18-month pilot program under which it will once again issue letter rulings concerning the general income tax effects of stock distributions under Sec. 355.

June 27, 2017

Boston Bruins can deduct full cost of meals for team’s away games

The Tax Court held that the owners of the Boston Bruins could deduct the full cost of their team’s pregame meals for away games as a de minimis fringe benefit.

April 26, 2017

Trump’s tax reform priorities unveiled

Key features include a large reduction in the corporate tax rate, fewer and lower tax brackets for individuals, and a repeal of the estate tax and the alternative minimum tax.

January 20, 2017

How a major beer importer is planning for tax reform

Constellation Brands, the third-largest beer seller in the United States, for instance, is modeling several scenarios related to a possible increase in taxes on imported goods.

January 1, 2017

LLC’s sole member is held liable for employment taxes

An LLC is treated by default as a disregarded entity, the Tax Court holds.

January 1, 2017

Earnings-stripping rules make many changes from proposed regs.

Bifurcation is delayed indefinitely, some entities are excepted, and the effective dates are delayed.

December 1, 2016

Forfeited deposits are ordinary income

Income from forfeited deposits of terminated contracts related to Sec. 1231 property is not eligible for capital gain treatment under Sec. 1234A.

FROM THIS MONTH'S ISSUE

Cannabis dispensary denied ERC

The Court of Federal Claims held that Sec. 280E, which prohibits deductions and credits for businesses trafficking in controlled substances, applies to the employee retention credit (ERC), including its refundable portion, and denied a cannabis business’s claim for a refundable ERC.