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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.
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.
The AICPA has asked Treasury and the IRS to clarify that reporting relief on certain reporting under Sec. 465 will also apply to S corporations.
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.
Employees’ business expense reimbursements are excluded from gross income.
The Tax Court denies a challenge by a California marijuana business.
A subsidiary fails to show that it received the primary benefit from its payment to an adviser incident to a merger.
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
Download and print this quick guide for use during tax season, and look for our quick guide for individual taxpayers in the January 2020 issue.
An IRS letter ruling allowed an otherwise qualified corporation to continue to be treated as an S corporation for federal income tax purposes despite its inadvertent termination of its S corporation status.
In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.
Stock-based compensation is held includible in a cost-sharing agreement.
New Jersey's payments to a corporate taxpayer were intended as an inducement to locate in the state.
Finding the “sweet spot” to maximize the qualified business income deduction may involve adjusting a business’s workforce.
A district court denies a taxpayer's refund claim.
The IRS issued methods for calculating W-2 wages for the Sec. 199A(g) deduction for agricultural and horticultural cooperatives, similar to the former Sec. 199 domestic production activities deduction.
The Ninth Circuit Court of Appeals reversed a Tax Court decision that had held that a cost-sharing regulation that required allocation of stock-based compensation was invalid.
The IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution.
The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
The Tax Court also denies capital gain treatment but allows business deductions for a taxpayer's subsequent shooting activity.
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Get your clients ready for tax seasonThese year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.
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