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.
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EY’s Tony Nitti, CPA, shares a preview of general business update topics before his presentation at ENGAGE.
The Ninth Circuit overturned a Tax Court decision and disagreed with the precedent it was based on.
The IRS delays e-filing capability for schedules reporting S shareholders’ items of international tax relevance, earlier forecast for mid-June, to July 24.
In eight new FAQs on its website, the IRS covers some special issues, including several that it says will be added to the forms’ instructions.
Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.
The IRS, citing earlier problems e-filing a new form reporting S corporation owners’ basis, has granted relief to certain farmers and fishermen who missed their March 1 filing deadline.
Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.
A law change and some regulations take effect while an array of provisions expire.
SSA wage base increases for 2022 ... IRS Chief Counsel outlines R&D credit refund requirements ... 6-year limitation period applies to entire return
Pandemic-inspired method for examinations and appeals meetings is extended.
The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
Private tax debt collection contracts awarded ... New per diem travel rates ... Regs. authorize collection of excess sick and family leave credits
The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.
Under the safe harbor, an employer can exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts.
New guidance clarifies the application of the credit to “recovery startup businesses” and the treatment of wages paid to majority owners and their spouses.
Simplifying the corporate structure often runs into complications.
U.S. exporters are evaluating how to best use IC-DISC and FDII incentives if tax rules change.
The IRS explains which meals qualify for a temporary 100% expense deduction.
The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.
Finance ministers for the G7 reached an agreement on Saturday supporting a global minimum tax rate of at least 15%. Here’s how it would work and what might happen next.
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