1. TAX

Corporation income taxation

Carry your losses (further) forward

Carry your losses (further) forward

New rules limit utilization of net operating losses.

Corporation’s self-leasing rental expense deduction denied

The Tax Court holds that the payments were not for rent.
Sec. 199A

Mechanics of the new Sec. 199A deduction for qualified business income

This article reviews several scenarios in which certain individuals could take advantage of a new Internal Revenue Code provision to significantly lower their taxes.

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.

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.

Congress passes tax reform

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

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.

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.

S corp. basis and why it’s important

Loans must qualify as “bona fide debt” to create basis for deducting passthrough losses.

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.

House bill features many business tax changes

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

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.

Deductions disallowed for operator of Larry Bird’s former house as a B&B

The French Lick, Ind., property was used for personal purposes more than 14 days per year, the Tax Court holds.

Loan guarantees do not increase S corporation shareholder’s basis

The guarantees lacked any economic outlay, the Tax Court holds.

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.

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.

S corporation’s sole owner had unreported income but not constructive dividend

The Tax Court cites a lack of earnings and profits.

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.

LLC’s sole member is held liable for employment taxes

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

Earnings-stripping rules make many changes from proposed regs.

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