Companies may initially have difficulty determining the effects of the new federal tax law on their income tax reporting.
C Corporation Income Taxation
The tax reform bill that Congress is expected to vote on this week contains numerous changes that will affect businesses large and small.
The House of Representatives reapproved tax reform legislation on Wednesday, sending the bill to President Donald Trump for his signature.
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.
The draft Tax Cuts and Jobs Act makes many important changes to the tax treatment of U.S. corporations that own foreign corporations.
The House tax reform bill contains a large number of proposed changes that would affect businesses.
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.
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.
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.
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.
An LLC is treated by default as a disregarded entity, the Tax Court holds.
Bifurcation is delayed indefinitely, some entities are excepted, and the effective dates are delayed.
Income from forfeited deposits of terminated contracts related to Sec. 1231 property is not eligible for capital gain treatment under Sec. 1234A.
The new rules are part of the Treasury Department’s larger effort to curb corporate inversions.
The Third Circuit reverses the Tax Court on accrual-basis retailer's customer reward program.
The IRS issued regulations restricting the ability of C corporations to use this method.
These new rules aim to curtail an inverted company’s ability to access foreign subsidiaries’ earnings without paying U.S. tax.
In addition to a proposed spending blueprint for the government, President Barack Obama’s proposed FY 2017 federal budget contains a wide variety of tax law changes that would affect individuals and businesses.
This sidebar provides a brief explanation of the Internal Revenue Code’s effectively connected income (ECI) rules that may impose direct U.S. tax on certain income earned by any foreign corporation.
Multinational corporations may face high levels of tax on effectively connected income.