The change this year from immediate expensing under Sec. 174 sends ripples through affected taxpayers’ returns and may affect financial reporting.
C Corporation Income Taxation
In a move the AICPA supports, the IRS is providing a new way to make anonymous reports about third-party vendors promoting improper claims for the employee retention credit.
The organization’s letter to the IRS and Treasury makes recommendations in five areas to help companies deal with the new tax.
Learn about Roth IRAs as a potential investment for children, questions to ask and avoid in job interviews, and recent news from the IRS and SEC in this podcast episode with transcript.
Taxpayers now have until Jan. 10, 2024, to supply missing information within 45 days of submitting a Sec. 41 research and development credit refund claim under new requirements.
In a second letter, the AICPA takes issue with broad new documentation requirements for refund claims involving the Sec. 41 credit, outlined in an IRS memo in fall 2021.
A federal budget reconciliation bill with tax provisions, including a 15% corporate minimum tax and a variety of tax credits, took a step closer to reality with Sen. Joe Manchin’s agreement to the package’s contents.
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.
Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.
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on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.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.