The IRS issued final and proposed regulations covering a wide variety of issues involving deductions and credits for foreign…
Small business accounting regulations and tax shelter implications
New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a…
Returns affected by e-filing outage will be timely if filed by Sept. 17
For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS…
Lenders will not file Form 1099-C for forgiven PPP loans
The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee…
Final regs. outline trust and estate expenses still deductible under TCJA
The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by…
IRS issues more bonus depreciation rules
The IRS issued final bonus depreciation regulations and withdrew proposed regulations. Source: The Tax Adviser
Final regs. govern CFC downward attribution
The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed…
E-filing problems plague some Sept. 15 tax returns
Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing…
Premium tax credit unaffected by zeroing of personal exemptions
The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the…
Final regulations define ‘qualifying relative’
The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is…