The IRS issued final regulations that define real property for like-kind exchange purposes and what qualifies as incidental personal property that will not disqualify an exchange.
Source: The Tax Adviser
Final rules coordinate Sec. 245A and Sec. 951A
The IRS issued final rules on the Sec. 245A extraordinary disposition rule and the Sec. 951A disqualified basis and…
AICPA mobilizes members to push for deductibility of PPP-funded expenses
The AICPA is asking its members to write to their senators and representatives in Congress in support of legislation…
Centralized partnership audit regime changes proposed
The IRS issued rules on two special enforcement matters for purposes of the unified partnership audit rules. Source: The…
Final regs. govern computation of UBTI for separate businesses
The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade…
IRS doubles down on nondeductibility of PPP-funded expenses
The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if…
IRS commissioner: Penalty relief will not be ‘blanket’
IRS Commissioner Charles Rettig told attendees at the AICPA National Tax & Sophisticated Online Tax Conference not to expect…
It’s a tough year for year-end tax planning
Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will…
IRS will mask business tax transcript identifying information
The IRS announced that beginning Dec. 13 it will mask sensitive data on business tax transcripts, a step it…
Partnerships and S corps. can deduct state and local taxes
The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments”…