When a significant number of tax groups and businesses comment on regulations, the IRS appears to listen. Six months ago, the IRS proposed regulations on computing built-in gains and losses for the Sec. 382 loss limitation that applies after a... Read More
In December 2019, the IRS created a safe harbor for rental real estate businesses to qualify for the 20% qualified business income (QBI) deduction. Now the IRS has issued new FAQs that explain how real estate companies that do not... Read More
The IRS has finalized regulations released in August 2018 and proposed new regulations on bonus depreciation issues not previously addressed, including rules relating to used property, components, and consolidated groups. The 100% additional depreciation deduction, enacted by the Tax Cuts... Read More
If taxpayers carefully follow new IRS rules, their income from rental real estate will be considered qualified business income (QBI) eligible for the 20% deduction. Revenue Procedure 2019-38 finalizes a safe harbor for “rental real estate enterprises” (RREEs), defined as... Read More
On October 16th, the FASB unanimously approved an additional delay for private companies on three major upcoming standards, including Leases (Topic 842), Financial Instruments – Credit Losses (Topic 326), and Derivatives and Hedging (Topic 815). While the credit losses and... Read More
For years, Congress has legislated tax changes without regard to the burden placed on the IRS and with no real plan to help the agency modernize its systems to better handle its ever-increasing workload. With the scare of the government... Read More
The IRS has finalized regulations that impose penalties for failing to disclose what the IRS considers to be suspect tax avoidance transactions. Both individuals and entities are required to make disclosures of so-called “reportable transactions”, including “listed transactions”, which essentially... Read More
Despite Upbeat Messaging, IRS “Inundated” with Overdue Tasks from Government Shutdown “The IRS has reopened following the end of the government shutdown, and IRS employees are working hard to resume normal operations and help taxpayers as much as possible.” “IRS... Read More
Sean Lager, Audit Partner at Frazier & Deeter and member of AICPA’s Technical Issues Committee explains the changes to lease accounting. He also describes how public and private companies are impacted by these changes. Untangling the Technical is available on iTunes and Google... Read More
While Congress eliminated the Affordable Care Act’s individual mandate, that doesn’t impact the employer requirements. The IRS is ramping up its efforts to enforce penalties against large employers who do not provide adequate health insurance plans. Employers with 50 or... Read More
