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Corporate Tax

Constitutional Challenge to Corporate Transparency Act Won’t Stop 2024 Reporting, Frazier & Deeter

Corporate Transparency Act Ruled Unconstitutional

April 10, 2024

An Alabama federal court recently ruled that the Corporate Transparency Act violates the Constitution’s Commerce clause by requiring nearly all U.S. small businesses to report information about their beneficial owners to FinCEN. Read More

IRS Audit Campaign Will Examine Personal Use of Corporate Airplanes, Frazier & Deeter

IRS Audit Campaign Will Examine Personal Use of Corporate Airplanes

March 19, 2024

The IRS's new Business Aircraft Campaign will focus on airplane usage by large corporations, large partnerships and high-income taxpayers, emphasizing the amount of business versus personal use, income reporting and fringe benefit inclusion. Read More

SALT ALERT: Tennessee Proposes Major Changes to Franchise Tax

January 25, 2024

On January 24, two Tennessee House Republicans introduced House Bill (HB) 1893. As introduced, HB 1893 deletes the provision requiring that the measure of the franchise tax must not be less than the actual value of the real or tangible property owned or used by a taxpayer in Tennessee. Read More

IRS Clarifies Rules for New Corporate Alternative Minimum Tax, Frazier & Deeter

IRS Clarifies Rules for New Corporate Alternative Minimum Tax

October 17, 2023

The IRS has issued a third notice with additional guidance designed to help corporations determine whether the new corporate alternative minimum tax applies to them and how they calculate the tax. Read More

IRS Releases Guidance on Corporate Tax Provisions of IRA

February 6, 2023

When Congress changes the tax code, it can take the IRS months, sometimes years, to write regulations interpreting the new law. It is common for new tax rules to take effect well before regulations are issued, so taxpayers are faced... Read More

1099s Required for 2022 Tax Year

December 1, 2022

Taxpayers earning income from selling goods or providing services may receive a Form 1099-K, Payment Card and Third-Party Network Transactions, for the first time in early 2023, when the 2022 forms are due. The requirement to file Forms 1099 have... Read More

Senate Passes Inflation Reduction Act

August 24, 2022

A major tax, climate change and healthcare bill passed the Senate in a rare Sunday session on August 7 on a strict party line. The Inflation Reduction Act of 2022 won approval on a 51-50 vote, with all Democrats voting... Read More

S Corps Reporting International Tax On Forms K-2 And K-3

March 14, 2022

The IRS now is providing a K-2 and K-3 filing exception for the tax year 2021. Read more to see the qualifications. Read More

IRS Targets Partnership Losses In New Compliance Campaign

March 14, 2022

The IRS has announced a new campaign to crack down on partners who deduct losses that may exceed the basis in their partnership interest. The Partnership Losses in Excess of Partner’s Basis Campaign is part of a larger effort by... Read More

income tax nexus

SALT ALERT: California Expands Income Tax Nexus Web to Catch Remote Companies

February 17, 2022

By Brian Strahle At this stage of our online and remote world, most businesses that sell over the Internet are engaging in one or several of the nine activities California asserts will create income tax nexus. The path of activities... Read More

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