The IRS is working to update 1998 rules on international transactions to reflect the current era of digital content. The proposed rules could have significant international tax implications for companies involved in cloud computing and the distribution of digital content.... Read More
Company cars can increase the tax bills of employees who use them for both business and personal purposes, and the rules are complicated. The IRS is a stickler in enforcing the allocation rules but now they have simplified the process... Read More
In a bold move to enhance economic development, the Indian Government announced on September 20, 2019, new tax legislation to significantly reduce the corporate income tax rate for some Indian companies. In addition, the new legislation repeals the higher surcharge... Read More
Bipartisan legislation to reform the IRS has been signed into law by the President, a noteworthy achievement by a divided government. The Taxpayer First Act, H.R. 3151, establishes an independent IRS Appeals office, restructures the IRS customer service function, expands... Read More
High on the IRS’s priority guidance plan have been regulations to help show taxpayers how to claim the 20% Qualified Business Income (QBI) deduction for passthrough entities. The latest IRS rules address the QBI deduction for cooperatives and their patrons,... Read More
The IRS has finalized a set of 2016 regulations that require partners who work for a disregarded entity owned by their partnership to pay self-employment tax on any compensation they receive. At 15.3%, the self-employment tax is a serious tax.... Read More
The IRS has finalized regulations that limit federal charitable contribution deductions if a state tax credit is received in return. If the regulations stand, taxpayers will no longer be able to circumvent the $10,000 federal limit on state and local... Read More
Are your state tax refunds taxable by the IRS? It’s complicated… The $10,000 limit on deduction of state and local taxes (SALT) has been controversial since its enactment as part of the Tax Cuts and Jobs Act (TCJA). The IRS... 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
