Partnerships received guidance from the IRS on Friday on when the new centralized partnership audit regime does not apply to certain partnership-related items. The proposed regulations (REG-123652-18) provide that the centralized audit regime may not apply when an adjustment during the examination of a person other than the partnership requires a change to a partnership-related […]
The IRS on Friday issued final regulations that coordinate the Sec. 245A extraordinary disposition rule with the Sec. 951A disqualified basis and disqualified payment rules (T.D. 9934). The regulations also contain rules under Sec. 6038 on information reporting. The regulations finalize rules that were proposed in August (REG-124737-19) and about which the IRS received only […]
The IRS has issued final regulations that define what property qualifies for Sec. 1031 like-kind exchange treatment (T.D. 9935). The new rules are necessary because the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, removed personal property from qualifying for the deferred tax treatment for like-kind exchanges. T.D. 9935 finalizes proposed […]
Starting in January, the IRS will allow all individuals to receive an identity protection personal identification number (IP PIN). The IRS announced (IR-2020-267) on Wednesday that it will unveil a portal in mid-January 2021, expanding to all individual taxpayers the opt-in program to voluntarily receive an IP PIN. The expanded initiative is part of the […]
The Paycheck Protection Program (PPP), created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, authorized loans to certain businesses affected by the COVID-19 pandemic. If businesses use their PPP loans for certain qualified business expenses, then some or all of the loan may be forgiven, subject to certain tests. […]
In a Dec. 3 letter addressed to the U.S. Senate majority and minority leaders and the leaders of the House of Representatives, several hundred national trade associations, including the AICPA, and many state and regional affiliates appealed to Congress to pass legislation this year reversing the IRS’s treatment of expenses paid by funds borrowed under the Paycheck […]
A friendly, late-middle-aged couple contact you with questions about their estate plan. The hypothetical couple — let’s call them “the Ys” — own a successful chain of home insulation businesses and plan to eventually pass it on to their two children, a math teacher and a musician. Last summer, with the election in mind, the […]
In T.D. 9937, the IRS finalized proposed rules addressing the amendments to Sec. 401(c) by Section 13613 of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which provides an extended rollover period for a qualified plan loan offset. The final regulations adopt the proposed regulations issued in August (REG-116475-19) with only […]
The IRS issued final regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe (QTF) provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017 (T.D. 9939). The changes were enacted in the law known as the Tax Cuts and Jobs […]
In a memorandum dated Dec. 11, 2020, the IRS extended the period during which it will accept a number of forms for which it will temporarily allow required signatures in electronic or digital form. The original authorization was from Aug. 28 through Dec. 31, 2020. Due to the ongoing public health crisis, that period has been extended […]
Taxician is the nation’s leading community for anyone—from students and those beginning their tax professional journey to veterans with decades of experience.
