Sep 28, 2020 | The Tax Adviser
The IRS issued proposed regulations (REG-132766-18) on July 30 related to simplified tax accounting rules for small businesses and updating various tax accounting regulations to adopt the simplified rules enacted by the law known as the Tax Cuts and Jobs Act (TCJA),...
Sep 25, 2020 | The Tax Adviser
The IRS announced on Thursday that, for tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the Service will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the...
Sep 22, 2020 | The Tax Adviser
To prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of qualifying forgiveness with respect to covered loans made under the...
Sep 22, 2020 | The Tax Adviser
The IRS on Monday issued final regulations (T.D. 9918) clarifying that certain expenses incurred by, and certain excess deductions upon the termination of, an estate or nongrantor trust are not affected by the suspension of miscellaneous itemized deductions for tax...
Sep 22, 2020 | The Tax Adviser
The IRS issued final regulations (T.D. 9916) providing guidance on additional first-year (bonus) depreciation under Sec. 168(k), which was amended by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. T.D. 9916 provides taxpayers with guidance on issues...
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