Jan 15, 2021 | The Tax Adviser
The IRS on Friday announced that it will start accepting and processing 2020 tax returns on Friday, Feb. 12. This is later than in most previous years, when tax season has started in January. The IRS says the delay is due to the extra time it needs for programming and...
Jan 12, 2021 | The Tax Adviser
Taxpayers subject to government fines and penalties received guidance on when those payments are deductible or not deductible under final regulations posted by the IRS on Tuesday (T.D. 9946). The regulations provide guidance on Sec. 162(f), which was amended by the...
Jan 12, 2021 | The Tax Adviser
Tax-exempt organizations received guidance from the IRS on Tuesday regarding the excise tax on compensation in excess of $1 million and certain parachute payments. The IRS issued the final regulations (T.D. 9938) under Sec. 4960, which was added to the Code by Section...
Jan 8, 2021 | The Tax Adviser
The IRS posted final regulations (T.D. 9945) on the tax treatment of carried interests under Sec. 1061. In response to comments, the final regulations make changes to the proposed regulations (REG-107213-18) that were issued in August. Carried interests are ownership...
Jan 6, 2021 | The Tax Adviser
Final regulations posted by the IRS on Monday (T.D. 9943) provide additional guidance regarding the limitation on the business interest expense deduction under Sec. 163(j) to reflect amendments made by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, and the...
Recent Comments