Jul 8, 2020 | The Tax Adviser
The IRS on Wednesday issued the limitations on depreciation deductions for passenger automobiles first placed in service in 2020 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2020 (Rev. Proc. 2020-37). For these purposes,...
Jul 6, 2020 | The Tax Adviser
The IRS issued proposed (REG-125716-18) and temporary regulations (T.D. 9900) to provide guidance for consolidated groups on the treatment of net operating losses (NOLs) after recent statutory changes. Both the law known as the Tax Cuts and Jobs Act (TCJA), P.L....
Jun 30, 2020 | The Tax Adviser
The IRS announced late on Monday that it will not further postpone federal tax filing and payment deadlines beyond July 15 (IR-2020-134). In response to the hardships caused by the COVID-19 pandemic, most tax deadlines between April 1 and July 15 were moved to July 15...
Jun 24, 2020 | The Tax Adviser
A regulated investment company (RIC) that receives qualified real estate investment trust (REIT) dividends will be able to report dividends the RIC pays to its shareholders as Sec. 199A dividends under final regulations issued by the IRS on Wednesday (T.D. 9899). Sec....
Jun 23, 2020 | The Tax Adviser
In Notice 2020-51, the IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, suspended the RMD requirement for 2020 in response to the...
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