The IRS has issued guidance on treatment of cash distributions made when a former S corporation (now a C corporation) redeems stock during the post-termination transition period.
Stock Redemptions Post-Termination Transition Period Read More »
The IRS’s Large Business and International Division (LB&I) began a new application of data analytics for determining the population of its largest and most complex corporate taxpayers.
Large Corporate Compliance Program Read More »
The Internal Revenue Service issued guidance providing additional details about investment in qualified opportunity zones. The proposed regulations allow the deferral of all or part of a gain that is invested into a Qualified Opportunity Fund (QO Fund) that would otherwise be includible in income.
Deferral of Gains for Investments in a Qualified Opportunity Fund Read More »
On July 1, 2018, New Jersey Governor Phil Murphy signed into law Assembly Bill 4202 / Senate Bill 2746 (the Law) making changes to the state’s Corporation Business Tax (CBT) Act.
New Jersey Completely Overhauls Corporation Business Tax Act Read More »
A partnership may elect to expense property under IRC §179 only if the partnership uses the property predominantly (more than 50%) in the active conduct of a trade or business.
Partnership Section 179 Expensing and the Active Trade or Business Requirement Read More »
Tax-related identity theft occurs when a thief uses someone’s stolen Social Security number to file a tax return and claim a fraudulent refund.
ID Theft: What to Look For and What to Do Read More »
The Internal Revenue Service announced the results of a national two-week education and enforcement campaign to combat employment tax crimes featuring visits to nearly 100 businesses showing signs of potential serious noncompliance and taking several dozen legal actions against suspected criminals.
IRS Highlights Importance of Payroll Tax Compliance Read More »
Anyone else can request an automatic extension Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.
Some People Get More Time to File Without Asking Read More »
The Internal Revenue Service issued guidance that provides a safe harbor allowing professional sports teams to treat certain player and staff-member contracts and draft picks as having a zero value for determining gain or loss to be recognized on the trade of a player or staff-member contract or a draft pick.
Safe Harbor for Trades of Player and Staff-member Contracts and Draft Picks Read More »
Seniors who turned 70½ last year must start receiving retirement plan payments by April 1 The Internal Revenue Service reminds taxpayers that, in most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans.
70.5 Year Olds Must Receive Retirement Plan Payments by April 1 Read More »