On January 12, 2021, the Treasury Department (Treasury) and the IRS released final regulations under Section 162(f) and Section 6050X of Title 26 of the U.S. Code. Section 162(f), as amended by the Tax Cuts and Jobs Act of...more
2/22/2021
/ Corporate Fines ,
Corporate Taxes ,
Final Rules ,
IRS ,
Restitution ,
Section 162(f) ,
Section 6050X ,
Settlement ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
U.S. Treasury
On December 21, 2020, the Treasury Department (Treasury) and the IRS released final regulations (Regulations) under Section 451 for determining the taxable year in which an amount must be reported as gross income on the...more
On May 13, 2020, the U.S. Treasury Department and Internal Revenue Service issued proposed regulations under Sections 162(f) and 6050X of the Internal Revenue Code regarding the disallowance of deductions for certain amounts...more
5/29/2020
/ Civil Monetary Penalty ,
Corporate Fines ,
Corporate Taxes ,
Enforcement Actions ,
IRS ,
Public Comment ,
Remediation ,
Restitution ,
Section 162(f) ,
Section 6050X ,
Settlement ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
U.S. Treasury
On September 5, 2019, the Treasury Department (Treasury) and the IRS released proposed regulations (Regulations) that would impact when accrual method taxpayers report amounts in gross income. Generally, Section 451 provides...more
9/11/2019
/ Accrual Method ,
Controlled Foreign Corporations ,
Financial Statements ,
Goods or Services ,
Income Taxes ,
IRS ,
Proposed Regulation ,
Regulatory Agenda ,
Revenue Recognition Standard ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Planning ,
Tax Reform ,
U.S. Treasury
The Internal Revenue Service (IRS) and Department of the Treasury recently proposed regulations that shed light on how the new, expanded bonus depreciation regime may work in the context of many common acquisitions involving...more