This newsletter was updated March 25 to reflect new information released by the IRS. On March 21, 2020, the IRS released IRS Notice 2020-58, which replaces all earlier announcements concerning extended deadlines discussed in...more
The IRS has released the long-awaited final regulations on the Section 199A qualified business income deduction. Along with the regulations, the IRS released Notice 2019-07 that contains a proposed revenue procedure with a...more
The IRS and Treasury have released proposed regulations under newly-enacted Internal Revenue Code Section 199A, which creates a deduction for qualified business income that non-corporate taxpayers receive from passthrough...more
The IRS and Treasury have released proposed regulations concerning the first-year bonus depreciation deduction, also known as immediate expensing. The proposed regulations reflect changes made to bonus depreciation rules by...more
Last week, the US Tax Court issued a summary opinion holding that a taxpayer could not exclude settlement proceeds from gross income because the settlement agreement failed to contain any reference to physical injuries....more
On April 2, the Treasury and the IRS issued Notice 2018-28 which provides guidance concerning the business interest expense limitation enacted as part of tax reform. The guidance includes the application of the rules to...more
On March 1, the IRS and Treasury announced their intent to issue regulations addressing the new carried interest rules enacted as part of tax reform. More specifically, they intend to clarify that the new rules apply to...more
On July 20, 2017, the Internal Revenue Service ("IRS") issued a reminder for small businesses on the importance of correctly classifying workers as employees or independent contractors. Employers failing to do this correctly...more
A recent ruling from the IRS should serve as a warning to employers that hire professional employer organizations ("PEO") to manage payroll: the employer may still be liable for any failures to report and pay over employment...more
A federal tax issue frequently arises when key employees of an operating business are given the opportunity to become equity holders. Despite the well-established rule that partners of a partnership are not permitted to be...more