The IRS finalized temporary and proposed regulations that are designed to prevent taxpayers from misapplying the Sec. 901(m) statutory disposition rule in certain dispositions of relevant foreign assets (RFAs), including where the gain or loss from the disposition of an RFA is recognized for U.S. income tax purposes but not for foreign income tax purposes, […]

News Procedure & Administration By Alistair M. Nevius, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} Treasury Secretary Steven Mnuchin announced on Friday that tax returns normally due on April 15 will not be due until July 15 this year. The news came in a tweet, and the IRS has not yet issued official […]

Andy Jassy, CEO of Amazon Web Services. CNBC Amazon AWS announced Friday it’s setting aside an initial $20 million to help accelerate research and development of diagnostic solutions. That includes, but won’t be limited to, helping push forward a more accurate, faster coronavirus COVID-19 test.  “One area where we have heard an urgent need is in the […]

The coronavirus relief bill signed by President Donald Trump late Wednesday contains, among its many provisions, several tax credits for employers who provide paid sick leave or family or medical leave for their employees who miss work for various coronavirus-related reasons. The Families First Coronavirus Response Act, H.R. 6021, passed the House of Representatives on […]

The new coronavirus could kill millions across the United States, said Dr. Kathleen Neuzil, director of the Center for Vaccine Development at the University of Maryland’s School of Medicine.   “It would not surprise me,” she told CNBC on Thursday when asked whether the U.S. could see millions of deaths. “We need to prepare for the worst.” […]

Bill Ackman, founder and CEO of Pershing Square Capital Management. Adam Jeffery | CNBC Longtime hedge fund manager Bill Ackman on Wednesday advised President Donald Trump to shut down the U.S. for one month in an effort to contain the novel coronavirus and said financial markets would rally in response to such decisive action. Ackman, […]

Mark Zuckerberg, chief executive officer and founder of Facebook Inc., speaks during a joint hearing of the Senate Judiciary and Commerce Committees in Washington, D.C., U.S., on Tuesday, April 10, 2018. Al Drago | Bloomberg | Getty Images Facebook announced a $100 million program to help small businesses as governments throughout the country urge local […]

U.S. government debt prices were lower Tuesday morning as investors hope for a bottoming out following Monday’s historic losses on Wall Street At around 5:05 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 0.8081%, while the yield on the 30-year Treasury bond was up slightly […]

At around 2:45 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at 0.6968%, while the yield on the 30-year Treasury bond was also down at 1.2893%. In a bid to mitigate slow economic growth resulting from the coronavirus pandemic, the Fed on Sunday announced a 100-basis […]

News Procedure & Administration By Sally P. Schreiber, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} On Thursday, the IRS raised its user fee for offers in compromise (OIC) from $186 to $205, but also expanded its definition of low-income taxpayers who are exempt from the fee (T.D. 9894). The increased fee is lower […]