The IRS announced in a notice Tuesday (Notice 2020-69) that it intends to issue regulations addressing the application of Secs. 951 and 951A to certain S corporations with accumulated earnings and profits (AE&P). The regulations will allow S corporations to elect to have global intangible low-taxed income (GILTI) inclusions increase the S corporation’s accumulated adjustments account (AAA). […]

The IRS in an internal memo Friday identified a range of forms for which it will temporarily allow required signatures in electronic or digital form. The forms are fileable only on paper but otherwise require a handwritten signature. Allowing them to be e-signed remotely before being printed out and mailed to the Service will help […]

Late on Friday, the IRS issued much-anticipated guidance on the payroll tax deferral that was ordered by President Donald Trump in a presidential memorandum on Aug. 8 (Notice 2020-65). The notice allows employers to defer withholding on affected employees’ compensation during the last four months of 2020 and then withhold those deferred amounts during the […]

News PRACTICE & PROCEDURES By Alistair M. Nevius, J.D. The IRS has provided tools for tax practitioners to use to reach out to taxpayers who do not normally file tax returns and are eligible to receive economic impact payments. The Service also announced that it will soon send economic impact payments to individuals whose payments […]

The IRS has issued final regulations that limit the deduction for certain dividends U.S. persons receive from foreign corporations under Sec. 245A and govern the exception to Subpart F income under Sec. 954(c)(6) for certain dividends received by controlled foreign corporations. The regulations also cover information reporting under Sec. 6038 to facilitate these rules. The […]

The IRS announced Friday it had suspended sending certain balance-due notices to taxpayers while it continues to process its backlog of unopened mail, which may in some cases contain the sought payments. Also on Friday, the IRS said it was working to identify and correct erroneous penalties it applied to some employers who reduced their […]

The coronavirus pandemic brought major changes to higher education. Ranging from where to attend classes to exploring the upcoming financial aid filing season, there are a lot of important factors to consider. Hear from professor and education planning expert, Ross Riskin, CPA/PFS, in this podcast as he shares new strategies around: Using 529 plan distributions […]

Florida’s treasurer, Jimmy Patronis, on Wednesday dismissed concerns about the impact that spikes of coronavirus cases will have on the state’s welfare and economy. “People love to come to Florida,” Patronis said in a phone interview. He said he saw an opportunity for “profit-taking” as the state benefits from what he predicts will be more […]

News Expenses & Deductions By Alistair M. Nevius, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} 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 […]

Ben & Jerry’s co-founders Ben Cohen (L) and Jerry Greenfield (R) serve ice cream following a press conference announcing a new flavor, Justice Remix’d, September 03, 2019 in Washington, DC. Win McNamee | Getty Images Ben & Jerry’s said on Tuesday that it will pause all paid advertising on Facebook and Instagram in the U.S. […]