IRS issue guidance on implementation of advanced manufacturing investment credit
Last Tuesday, the IRS issued Proposed Regulations (RIN 1545-BQ54) on the Advanced Manufacturing Investment Credit, under Code Section...
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TAX NEWS
- Aug 9, 2022
IRS issues final regulations on IRC Section 754 elections
The IRS issued final regulations removing the signature requirement for partnership IRC Section 754 elections. Under the final...
- Aug 1, 2022
House Passes Semiconductor Bill
On July 28th, the House of Representatives approved legislation on semiconductor production and economic competitiveness, including an...
- Jun 21, 2022
Revised Audit Technique Guide for Cost Segregation
The IRS updated its Cost Segregation Audit Technique Guide as of June 1, 2022. The updates were as a result of changes in law, including...
- Nov 23, 2021
House Passes Build Back Better Act
In your year-end planning and consideration of deferring deductions and accelerating income, sales of property could have a big impact...
- Jun 14, 2021
Limitations on Business Interest Expense and Adjustments Required by Changes in Method of Accounting
For purposes of determining the limitation on business interest expense under IRC section 163(j)(8), a IRC section 481(a) adjustment from...
- Feb 22, 2021
IRS LB&I Announces Two New Compliance Campaigns
The IRS LB&I recently retired four campaigns and added two new compliance campaigns. Of note, the Taxable Asset Transactions campaign...
- Jan 12, 2021
Final Regulations for Business Interest Expense Deductions
The IRS released additional final regulations on IRC Section 163(j) providing guidance to the limitation on business interest expense...
- Dec 10, 2020
The Energy Efficient Qualified Improvement Property (E-QUIP) Act
Bipartisan legislation, entitled The Energy Efficient Qualified Improvement Property (E-QUIP)Act, was introduced in the House. The...
- Nov 30, 2020
Sec. 1031 Like-Kind Exchange Final Regs
The IRS has issued final regs related to Section 1031 like-kind exchanges. In a nutshell, a Sec. 1031 like-kind exchange allows taxpayers...
- Nov 12, 2020
Additional First-Year Depreciation Deductions
The IRS has released guidance regarding additional first-year depreciation deductions for certain depreciable property a taxpayer...
- Oct 5, 2020
Final Regulations for Meals & Entertainment Expense
The IRS has issued final regulations on the business expense deduction for meals and entertainment. The Tax Cuts and Jobs Act generally...
- Sep 24, 2020
100% Bonus Depreciation Final Regs
The IRS has issued another set of final regulations on the additional first-year depreciation deduction, otherwise known as 100% bonus...
- Sep 16, 2020
Final Regs Issued for Rehabilitation Credit
The IRS has issued final regulations for taxpayers who claim the rehabilitation credit. For qualified rehabilitation expenditures paid or...
- Aug 19, 2020
Don’t Overlook 100% Bonus Depreciation
With 1031 exchanges on the rise, buyers shouldn’t lose sight of the ability to claim bonus depreciation on the carryover and excess basis...
- Apr 6, 2020
It may have taken a pandemic, but think twice before treating a cost as QIP
The CARE Act, enacted on March 27, 2020 included, among other Congressional wish list items, the technical correction to the drafting...
- Nov 12, 2019
Partial Disposition Audit Guidance
The LB&I Concept Unit of the Internal Revenue Service recently issued a guide for examining taxpayers electing to recognize a partial...
- Sep 10, 2019
Possible TCJA correction to residential rental property
Unlike the qualified improvement property error, correcting this would help owners of residential rental property reduce taxable income...
- Oct 9, 2018
QIP Update
An administrative fix to the qualified improvement property recovery period issue seems to be out of reach. For year end planning,...
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