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Final Regulations on 100 Percent Bonus Depreciation Issued, Along With New Proposals
Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired and placed in service after September 27, 2017, allow property which is constructed under a ...

Proposed Regulations Provide Guidance on Section 382(h) Built-in Gain and Loss Computation
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Final Regulations Amend Hardship Distribution Rules from Section 401(k) Plans
The IRS has issued final regulations that amend the rules relating to hardship distributions from Code Sec. 401(k) plans. The final regulations are substantially similar to the proposed regulations. F...

Proposed Regulations Released on Applicable Financial Statement for All-Events Test
For a taxpayer using an accrual method of accounting, the all events test is not met for item of gross income any later than when is included in revenue on an applicable financial statement (AFS) or o...

Advance Payment Proposed Regulations Released
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Automatic Accounting Change Procedures for All Events Test and Advance Payment Deferral
Taxpayers may use the automatic consent procedures to change accounting methods to comply with the recent proposed regulations described above. Rev. Proc. 2018-31, I.R.B. 2018-22, 637, is modified....

Proposed Regulations Update Exempt Organization Reporting Requirements; Penalty Relief Provided
Amendments to have been proposed to update the information reporting regulations under Code Sec. 6033, which generally apply to organizations exempt from tax under Code Sec. 501(a). The proposed regul...

Major tax changes expected under Trump Administration
One month after the presidential election, taxpayers are learning more about President-elect Donald Trump’s tax proposals for his administration. Although exact details, including legislative la...

Are IRS Q&As authoritative guidance?
The Tax Code is among the most complex of all federal statutes. To explain the Code, the IRS issues guidance. Recently, the IRS has used the “Frequently Asked Question (FAQ)” format to exp...

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