IRS releases required minimum distribution (RMD) guidance
Notice 2022-53 announced the IRS’s intent to publish final regulations addressing required minimum distributions (RMDs) from certain plans.
New IRS draft forms reflect broader digital asset enforcement
The IRS changed “virtual currency” to “digital asset” in new draft forms, signaling enforcement efforts toward digital assets, including NFTs.
IRS provides simplified measures for correcting common S corporation missteps
IRS Rev. Proc. 2022-19 provides S corporations with simplified procedures to resolve common issues without a private letter ruling.
Distressed acquisitions & credit bidding debt: an M&A tax perspective
Tax considerations for buyers and sellers of distressed companies under section 363 of the Bankruptcy Code.
Treasury releases technical corrections to final FTC regulations
IRS releases a set of technical corrections (2022-15867 and 2022-15868) to calm taxpayer concerns regarding the final FTC regulations.
Eleventh Circuit reverses Tax Court’s penalty approval analysis.
The Eleventh Circuit overrules the Tax Court and holds supervisory approval any time before assessment satisfies section 6751(b).
IRS proposes guidelines to clarify access to Independent Office of Appeals.
Section 7803(e) provides taxpayers a general right to the IRS Independent Office of Appeals. IRS proposed regulations contain a list of 24 types ...
The new corporate minimum tax: overview and highlights
The Inflation Reduction Act of 2022 imposed a new 15% alternative minimum tax on large corporations. Notably, the tax is based on a ...
IRS issues guidance on transition rules for EV credits
IRS guidance helps taxpayers navigate the transition from existing rules for claiming EV credits to new rules enacted by the IRA including ways ...
New tax on publicly traded corporations that repurchase their stock
The Inflation Reduction Act, passed by Congress, contains a new 1% tax on stock redemptions by certain corporations. In what situations does the ...
Inflation Reduction Act: What $80 billion in IRS funding means for taxpayers
The Inflation Reduction Act of 2022 provides significant funding for the IRS over the next 10 years. The IRS is expected to use over half the ...
CHIPS Act of 2022: Tax incentives for semiconductor manufacturers
The CHIPS Act of 2022 funds grants and a new federal income tax credit to facilitate domestic manufacture of semiconductors.
Late filing penalties may apply when e-file mandate not met
IRS non-precedential guidance clarifies that penalties for late filing may apply to certain returns that are paper-filed if electronic filing ...
States begin to consider digital asset taxation as sessions end
A number of states begin to consider or take steps related to the state taxation of digital assets as the economy for these assets continues to grow.
Contextualizing cyber risk: Mapping business as a system
Boards need a better understanding of how business could be impacted by cyberthreats.
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