The Internal Revenue Service and the Treasury Department released proposed regulations and temporary regulations to offer guidance for consolidated groups on net operating losses in the wake of changes under both the Tax Cuts and Jobs Act of 2017 and the CARES Act.
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July 7, 2020
Upcoming Events July 7, 2020
IRS issues rules for net operating losses in consolidated groups
By Michael Cohn      2 min read
The Internal Revenue Service and the Treasury Department released proposed regulations and temporary regulations to offer guidance for consolidated groups on net operating losses in the wake of changes under both the Tax Cuts and Jobs Act of 2017 and the CARES Act.
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Looking for a work-at-home tax break? Here’s the bad news
By Alexis Leondis     3 min read
The 2017 tax law eliminated the federal write-offs previously allowed for unreimbursed business expenses and home offices, along with most other miscellaneous itemized deductions.
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Tax Fraud Blotter: Run and gun
By Jeff Stimpson     6 min read
Yet another fictional company; more tooth and justice; unsafe bets; and other highlights of recent tax cases.
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IRS offers relief on low-income housing tax credits in response to coronavirus
By Michael Cohn     3 min read
The Internal Revenue Service is extending timelines for performing some of the actions associated with the low-income housing tax credit and bonds for qualified residential rental projects to give businesses more time during the COVID-19 pandemic.
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What’s on the table for the next round of U.S. coronavirus relief
By Erik Wasson, Laura Litvan and Josh Wingrove     7 min read
With a resurgence of the coronavirus threatening a nascent rebound of the U.S. economy, the White House and Congress are under increased pressure to come to terms on another round of stimulus.
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Deadline looms for unclaimed billions in federal refunds
By Jeff Stimpson     1 min read
$1.5 billion is available for taxpayers who didn’t file a federal income tax return.
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Clarifying 5 common misconceptions about cost segregation
By Greg Bryant
Cost segregation can be more complex than you think, depending on who owns the asset, how the property reports revenue, the nature of repairs and improvements made, and the depreciation time frame desired.
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Millionaires face near-zero chance of IRS audit — for now
By Laura Davison and Allyson Versprille     3 min read
If you have an income of $1 million or more there’s less than a 1% chance that the IRS has called you in for an audit, according to new figures from the agency.
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Avalara plans product for small business sales tax returns
By Ranica Arrowsmith     2 min read
Avalara Returns for Small Businesses arrives at the two-year mark of the Supreme Court Wayfair decision, which allows states to now collect sales tax from remote sellers.
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IRS can’t find some check recipients as Congress weighs stimulus
By Skylar Woodhouse and Laura Davison     2 min read
The IRS still hasn’t found everyone who is due a $1,200 stimulus check from the government, and locating everyone eligible for the payments will be key for any additional pandemic relief Congress may pass later this year.
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