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Caplin & Drysdale
On November 18, 2020, the Tax Court ruled that respondent IRS had not abused its discretion under § 482 when it reallocated more than $9 billion in income for 2007-2009 to petitioner Coca-Cola from its foreign manufacturing affiliates.
Lane Powell
As demonstrated by the second quarter gross domestic product (GDP) numbers and the unemployment rate, the COVID-19 pandemic is having a devastating impact on the United States economy.
White & Williams LLP
The Tax Cuts and Jobs Act (2017 Tax Act) limited the deduction of state and local taxes to $10,000 for individuals. Several states, including Connecticut
Ice Miller LLP
The Paycheck Protection Program ("PPP") loans provided welcome relief to businesses across the country that were and are dealing with the effects of COVID-19.
Ballard Spahr LLP
The IRS released Revenue Procedure 2020-21, which provided relief for issuers seeking to do a public hearing for their bonds amidst the COVID-19 pandemic, on May 4, 2020.
Ballard Spahr LLP
In Revenue Ruling 2020-27, the IRS announced that taxpayers cannot deduct expenses paid for with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven.
Ostrow Reisin Berk & Abrams
Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected.
Ostrow Reisin Berk & Abrams
On November 18, 2020, the U.S. Treasury Department and Internal Revenue Service released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 clarifying the tax treatment of expenses...
Chamberlain, Hrdlicka, White, Williams & Aughtry
In an article published in Pennsylvania CPA Journal / CPA Now on November 16, 2020, Chamberlain Hrdlicka Philadelphia-based Shareholder Phil Karter discusses what you need to know about the IRS audit process.
McLane Middleton, Professional Association
Q: I lost my job due to the pandemic and cannot pay my federal taxes. What can I do? A: First, if you have not already done so, file your 2019 tax return. The Internal Revenue Service will not work...
Holland & Knight
The TIGTA report and recommendations to the IRS are summarized in this alert.
Hodgson Russ LLP
The New York State Tax Department released new guidance last week in TSB-M-20(2)S addressing potential avenues for relief for those assessed as responsible persons for sales tax.
Cadwalader, Wickersham & Taft LLP
On November 19, 2020, Treasury and the IRS issued final regulations under section 512(a)(6) of the tax code.
Cadwalader, Wickersham & Taft LLP
In October, the OECD released a report regarding different jurisdictions' rules for taxing virtual currencies.
Dickinson Wright PLLC
In December 2020, the United States Tax Court will be launching DAWSON (Docket Access Within a Secure Online Network), the Court's new case management system.
Schwabe Williamson & Wyatt
On October 13, 2020, the Oregon Department of Revenue ("DOR") issued a temporary administrative order amending OAR 150-305-0460 to allow paper returns, statements, or documents to be signed through a facsimile method.
Frost Brown Todd
The IRS recently updated the tax notice, "Your Rollover Options," which 401(k) and other qualified retirement plans must provide to participants receiving a distribution that is eligible for rollover.
Frost Brown Todd
Antero is a natural gas exploration and production company, and its West Virginia operations are focused on horizontal drilling in the Marcellus Shale region of the state.
Withers LLP
This article is an update on the Qualified Opportunity Zone program, which was established by the Tax Cuts and Jobs Act.
Schwabe Williamson & Wyatt
The rule provides that an underpayment of CAT exists when the payments received on or before a payment due date are less than the required installment due as determined under the rule.
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