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Archive for October 14th, 2019

srusso

Final Regulations on 100 Percent Bonus Depreciation Issued, Along With New Proposals

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 pre-September 28, 2017 binding contract to qualify for the 100 percent rate. The final […]

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tzanata

Proposed Regulations Provide Guidance on Section 382(h) Built-in Gain and Loss Computation

Proposed Regulations Provide Guidance on Section 382(h) Built-in Gain and Loss Computation Proposed regulations would provide guidance on the inclusion of income and deduction items in the calculation of built-in gains and losses under Code Sec. 382(h). The proposed regulations would: simplify the application of Code Sec. 382; provide more certainty to taxpayers in determining […]

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tzanata

Final Regulations Amend Hardship Distribution Rules from Section 401(k) Plans

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. Further, plans that complied with the proposed regulations satisfy the final regulations as well. The regulations […]

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tzanata

Proposed Regulations Released on Applicable Financial Statement for All-Events Test

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 other financial statement specified by the Treasury Secretary. How […]

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wnaegele

Advance Payment Proposed Regulations Released

Advance Payment Proposed Regulations Released Proposed regulations provide rules for accrual method taxpayers who receive advance payments. The proposed regulations include provisions affecting both taxpayers both with and without applicable financial statements (AFS), and describe and clarify the statutory requirements of Code Sec. 451(c). Similar to Rev. Proc. 2004-34The proposed regulations include many provisions similar […]

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tzanata

Automatic Accounting Change Procedures for All Events Test and Advance Payment Deferral

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. The proposed regulations provide rules for: inclusion in gross income under the all events test […]

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tzanata

Proposed Regulations Update Exempt Organization Reporting Requirements; Penalty Relief Provided

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 regulations reflect statutory amendments and certain grants of reporting relief announced through guidance that has been […]

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ekoumniotes

Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1

Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1 The IRS has granted a six-month extension to eligible partnerships to file a superseding Form 1065, U.S. Return of Partnership Income, and furnish corresponding Schedules K-1, Partner’s Share of Income, Deductions, Credits. For a calendar year partnership, the deadline to file Form 1065 and […]

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