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May 2020 - The Tax Adviser

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  2. May 2020
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S CORPORATIONS

Current developments in S corporations

This annual update on S corporations covers cases, regulations, and IRS rulings that have been issued in the last year, including the rules for eligible terminated S corporations.

procedure & administration

COVID-19 pandemic prompts many tax changes

Taxpayers have a variety of tax relief measures to help them through the economic disruption caused by the coronavirus pandemic. From tax credits to filing postponements, here is a breakdown of the initial changes benefiting individuals and businesses.

TAX CLINIC

CHARITABLE CONTRIBUTIONS

Do a business’s charitable contributions reduce its QBI deduction?

FOREIGN INCOME & TAXPAYERS

Foreign pension plans and the US-UK tax treaty

Puerto Rico: A permanent tax deferral in a GILTI world?

MISCELLANEOUS

Section 301 China tariffs: Where things stand

partners & partnerships

Commercially reasonable expectation of payment under final Sec. 752 regulations

Bottom-dollar payment obligations

Deduction for worthless partnership interest

STATE & LOCAL TAXES

Sales tax conflicts where two states tax the same transaction

State entity-level income tax elections for passthrough entities after federal tax reform

TAX ACCOUNTING

Inflation adjustments affect small business limits, Sec. 179 expensing

COLUMNS

NEWS NOTES

IRS says no need to report most video game currency transactions

Meal expenses still 50% deductible under proposed regs.

Proposed regs. would update income tax withholding rules for TCJA changes

TAX PRACTICE RESPONSIBILITIES

AICPA committee updates its conflict-of-interest advice

CAMPUS TO CLIENTS

Promoting integrity in the classroom

CASE STUDY

Classifying business entities under the check-the-box regulations

50TH ANNIVERSARY

50 years ago in The Tax Adviser

TAX TRENDS

Supreme Court strikes down attempt at federal common-lawmaking

Tax on early distributions is constitutional

PRACTICE MANAGEMENT

Software Survey

2024 tax software survey

To get through the rigors of tax season, CPAs depend on their tax preparation software. Here's how they rate the leading professional products.

Tax Clinic

On DRD, the IRS seeks to have its cake and eat it too

Tax Court declines to limit discovery for sampled research credit claims

New IRS form for partners receiving property distributions

The CFC/PFIC overlap rule after aggregate treatment

Payments for law violation are not deductible restitution