Proposed Regulations Provide Guidance on the Excise Tax on Stock Repurchases, IR-2024-101; NPRM REG-115710-22; NPRM REG-118499-23
The IRS has issued proposed regulations that would provide guidance on the application of the new excise tax on repurchases of corporate stock made after December 31, 2022 (NPRM REG-115710-22). Another set of proposed rules would provide guidance on the procedure and administration
IRS Waives Additions to Tax for Corporations’ Underpayment of Estimated Tax Related to Corporate Alternative Minimum Tax, Notice 2024-33
The IRS has provided a limited waiver of the addition to tax under Code Sec. 6655 for underpayments of estimated income tax related to application of the corporate alternative minimum tax (CAMT), as amended by the Inflation Reduction Act (P.L.
IRS Details Application Process for 2024 Bonus Energy Investment Credits in Low-Income Communities, IR-2024-86; Rev. Proc. 2024-19
For purposes of the energy investment credit, the IRS released 2024 application and allocation procedures for the environmental justice solar and wind capacity limitation under the low-income communities bonus credit program. Many of the procedures
Tax Court Holds Regulation Invalid; Allows Conservation Easement Deduction, Valley Park Ranch, LLC, TC, Dec. 62,442
The Tax Court has ruled against the IRS’s denial of a conservation easement deduction by declaring a Treasury regulation to be invalid under the enactment requirements of the Administrative Procedure Act (APA). An LLC conveyed a conservation
Final Rules Amend Definition of Short Term Limited Duration Insurance, T.D. 9990
The IRS, in connection with other agencies, have issued final rules amending the definition of “short term, limited duration insurance“ (STLDI), and adding a notice requirement to fixed indemnity excepted benefits coverage,
IRS Extends Transition Relief for Required Minimum Distributions in 2024, Notice 2024-35
The IRS announced that final regulations related to required minimum distributions (RMDs) under Code Sec. 401(a)(9) will apply no earlier than the 2025 distribution calendar year. In addition, the IRS has provided transition relief for 2024 for certain
IRS Reports More Refund Dollars Issued in FY 2023, IR-2024-115
Taxpayers received about $659 million in refunds during fiscal year 2023, representing a 2.7 percent increase in the amount of refunded to taxpayers in the previous fiscal year.
Asset Protection: One Size Does Not Fit All
Asset protection means shielding your assets from creditors who may go after them to satisfy a judgment or other debt. It’s not intended to help
Finding the Right Buyer for Your Business
How do you determine the buyer or category of buyer that will lead to a successful sale of your business? Is your potential buyer likely
Understanding the Centralized Partnership Audit Rules
The Bipartisan Budget Act of 2015 introduced a “centralized” partnership audit regime that took effect in January 2018. Partnerships — including LLCs taxed as partnerships
Getting Your Board to Willingly Fundraise
A common complaint from nonprofits is that their board members are reluctant fundraisers. Many are simply uncomfortable asking others to donate. Maybe they haven’t been
FinCEN Issues Small Entity Beneficial Ownership Information Compliance Guide
The Financial Crimes Enforcement Network (FinCEN) has published a Small Entity Compliance Guide (Guide) to provide an overview of the Beneficial Ownership Information Access and Safeguards Rule (Access Rule) requirements for small entities that obtain beneficial ownership information (BOI)