News & Analysis as of October 12, 2024

Compliance

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Treasury Department Confirms Suspension of U.S.-Russia Income Tax Treaty

Holland & Knight LLP on 7/8/2024

The U.S. Department of the Treasury on June 17, 2024, confirmed it had formally notified Russia about the suspension of the Convention between the United States of America and the Russian Federation for the Avoidance of...more

Weekly IRS Roundup May 3 – May 7, 2021

McDermott Will & Emery on 5/11/2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 3, 2021 – May 7, 2021... May 3, 2021: The IRS issued a news release announcing the opening...more

IRS Cannabis Tax Guidance

Foley & Lardner LLP on 9/30/2020

The IRS recently issued tax guidance to the cannabis industry in the form of frequently asked questions (FAQs). These FAQs were followed up with the announcement by the IRS of a marijuana industry website that provides...more

Weekly IRS Roundup August 24 – August 28, 2020

McDermott Will & Emery on 9/3/2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 24, 2020 – August 28, 2020... August 24 2020: The IRS published a memorandum concerning...more

IRS “BEEFS UP” Section 965 COMPLIANCE For 2017 And 2018 Returns

Foodman CPAs & Advisors on 11/27/2019

On July 2, 2018, the IRS introduced a Compliance Campaign directed at Section 965 (Transition Tax) of the Internal Revenue Code (IRC). In its original launch, the Section 965 Campaign stated that U.S. shareholder are...more

IRS issues simplified procedures for insurance companies to change methods of accounting to comply with amended Section 846

Eversheds Sutherland (US) LLP on 8/10/2019

The Internal Revenue Service (IRS) recently released two revenue procedures that relate to the implementation of accounting method changes as a result of the revisions to Section 846 of the Internal Revenue Code of 1986, as...more

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