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New Guidance Tax Deductions Internal Revenue Service

Allen Barron, Inc.

What is the “Abusive Use of Partnerships” and Why does the IRS Care?

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What is now considered as the “abusive use of partnerships,” and why would this matter to the IRS? The agency recently released IR-2024-166, which is intended to provide “new guidance to stop partnerships from using...more

Fenwick & West LLP

Fenwick Writes Comment Letter on Notice 2023-63 on Amortization of Specified Research or Experimental Expenditures under Section...

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Following the IRS’s issuance of guidance in Notice 2023-63 regarding R&D capitalization under Section 174, a working group of several Fenwick tax group attorneys commented to the IRS and the U.S. Treasury Department on...more

Harris Beach PLLC

IRS Releases “Issue Snapshot” on the Timing Rules Governing the Deductibility of Retroactive Employer Contributions to a 401(k)...

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The IRS periodically issues tax-related “Issue Snapshots” that can be of interest to employers and practitioners alike. A recent “Issue Snapshot” discusses the timing rules that govern the deductibility of retroactive...more

Eversheds Sutherland (US) LLP

A wolf in sheep’s clothing? IRS provides long-awaited capitalization guidance for natural gas companies

In recently issued Rev. Proc. 2023-15, the IRS provides a safe harbor method of accounting under which taxpayers may classify costs to repair, maintain, replace, or improve natural gas transmission and distribution property...more

Littler

IRS Raises Standard Mileage Rate for July to December 2022

Littler on

On June 9, 2022, the Internal Revenue Service issued Announcement 2022-13, increasing the optional standard mileage rate for the final six months of 2022 from 58.5 cents per mile to 62.5 cents per mile.  The new rate will be...more

McDermott Will & Emery

Weekly IRS Roundup April 17 – April 23, 2022

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2022 – April 23, 2022... April 18, 2022: The IRS issued Revenue Ruling 2022-9,...more

McDermott Will & Emery

Weekly IRS Roundup March 27 – April 2, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 27, 2022 to April 2, 2022... March 29, 2022: The IRS issued a news release reminding...more

Harris Beach PLLC

IRS Provides Guidance on Temporary 100% Business Meal Deduction

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The 2017 Tax Cuts and Jobs Act eliminated the 50% deduction for any expenses related to business entertainment, amusement or recreation activities but preserved the 50% deduction for business expenses related to food and...more

Ervin Cohen & Jessup LLP

IRS Issues Guidance on Business Meal Deductions

On April 8, 2021, the Treasury Department and the Internal Revenue Service issued guidance regarding the temporary 100-percent deduction for food and beverage purchased from restaurants. Beginning January 1, 2021,...more

Eversheds Sutherland (US) LLP

Made to order: IRS serves up much needed guidance for taxpayers seeking to utilize Congress’ two-year expansion of the 100%...

On Thursday, April 8, the IRS served up Notice 2021-25 (the Notice) providing guidance for taxpayers seeking to take advantage of the temporary 100-percent deduction for the cost of business meals, which was enacted by...more

Bradley Arant Boult Cummings LLP

ADOR Affirms Deductibility of PPP Loan-Related Expenses but Unanswered Conformity Questions Remain

The Alabama Department of Revenue issued helpful guidance on January 7, following its December 18, 2020 guidance implementing Governor Ivey’s landmark Supplemental Emergency Proclamation. The new guidance affirms the...more

Snell & Wilmer

IRS Releases Much-Awaited Guidance on PPP-Loan-Related Expenses, But More is Still Needed

Snell & Wilmer on

On November 18, 2020, the Internal Revenue Service ("IRS") clarified its stance on the deductibility of expenses paid or incurred by businessowners who participated in the Paycheck Protection Program (“PPP”) by issuing...more

Bracewell LLP

IRS and Treasury Department Release Guidance on the Deductibility of Eligible Expenses under the Paycheck Protection Program

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On November 18, 2020, the IRS and Treasury Department released Revenue Ruling 2020-27 (the Revenue Ruling) stating that, if a taxpayer received a PPP Loan (defined below) and paid or incurred Eligible Expenses (defined...more

Partridge Snow & Hahn LLP

Internal Revenue Service Clarifies Tax Rule for Marijuana Industry

The Internal Revenue Service (IRS) issued guidance on Thursday, September 10, 2020, to marijuana businesses. The new guidance does not change existing IRS rules, but briefly explains the rules for reporting income, paying...more

Hinshaw & Culbertson LLP

IRS Position on the Deductibility of Expenses Paid with PPP Loan Proceeds

On May 7, 2020, the IRS issued Notice 2020-32 to provide guidance concerning the deductibility for Federal income tax purposes of otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer...more

Faegre Drinker Biddle & Reath LLP

Benefit Plan FAQs on COVID-19

IRS Guidance Related to Coronavirus Testing/Treatment for HDHPs/HSAs - Last week, the IRS issued guidance confirming that high-deductible health plans with health savings accounts can provide coronavirus testing and...more

Harris Beach PLLC

IRS Issues Favorable Taxpayer Guidance on Business Meal Deduction

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The 2017 Tax Cuts and Jobs Act (the “TCJA”) eliminated the 50% deduction for any expenses related to business entertainment, amusement or recreation activities. On February 21, 2020, the IRS issued proposed regulations that...more

McDermott Will & Emery

Weekly IRS Roundup November 18 – 22, 2019

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 18 – 22, 2019. November 19, 2019: The IRS published final regulations that affect United...more

McDermott Will & Emery

Weekly IRS Roundup November 11 – 15, 2019

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 11–15, 2019. November 11, 2019: The IRS released Delegation Order 30-9 announcing the...more

McDermott Will & Emery

Weekly IRS Roundup September 9 – 13, 2019

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 9 – 13, 2019. September 9, 2019: The IRS released a revision to its Internal Revenue...more

Bradley Arant Boult Cummings LLP

Treasury Department Issues Final Regulations Limiting Charitable Deductions – Potential Impact on Alabama Donors? - SALT Alert:...

Now that the dust has settled following the issuance of the final “SALT cap workaround” regulations by the Treasury Department, here’s a summary of those regulations, the IRS guidance issued in connection with the final...more

Burr & Forman

IRS Issues Final Regulations On New Section 199a 20% Profit Deduction For Pass-Thru Businesses, And Also Adds Additional Proposed...

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On January 18, 2019, Treasury and the IRS issued final regulations for the new Section 199A 20% profit deduction for pass-thru businesses adopted under the 2017 Tax Cuts and Jobs Acts. The new regulations are eagerly...more

Nossaman LLP

P3 Industry Gets An Early Holiday Present In IRS Guidance On Interest Deduction

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Contractors and investors in P3s can continue taking a full tax deduction for interest on debt under recent IRS guidance (Revenue Procedure 2018-59, issued November 26). ...more

Harris Beach PLLC

IRS Issues Favorable Taxpayer Guidance on Business Meal Deduction

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In December 2017, President Trump signed the Tax Cuts and Jobs Act (the “TCJA”) into law. While some of the most publicized provisions of the TCJA related to the reduction in the corporate and personal income tax rates, the...more

Foster Garvey PC

Taxpayers Can Have Their Cake and Eat It at an Entertainment Event, and the Cost of the Cake May Be 50% Deductible

Foster Garvey PC on

As we discussed in our February 27, 2018 blog post, the Tax Cuts and Jobs Act ("TCJA") eliminated the deduction for entertainment expenses. Despite commentary to the contrary, we have consistently reported that meals continue...more

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