Liability assumption in M&A: Tax Court addresses income and expense
Deductions deferred despite income inclusion for contingent compensation liability assumption in the year of the asset sale.
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IRS releases new guidance on R&D credit refund claim procedure
The IRS released a memorandum and FAQs to provide procedural guidance regarding R&D credit refund claims on amended tax returns.
Important upcoming deadline for deferred payroll tax
The first payment deadline for deferred payroll taxes is quickly approaching and employers should be prepared to make payments.
Senate Finance releases Build Back Better text
Senate Finance Committee Build Back Better language largely leaves House Bill unchanged. SALT language omitted as well as billionaires' tax.
IRS releases guidance on Q4 removal of employee retention credit
Employers need to react quickly to the new guidance to pay in amounts as if they were incurred on Dec. 31, 2021.
IRS releases guidance on timing of tax-exempt income for PPP loans
IRS releases Rev. Procs. 2021-48, 2021-49 and 2021-50 to address the treatment of tax-exempt income for PPP loans.
IRS clarifies temporary deductibility of per diem meal expenses
The IRS issued Notice 2021-63, clarifying previous guidance pertaining to the deductibility of food and beverages provided by a restaurant.
House passes infrastructure legislation; sends bill to President Biden
Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.
IRS releases 2022 retirement plan limitations
The IRS has released its annual cost-of-living adjustments for retirement plan limits, effective Jan. 1, 2022.
Build Back Better Act – What is in and what is out?
After intense negotiations, some provisions were eliminated while others were rewritten in an effort to appease all Democratic members.