The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed by the law known as the Tax Cuts and Jobs Act.
Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.
The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.
The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is zero.
The IRS finalized proposed regulations on eligible terminated S corporations, a new provision enacted under the Tax Cuts and Jobs Act that provided favorable treatment for corporations that wished to terminate their S elections.
The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home.
Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.
The IRS added 6 forms to its list temporarily permitting electronic signatures.
The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.
The IRS issued final regulations on the base-erosion and anti-abuse tax, which was created by the Tax Cuts and Jobs Act to deter attempts to shift profits to foreign jurisdictions.