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Final Regulations on 100 Percent Bonus Depreciation Issued

Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired and placed in service after September 27, 2017, allow property which is constructed under a pre-September 28, 2017 binding contract to qualify for the 100 percent rate. The final regulations adopt proposed regulations ( REG-104397-18)...

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Proposed Income Recognition Regulations Provide Clarity for Accrual Method Taxpayers

Summary

On September 5, 2019, the IRS and Treasury released proposed regulations addressing the timing of income recognition for accrual method taxpayers under Sections 451(b) and 451(c), as amended by the 2017 tax reform bill known as the Tax Cuts and Jobs Act (TCJA). These eagerly-anticipated regulations provide additional clarity for...

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2020 Cybersecurity Guidelines for C-Suite Executives

THE BRAVE NEW WORLD OF CYBER-ATTACKS

Cyber-attacks arguably pose the single biggest modern threat to businesses. The number of cyber-attacks, their level of sophistication, and the financial and reputational impact they have all continue to increase at an alarming rate. The research firm Cybersecurity Ventures predicts that cybercrime will...

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25 Percent List 1-3 Tariffs Will Not Increase Until October 15

On September 11, 2019, President Trump announced that the U.S. would postpone an October 1 scheduled increase in the Section 301 tariffs from 25 percent to 30 percent until October 15. The increase in tariffs covers approximately $250 billion worth of Chinese imports currently subject Lists 1, 2, and 3.The postponement of the tariff increase...

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Using Big Data on a Small Budget to Improve Real-Time Decision-Making

For years, companies looked to data, tracked by their finance and accounting departments, primarily as a way to understand past performance. But quantum leaps in computing power and other technology have made it possible for organizations to move far beyond historical analysis. Today, companies can uncover insights that enable them not only...

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IRS Announces a New Mailing Address for Employee Plans Submissions

The IRS has announced that effective immediately the new mailing address for Employee Plan submissions for determination letters, letter rulings, and IRA opinion letters is:

Internal Revenue Service 7940 Kentucky Drive MS 31A Florence, KY 41042

This new address should be used for all deliveries, including U.S. Postal Service, FedEx and UPS....

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Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1

The IRS has granted a six-month extension to eligible partnerships to file a superseding Form 1065, U.S. Return of Partnership Income, and furnish corresponding Schedules K-1, Partner’s Share of Income, Deductions, Credits. For a calendar year partnership, the deadline to file Form 1065 and corresponding Schedules K-1 was March 15, which has...

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100 Percent Bonus Depreciation Guidance for Certain Tax Years Allows Late Elections, Revocations

Bonus depreciation guidance that applies to property acquired after September 27, 2017, in a tax year that includes September 28, 2017, allows taxpayers to make a late election or revoke a prior valid election to:

  • elect out of 100 percent bonus depreciation;
  • elect 100 percent bonus depreciation on specified plants in the year of planting or...
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Duty Refund Opportunity on Chinese Imports

Trouble with China Tariffs? This Could Help.

Turbulence related to tariffs has become troublingly commonplace. In May of this year, the President announced that retaliatory tariffs on nearly $200 billion of Chinese exports under Section 301 of the Trade Act of 1974 would increase from 10 to 25 percent for tariff codes set forth on the...

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Top 10 Considerations for Customs Planning In 2019 & Beyond

A Roadmap for Understanding Total Tariff Liability

Since the announcement of additional tariffs on foreign steel and aluminum and many products of Chinese origin, trade tensions have dominated both executives’ planning agendas and news headlines. Many companies were caught off guard by the tariffs, as there hasn’t been a comparably turbulent...

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