IRS Provides Procedures to Claim Fuel Credits


The IRS has provided a process for eligible taxpayers to make a one-time claim for the credits and payments allowed under Code Secs. 6426(c), 6426(d) and 6427(e) for biodiesel (including renewable diesel) mixtures and alternative fuel sold or used during calendar years 2018 and 2019. These credits had expired after 2017 but were...

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New IRS Annual Report Highlights Accomplishments

The IRS has released Publication 5382, "Internal Revenue Service Progress Update / Fiscal Year 2019—Putting Taxpayers First." This new annual report describes accomplishments across the agency and highlights the work of IRS employees during the past year. It covers a variety of taxpayer service efforts, including development of the...

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Qualified Opportunity Zone Investment Regulations Finalized

Proposed qualified opportunity zone regulations issued on October 29, 2018 (REG-115420-18) and May 1, 2019 (REG-120186-18) under Code Sec. 1400Z-2 have been finalized with modifications. The regulations, which were issued in a 550-page document, are comprehensive.

The regulations address issues related to all aspects of the gain deferral...

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Final Regulations on U.S. Payments to Foreign Persons


On January 2, 2020, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) published in the Federal Register final regulations that provide guidance on certain due diligence and reporting rules applicable to persons making certain U.S. source payments to foreign persons, and guidance on certain...

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Final Regulations on Calculation of UBTI Issued

The IRS has released final regulations that present guidance on how certain organizations that provide employee benefits must calculate unrelated business taxable income (UBTI) under Code Sec. 512(a).


Organizations that are otherwise exempt from tax under Code Sec. 501(a) are subject to tax on their unrelated business taxable...

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Taxation of Employees’ Personal Use of Company Vehicles Simplified

Personal use of a company vehicle generally results in taxable wages for the employee. But sorting out the amount to tax can be confusing. The following provides a high-level summary of the Internal Revenue Services’ (IRS) current rules for taxing employees for their personal use of a company vehicle.[1]The Tax Cuts and Jobs Act of 2017 (TCJA)...

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2020 Adjustments for Qualified Retirement Plans

The Internal Revenue Service (IRS) and the Social Security Administration (SSA) have each announced 2020 cost-of-living adjustments. The IRS adjustments increased annual compensation amounts and limits for elective deferrals as well as catch-up contribution limits for age 50+ employees, but other catch-up contribution limits remain...

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Partnerships Need to Disclose More Information to IRS

On September 30, 2019, the Internal Revenue Service (IRS) posted copies on its website of draft 2019 Form 1065 U.S. Partnership Return of Income, draft 2019 Form 1065 (Schedule K-1) Partner’s Share of Income Deductions, Credits, etc., draft 2019 Form 8865 Return of U.S. Persons With Respect to Certain Foreign Partnerships, and draft 2019...

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Final Regulations Clarify Employment Tax Treatment of Partners in Partnership That Owns Disregarded Entity

The IRS has released final regulations that clarify the employment tax treatment of partners in a partnership that owns a disregarded entity.

The Treasury Department and the IRS had issued the temporary regulations ( T.D. 9766) to clarify that the rule that a disregarded entity is treated as a corporation for employment tax purposes does not...

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Trump Signs Bipartisan IRS Reform Legislation Into Law

On July 1, President Trump signed into law a sweeping, bipartisan IRS reform bill called the Taxpayer First Act ( P.L. 116-25). This legislation aims to broadly redesign the IRS for the first time in over 20 years.

Reworked IRS Reform Bill

The Senate approved the Taxpayer First Act by voice vote on June 13. The measure was unanimously...

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