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Internal Revenue Service, Tax
Raimee Gordon | 6.12.2018

IRS releases guidance to taxpayers for changing accounting methods to conform to financial accounting revenue recognition standards

On May 10, 2018, the IRS released Revenue Procedure 2018-29 (hereinafter Rev. Proc. 2018-29) to provide new, automatic procedures for taxpayers changing

Higher Education, Internal Revenue Service, Not-for-Profit, Tax
Elena Faurie | 5.24.2018

New Revenue Procedure for Contributors Making Donation to Tax-Exempt Organizations

New Revenue Procedure 2018-32 modifies, consolidates and supersedes Rev. Proc. 81-6, Rev Proc. 81-7, Rev. Proc. 89-23 and Rev. Proc. 2011-33 in providing

Internal Revenue Service, Tax, Tax Reform
Michael Leopold | 5.17.2018

IRS-Issued Guidance on Blended Corporate Tax Rates

With the new tax law in effect on January 1, 2018, and many corporations having fiscal year-ends that differ from a calendar (December 31) year-end, the

Internal Revenue Service, Tax, Tax Reform
Schneider Downs Professional | 5.17.2018

IRS Intends to Issue Proposed Regulations Regarding the Limit for the Deduction of Business Interest

On April 2, 2018, the Internal Revenue Service ("IRS') issued Notice 2018-28 announcing its intent to issue proposed regulations addressing the

Internal Revenue Service, Tax, Tax Reform
Kirk Mitchell | 4.5.2018

A Tax Cut and Jobs Act Call for Guidance on Implementing the 20% Qualified Business Income Deduction

The Tax Cuts and Jobs Act (the Act), enacted December 22, 2017, provided many taxpayer-friendly benefits, including a 20% deduction against flow-through

Internal Revenue Service, International, Tax
Michael Leopold | 3.29.2018

Increased Penalties for Failure to File an FBAR to Report Foreign Financial Assets

The Financial Crimes Enforcement Network (FinCEN) recently announced inflation-adjusted penalties for failure by U.S. persons to file a Report of Foreign

Internal Revenue Service, Tax, Tax Reform
Kirk Mitchell | 3.29.2018

Tax Provisions Included in Federal Spending Bill

On Friday March 23, Congress passed the Consolidated Appropriations Act, 2018, H.R. 1625 (the Act), a $1.3 trillion spending bill designed to keep the

Internal Revenue Service, Tax
| 3.15.2018

One-Time Fuel Credit Claims Begin April 2 for 180 Days

The IRS recently released Notice 2018-21 that provides, among other things, guidance to taxpayers regarding the Biodiesel Mixture Credit, the Alternative

Internal Revenue Service, Tax, Tax Reform
| 3.15.2018

IRS Reacts To Perceived Loopholes Under The Tax Cuts and Jobs Act

Taxpayers attempting to take advantage of perceived loopholes in the Tax Cuts and Jobs Act ("TCJA"),beware: the IRS has been quick to respond

Internal Revenue Service, Tax
Gene Logan | 3.1.2018

Internal Revenue Service Seeking Comments on Proposed Changes to Donor Advised Funds

On December 4, 2017, the Internal Revenue Service (IRS) issued Notice 2017-73, wherein the agency describes the approaches it’s considering in addressing

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