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15 Dec 2020, 8:00 am by Sophia Han
Earlier this year, the Chamber of Digital Commerce (the “Chamber”) submitted a comment letter to the IRS and the Department of Treasury to provide its views on potential forthcoming guidance on the reporting issue. [read post]
14 Dec 2020, 9:00 am by Eric Nyman
Treasury Department and Internal Revenue Service (IRS) released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. [read post]
11 Dec 2020, 9:05 pm by Hannah Pugh
” The IRS enforces the Treasury Department’s conservation easement qualification regulations by auditing taxpayers who claim deductions. [read post]
11 Dec 2020, 9:16 am by Ian J. Lynch
Congress, federal departments and American civil society have grown increasingly aggravated by Ankara’s aggressive foreign policy and domestic repression. [read post]
8 Dec 2020, 10:07 pm by anne
  So long as the Treasury (through FinCEN) or the Department of Justice recovers more than $1 million in sanctions, an award would be mandatory for a qualifying whistleblower. [read post]
7 Dec 2020, 1:35 am by Bright!Tax Writers
“Every year, under the law known as the Bank Secrecy Act, you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department. [read post]
4 Dec 2020, 10:20 am by Kevin Kaufman
The Treasury Department also reported in October that corporate tax refunds increased by about $5 billion for the fiscal year ending September 30th, which is well below pace based on what the Joint Committee on Taxation (JCT) estimated last spring. [read post]
2 Dec 2020, 2:00 pm by Gerry W. Beyer
On November 17, 2020, the Treasury Department and the IRS released their Priority Guidance Plan for the 12 months from July 2020 through June 2021. [read post]
24 Nov 2020, 2:18 pm by Kevin Kaufman
Beyond direct regulatory changes, a Biden Treasury Department and Internal Revenue Service (IRS) will also grapple with administering components of a potential economic relief bill early next year, in addition to ensuring that the upcoming tax season is run smoothly. [read post]
24 Nov 2020, 11:37 am by Vandenack Weaver LLC
With this Notice, the IRS described its intention to issue proposed regulations, in connection with the Treasury Department, which would allow a partnership or an S-corporation for tax purposes to deduct state and local taxes from their non-separately stated taxable income or loss for the tax year of payments. [read post]
20 Nov 2020, 5:00 am by Adam Thimmesch
The Department of Treasury and IRS repeated those conclusions this week with the issuance of both a Revenue Ruling and Revenue Procedure on point. [read post]
20 Nov 2020, 3:00 am by Jim Sedor
Once Biden controls the Treasury Department, his administration could simply hand over the records to its allies in Congress, who have been fighting in court to force Trump to turn them over. [read post]
18 Nov 2020, 7:54 am by Nonprofit Blogger
Yesterday the Department of the Treasury, the IRS, and the Chief Counsel's office released the 2020-2021 Priority Guidance Plan, listing the guidance projects that will be the focus of those offices' efforts from July 1, 2020 through June 30, 2021.... [read post]
15 Nov 2020, 11:23 pm by Bright!Tax Writers
Treasury Department publishes the names of individuals who renounced their U.S. citizenship or handed in a long-term green card. [read post]
11 Nov 2020, 9:16 am by Kevin Kaufman
In proposed regulations released this week, the Department of the Treasury and the Internal Revenue Service (IRS) have signaled their intention to bless one type of state workaround for the $10,000 State and Local Tax (SALT) deduction cap: entity-level taxes that allow owners of pass-through businesses to pay an additional state tax at the business level, with an offsetting credit against their individual income tax liability. [read post]
7 Nov 2020, 10:37 am by Gene Takagi
Department of the Treasury and the IRS, plus a variety of prominent West Coast tax lawyers. [read post]
4 Nov 2020, 1:27 pm by Amy Howe
It “lacks the ‘essential feature’ of any tax,” they argued: It doesn’t raise any money, no one pays the Treasury Department anything and the IRS doesn’t enforce it. [read post]
30 Oct 2020, 1:27 pm by Nichole M. Baer
Treasury Department and the SBA issued a new interim final rule that says that borrowers who took out $50,000 or less in PPP funds will have no reductions in their forgiveness based on either  reductions in full-time equivalent (“FTE”) employees or  reductions in employee salary or wages. [read post]
16 Oct 2020, 10:19 am by luiza
Smith “reconnected” with Treasury Secretary Steve Mnuchin, who oversees the IRS, participating in daily calls with Mnuchin during the roll out of the first coronavirus stimulus package in May and June. [read post]