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1 May 2020, 3:40 pm by Bijal Vira and Nirav Bhatt
 26 CFR § 1.1471-5(i)(2) states that, for federal tax income purposes, an “expanded affiliated group” is generally defined in accordance with the principles of the IRS Code to mean one or more chains of entities connected through ownership by a common parent entity. [read post]
30 Apr 2020, 9:59 am by John Elwood
It may be for the IRS what Sackett v. [read post]
17 Apr 2020, 8:51 am by John T. Bradford
  Per new section 172(b)(1)(D)(v)(II), for an NOL arising in tax year 2018 or 2019, this election must be made by the due date, including extensions, for filing the taxpayer’s federal income tax return for the first taxable year ending after March 27, 2020. [read post]
17 Apr 2020, 8:51 am by John T. Bradford
  Per new section 172(b)(1)(D)(v)(II), for an NOL arising in tax year 2018 or 2019, this election must be made by the due date, including extensions, for filing the taxpayer’s federal income tax return for the first taxable year ending after March 27, 2020. [read post]
14 Apr 2020, 6:00 am by Kevin Kaufman
The combination and interaction of various child tax benefits—including the CTC, Earned Income Tax Credit (EITC), and Child and Dependent Care Tax Credit (CDCTC)—results in complexity, vagueness, duplication, and inefficiency for filers and the Internal Revenue Service (IRS). [read post]
31 Mar 2020, 6:32 am by B. Blaze Taylor
Likewise, the IRS has for some time now taxed series as separate entities, and therefore does not view them as simply nothing more than subsidiary extensions or DBAs of a parent entity. [read post]