News
Proposed Regulations Deny the Deductibility of Certain Fines, Penalties, and Other Amounts Under Section 162(f), and Impose Reporting Requirements
The IRS and Treasury released proposed regulations that offer guidance concerning the recent expansion of the limitations on deducting certain fines, penalties, and other amounts under Section 162(f) of the Internal Revenue Code (IRC). The proposed regulations will affect taxpayers that have fines, penalties, or other amounts paid to or at the direction of governments,…
Washington, Clackamas, and Multnomah Counties Pass 1% Tax on High-Wealth Individuals and Large Businesses to Fund Housing to Reduce Homelessness
On May 19, 2020, voters in Washington, Clackamas, and Multnomah counties approved Measure 26-210, which funds services, including health care, case management, job training, and rent assistance, for people experiencing or facing homelessness. These services will be funded by a marginal 1% tax on households (both residents and nonresidents earning income within the district) with…
IRS Issues Flexible Guidance on QIP, bonus depreciation and other favorable elections under CARES Act
On April 17, 2020, the IRS released Revenue Procedure 2020-25 (the “Rev Proc”), which provides guidance to enable taxpayers to accelerate their cost recovery of qualified improvement property (QIP). This guidance comes in response to Congress’ enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes a technical correction to the recovery…
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