Accounting & ASC 740
Treasury Provides Welcome Grace Period and Transition Relief from Repeal of the “338 Approach” to Recognition of Built-in Gains (but the clock is ticking)
On January 14, 2020, the IRS and Treasury provided partial relief from their earlier announcement of the repeal of a highly favorable method of increasing the Section 382 limitation on…
Read MoreProposed 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…
Read MoreIRS 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…
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