IRS to Propose Rules on Transfers Made to Avoid New SALT Deduction Limit
The IRS has announced that it intends to issue proposed regulations regarding the federal tax treatment of payments made by individuals to funds controlled by state and local governments in exchange f...

Participation Dividends Received Deduction Clarified for Certain 1120 Filers
The IRS has published on its website specific details for reporting the participation dividends received deduction (DRD) under Code Sec. 245Afor certain Form 1120 series filers. The participation...

Change of Accounting Method Procedures Updated
The IRS has released the list of specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and superse...

Customer Contract Revenue Accounting Method Change Provided
The IRS has provided an automatic consent procedure for taxpayers to change to an accounting method that uses new standards issued by the Financial Accounting Standards Board (FASB) and the Internatio...

Safe Harbors for Determining Built-In Gain, Loss for Corporate Ownership Changes Modified
The IRS modified the safe harbor approaches for determining recognized built-in gain (RBIG) and recognized built-in loss (RBIL) under Notice 2003-65, 2003-2 CB 747, for corporate reorganizations ...

2018 Inflation Limit for HDHP Family Coverage Changed Back
The IRS has modified the annual limit on deductions for contributions to Health Savings Accounts (HSAs) allowed for individuals with family coverage under a high deductible health plan (HDHP) for cale...

Exception to U.S. Property of CFCs Modified
The Treasury Department and the IRS intend to publish regulations that will provide an exception from the definition of U.S. property under Code Sec. 956 for certain obligations of a United ...

Procedures on Charitable Deductions and Exempt Status Combined and Updated
The IRS has issued procedural guidance regarding charitable deductions and reliance on exempt status that simultaneously combines four existing procedural rulings and updates them for recent changes. ...

MI - Passive holding company not subject to Detroit income tax
The city of Detroit, Michigan, could not require a passive holding company to pay the city’s income tax. The company did not have the requisite nexus with the city for the city to assess the tax...