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TaxNewsFlash-United States — KPMG's reports of tax developments in the United States

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TaxNewsFlash-United States

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February 2021

Feb 26 - KPMG report: Outlook for what’s ahead for energy tax incentives

Feb 26 - Notice 2021-18: Housing expense limit adjustments, foreign locations for 2021

Feb 25 - IRS focus on improper refund claims relating to domestic production activities deduction

Feb 25 - IRS practice unit: Section 263A computation for producers

Feb 25 - IRS provides tax relief for taxpayers affected by winter storms in Oklahoma

Feb 24 - U.S. Tax Court: Credit card “reward dollars” held taxable income

Feb 22 - IRS provides relief for taxpayers affected by winter storms in Texas

Feb 22 - KPMG reports: Illinois (proposed corporate tax measures); New York State (sales tax, assets acquired under purchase agreement); Pennsylvania (retailer voluntary compliance); Utah (GILTI and FDII)

Feb 19 - IRS announces waiver of dyed fuel penalty in Texas

Feb 19 - Grants for “Shuttered Venue Operators” not available if venue operators filed PPP applications

Feb 18 - IRS allows fax transmission of Form 8023 for section 338 elections by corporations making qualified stock purchases (COVID-19)

Feb 18 - Notice 2021-15: Relief for health FSAs and dependent care assistance programs under “cafeteria plans” (COVID-19)

Feb 18 - Delaware: Unclaimed property, voluntary disclosure program schedule for 2021

Feb 15 - Maryland: Tax on digital advertising services is enacted

Feb 15 - KPMG reports: Alabama (corporate tax); Louisiana (franchise tax); Maryland (taxation of digital products); New York (rental equipment, sales tax)

Feb 15 - IRS practice unit: Interest capitalization for self-constructed assets

Feb 11 - U.S. Tax Court: Research tax credit disallowed

Feb 9 - IRS practice unit: Last in-first out (LIFO) records

Feb 8 - New IRS form for self-employed individuals to claim sick and family leave tax credits (COVID-19)

Feb 8 - KPMG reports: California (medical ultrasound services); Illinois (marketplace facilitators); Oregon (Portland “homeless” tax); Multistate (CEO compensation, excise tax proposals)

Feb 4 - Rev. Proc. 2021-15: Safe harbor, educators deducting out-of-pocket expenses for protective items (COVID-19)

Feb 1 - Announcement 2021-2: Lenders to correct Forms 1099-MISC if previously reported loan payments as income

Feb 1 - Updated FAQs on PPP loans; guidance about “second draw” PPP loans

Feb 1- IRS adds two compliance campaigns (LB&I division)

Feb 1 - KPMG report: Employer-provided student loan repayments, tax-free benefits

Feb 1 - KPMG reports: Like-kind exchange regulations reflect requested changes, retain incidental property rule

Feb 1 - KPMG report: States proposing taxation of online ads, personal data, social media companies (CT, IN, NY, OR, WA)

Feb 1 - KPMG reports: California (tax referendums); Chicago (amusement and lease taxes); New Jersey (combined group); New York State (digital advertising)

January 2021

Jan 29 - IRS provides recordkeeping relief; increased deduction limits for corporate cash contributions for disaster relief

Jan 29 - TTB reminder, federal excise tax return filing dates for 2021

Jan 28 - IRS guidance (updated FAQs), tax credits for small and midsize employers providing paid leave (COVID-19)

Jan 25 - IRS establishes contact-free signature options for power of attorney, authorization forms

Jan 25 - U.S. Tax Court: Early distribution 10% extraction is a tax, not a penalty requiring written supervisory approval

Jan 25 - KPMG report: Review of compensation and benefits-related tax provisions in Consolidated Appropriations Act, 2021

Jan 25 - KPMG reports: Colorado (decoupling measure); Idaho (nonbusiness income); Louisiana (sales tax exemption); New York (online services)

Jan 21 - U.S. Tax Court: Deductions and credits disallowed, foreign corporation did not file tax returns until after notice of deficiency

Jan 21 - Biden Administration imposes temporary freeze on regulations

Jan 20 - KPMG report: COVID relief extended for qualified opportunity funds and investors

Jan 20 - Notice 2021-10: Additional relief for qualified opportunity zones and investors (COVID-19)

Jan 20 - Notice 2021-13: Penalty relief for partnerships, information reporting of partners’ beginning capital account balances for 2020

Jan 19 - KPMG report: Full deduction for business meals provided by a restaurant

Jan 19 - Notice 2021-6: Information returns and payee statements waived regarding PPP, other relief programs (COVID-19)

Jan 19 - Notice 2021-8: Relief from addition to tax, underpayment of individuals’ estimated income tax (COVID-19)

Jan 19 - Notice 2021-11: Employee payroll tax deferral, further postponed (COVID-19)

Jan 19 - PLR: REIT’s distributive share of management fee income disregarded under gross income tests

Jan 19 - Texas: Revised rule for sourcing receipts, revised apportionment regulation

Jan 19 - KPMG reports: Alaska (refund claim); Minnesota (audit notice delivery); New Jersey (combined group); Tennessee (marketplace facilitator)

Jan 19 - KPMG report: Final regulations under section 163(j), limitation on deductions for certain business interest expenses

Jan 15 - KPMG report: Final and proposed regulations, passive foreign investment company (PFIC) rules

Jan 15 - KPMG report: Final regulations on carbon oxide sequestration credit

Jan 15 - KPMG report: Final regulations on “carried interest” under section 1061

Jan 15 - Rev. Rul. 2021-3: Covered compensation tables for 2021 plan year

Jan 15 - Notice 2021-12: Extended temporary relief, low-income housing credit under section 42 (COVID-19)

Jan 15 - Final regulations released to Federal Register: Excise tax for excess remuneration and excess parachute payment

Jan 14 - President-elect Biden announces “American Rescue Plan”—includes tax components

Jan 14 - U.S. findings from investigations of digital services taxes in Austria, Spain, United Kingdom

Jan 14 - Final regulations released to Federal Register: Air transportation excise taxes

Jan 14 - Final regulations released to Federal Register: Denial of deductions for fines, penalties

Jan 14 - Rev. Proc. 2021-12: Extension of safe harbors; loan forbearance, mortgage loans, lease arrangements of certain trusts (COVID-19)

Jan 14 - Final and proposed regulations: Passive foreign investment company (PFIC) rules (text of regulations)

Jan 14 - Final regulations: Domestic production activities deduction for agricultural, horticultural cooperatives (text of regulations)

Jan 14 - Rev. Proc. 2021-11: Methods for calculating W-2 wages for section 199A(g) by agricultural and horticultural cooperatives

Jan 13 - Final regulations released to Federal Register: Limiting business interest expense deductions under section 163(j)

Jan 13 - Final regulations released to Federal Register: “Carried interest” provision under section 1061

Jan 13 - Final regulations released to Federal Register: Credit for carbon oxide sequestration under section 45Q

Jan 13 - Final regulations: Employer shared-responsibility provisions, health reimbursement arrangements (text of regulations)

Jan 13 - KPMG report: Final section 4960 regulations on excise tax for excess remuneration and excess parachute payment for applicable tax-exempt organizations

Jan 12 - Final regulations: Denial of deductions for fines, penalties (text of regulations)

Jan 11 - Final regulations: Air transportation excise taxes (text of regulations)

Jan 11 - Final regulations: Excise tax on excess compensation, parachute payments made by tax-exempt organizations (text of regulations)

Jan 11 - Final regulations on denial of deductions for fines, penalties; OIRA review completed

Jan 11 - Proposed regulations: Mandatory 60-day postponement of tax deadlines, federally declared disasters

Jan 11 - Delaware: NOL limitation violates state’s Uniformity Clause; possible refund opportunities

Jan 11 - KPMG reports: Louisiana (apportionment); Maryland (extended deadlines); Missouri (sales tax on rentals); Nevada (tax amnesty); Oregon (sales factor)

Jan 8 - Section 4611(b) excise tax on domestic crude oil exports violates Export Clause (federal district court)

Jan 8 - TTB release: Craft beverage measures effective January 2021

Jan 7 - Final regulations on “carried interest” provision under section 1061 (text of regulations)

Jan 7 - Additional customs duties on imports from France suspended, digital services tax investigation

Jan 7 - U.S. findings from investigations of digital services taxes in India, Italy, Turkey

Jan 6 - Final regulations: Credit for carbon oxide sequestration under section 45Q (text of regulations)

Jan 6 - Rev. Rul. 2021-2: Deduction of eligible expenses allowable, PPP loan forgiveness

Jan 6 - KPMG report: Final regulations on changes to income recognition rules; initial impressions

Jan 6 - Final regulations on “carried interest” provision under section 1061; OIRA review completed

Jan 5 - Final regulations on limiting business interest expense deductions under section 163(j) (text of regulations)

Jan 5 - Final regulations released to Federal Register: Rollover rules for qualified plan loan offset amounts

Jan 5 - Final regulations pending OIRA review: Excise tax on tax-exempt organization compensation

Jan 5 - IRS practice unit: Qualified dividends and capital gains rate differential adjustments

Jan 5 - IRS releases annual revenue procedures for 2021

Jan 5 - Rev. Proc. 2021-10: Process for appealing adverse bond determinations, arbitrage rebate claim denials

Jan 5 - Additional U.S. customs duties effective January 6, 2021; response to French digital services tax

Jan 4 - Notice 2021-7: Temporary relief to value personal use of employer-provided automobile (COVID-19)

Jan 1 - Notice 2021-5: Extended continuity safe harbor, renewable energy projects offshore or on federal land

Jan 1 - Credit for carbon oxide sequestration (section 45Q), OIRA review completed

2020 Articles

December 2020

Dec 31 - Final regulations on limiting business interest expense deductions under section 163(j), OIRA review completed

Dec 31 - Final regulations released to Federal Register: Simplified accounting for small businesses, long-term contracts

Dec 30 - KPMG report: Favorable tax provisions for renewable energy industry enacted

Dec 30 - Final regulations released to Federal Register: Revenue recognition and timing of income inclusion under section 451

Dec 29 - Proposed regulations: Process, user fee for estate tax closing letter

Dec 29 - Rev. Proc. 2021-9: Residential living facility safe harbor election under section 163(j)

Dec 29 - TTB announcement: Permanent reduction of excise tax rates for beer and spirits, tax credits for wine

Dec 29 - KPMG report: Accounting and reporting implications of the CARES Act (updated for December 2020 legislation)

Dec 28 - Final regulations released to Federal Register: Section 162(m) deduction limitation on executive compensation

Dec 28 - Final regulations pending OIRA review: “Carried interest” provision under section 1061 

Dec 28 - Final regulations pending OIRA review: Credit for carbon oxide sequestration (section 45Q)

Dec 28 - KPMG report: President signs year-end funding, COVID-19 relief legislation; tax provisions are enacted

Dec 23 - Final regulations: Simplified accounting for small businesses, long-term contracts (text of regulations)

Dec 23 - KPMG report: State, local tax changes (year-end checklist and fourth quarter 2020)

Dec 22 - Notice 2021-2: Standard mileage rates for 2021

Dec 22 - Notice 2021-3: Extension of relief allowing retirement plan elections, spousal consents to be signed remotely (COVID-19)

Dec 22 - Notice 2021-4: Extension of temporary dyed fuel tax relief, Wisconsin terminals

Dec 22 - KPMG report: Compensation and benefit-related tax provisions in year-end funding and COVID relief legislation

Dec 22 - KPMG report: Year-end funding and COVID relief legislation; charitable giving provisions extended, expanded

Dec 21 - Final regulations: Revenue recognition and timing of income inclusion under section 451 (text of regulations)

Dec 21 - KPMG report: Final regulations, section 162(m) deduction limitation on executive compensation

Dec 21 - Final regulations pending OIRA review: Domestic production activities deduction for agricultural, horticultural cooperatives

Dec 21 - PLR: REIT preferential dividends

Dec 21 - IRS practice units: Determining liability allocations; recourse vs. nonrecourse liabilities

Dec 21 - KPMG reports: Louisiana (inventory tax credit); Massachusetts (accelerated sales tax payment dates); New Jersey (corporation business tax); South Carolina (sales tax, final purchasers)

Dec 18 - Final regulations: Deduction for employee remuneration in excess of $1 million (text of regulations)

Dec 18 - Final regulations: Misdirected direct-deposit refunds

Dec 18 - TTB guidance, extended tax-free withdrawal of distilled spirits for hand sanitizers (COVID-19)

Dec 17 - Final regulations pending OIRA review: Business interest expense deduction limitation under section 163(j)

Dec 16 - KPMG report: SEC comments on accounting for income taxes

Dec 15 - Final regulations released to Federal Register: Parking deduction limitations under section 274

Dec 15 - Final regulations pending OIRA review: Denial of deduction for fines, penalties

Dec 14 - Notice 2020-88: Reallocations of section 48A credits under qualifying advanced coal project program

Dec 14 - Final regulations under section 451(b), OIRA review completed

Dec 14 - IRS provides tax relief for taxpayers affected by Hurricane Zeta (Alabama, Louisiana, Mississippi)

Dec 14 - KPMG reports: Arizona (transaction privilege tax, license renewals); California (property tax, transfers between legal entities); Indiana (software, sales tax); New York (taxable storage services)

Dec 11 - Final regulations: Grandfathered group health plans, health insurance coverage

Dec 11 - FBAR filings: Deadline extended, again, for individuals with signature authority

Dec 11 - Notice 2020-78: Work opportunity tax credit (WOTC) transition relief

Dec 11 - TTB reminder: Due date for tax returns, payments for alcohol industry annual filers

Dec 10 - KPMG report: Final regulations addressing parking deduction limitations under section 274

Dec 10 - Final regulations released to Federal Register: Source of income for certain sales of personal property, inventory

Dec 10 - Updated FAQs on PPP loans; questionnaires to verify loan eligibility and forgiveness

Dec 9 - Final regulations: Qualified transportation and commuting expenses under section 274 (text of regulations)

Dec 9 - IRS contacts taxpayers about qualified opportunity fund requirements

Dec 9 - Notice 2020-86: Q&A guidance on safe harbor retirement plans

Dec 9 - Relief for taxpayers affected by September 2020 storm and flooding (Puerto Rico)

Dec 7 - Final regulations: Rollover rules for qualified plan loan offset amounts (text of regulations)

Dec 7 - KPMG report: Accounting for income taxes, considerations of attribute reduction on emergence from bankruptcy

Dec 7 - KPMG reports: Arizona (individual income surtax); Chicago (cloud services and computer software); West Virginia (sales tax exemption, equipment); Multistate (internet sales)

Dec 4 - Final and proposed passive foreign investment company (PFIC) regulations (text of regulations)

Dec 4 - IRS practice units: Modified simplified production method; costs for UNICAP purposes

Dec 3 - IRS reminder: Employers must file Forms W-2, other wage statements and provide Forms 1099-NEC by February 1, 2021

Dec 3 - Rev. Rul. 2020-28: Interest rates, tax overpayments and underpayments (first quarter 2021)

Dec 2 - KPMG report: Final regulations under section 1031, like-kind exchanges

Dec 2 - IRS to conceal sensitive taxpayer data on business tax transcripts

Dec 1 - Tier 2 tax rates for railroads, no changes for 2021

November 2020

Nov 30 - Final regulations released to Federal Register: Like-kind exchanges

Nov 30 - KPMG report: IRS partnership enforcement ramps up

Nov 27 - Final regulations: Personal exemption at zero, implications for health plan premium tax credit

Nov 27 - Final regulations released to Federal Register: Withholding obligations incident to transfers of interests by foreign partners 

Nov 27 - Final regulations released to Federal Register: Coordinating section 245A and section 951A

Nov 24 - Notice 2020-84: Self-insured health insurance annual fee

Nov 24 - KPMG report: Analysis of final and proposed foreign tax credit regulations

Nov 24 - KPMG report: Final regulations under sections 245A and 954(c)(6) and correcting amendments

Nov 23 - Janet Yellen to be U.S. Treasury Secretary

Nov 23 - Final regulations: Like-kind exchanges (text of regulations)

Nov 23 - Regulations on exception from passive income for foreign insurance companies; OIRA review completed

Nov 23 - KPMG report: Personal tax planning guide for 2021

Nov 23 - KPMG reports: California (wireless service); Massachusetts (sales tax remittances); Massachusetts (non-resident S corporation); Nebraska (GILTI and FDII)

Nov 20 - Final regulations: Coordinating section 245A “extraordinary disposition rule” with section 951A “disqualified basis rule” (text of regulations)

Nov 20 - Proposed regulations: Special enforcement matters, centralized partnership audit regime

Nov 20 - Notice 2020-83: Required amendments list (2020) for qualified retirement plans and 403(b) plans

Nov 20 - PLR: Income received by REIT from leasing of advertising signs affixed to buildings

Nov 19 - Final regulations on like-kind exchanges, OIRA review completed

Nov 19 - IRS Priority Guidance Plan for 2020-2021

Nov 19 - IRS offers clarifications in FAQs addressing interaction of ERC and PPP loans in acquisitions

Nov 19 - Rev. Proc. 2020-51: Safe harbor for claiming deductions by taxpayers that received PPP loans

Nov 19 - Rev. Rul. 2020-27: No deduction of eligible expenses for 2020 if reasonable expectation of PPP loan forgiveness

Nov 18 - U.S. Tax Court: Transfer pricing adjustments, deficiencies upheld

Nov 18 - KPMG report: HMRC proposals may solve many U.K. and U.S. hybridity problems

Nov 18 - Final regulations: ABLE accounts under section 529A

Nov 18 - Regulations pending OIRA review: Final regulations under section 451(b)

Nov 16 - IRS updates FAQs on employee retention credit, interaction with PPP relief (COVID-19)

Nov 16 - Notice 2020-82: Contributions to defined benefit plans, extended due date (COVID-19)

Nov 16 - KPMG report: IRS to respect deduction for elective passthrough entity taxes of various states

Nov 16 - KPMG reports: New York State (digital advertising receipts); Texas (apportionment); Virginia (industrial manufacturing exemption)

Nov 13 - IRS request for comments, Regulations that can be rescinded, modified or waived to assist taxpayers with economic recovery (COVID-19)

Nov 12 - California: San Francisco business tax overhaul measure (and others) approved by voters

Nov 12 - KPMG report: Year-end tariff mitigation and customs valuation compliance strategies

Nov 11 - KPMG report: Election results; preliminary observations regarding effect on future tax agenda

Nov 10 - IRS reminder: QI / WP / WT application deadline, November 24, 2020

Nov 9 - Notice 2020-75: Future regulations, deductibility of payments by partnerships and S corporations for state and local income taxes

Nov 9 - KPMG report: Election results, state and local tax measures

Nov 9 - KPMG report: Modifications to LIBOR-related contracts

Nov 9 - KPMG report: New proposed regulations on average income test

Nov 9 - KPMG reports: Louisiana (sales tax holiday); Tennessee (franchise tax); Washington State (B&O tax nexus)

Nov 6 - Rev. Proc. 2020-50: Additional first year depreciation deduction; late elections allowed, or elections may be revoked

Nov 5 - Final regulations released to Federal Register: Additional first year depreciation deduction under section 168(k)

Nov 5 - Final regulations: Updated life expectancy, distribution period tables for retirement plans (text of regulations)

Nov 5 - Regulations released to Federal Register: Section 864(c)(8) treatment, sale of U.S. trade or business partnership interests on look-through basis

Nov 5 - Rev. Rul. 2020-23, Notice 2020-80: Distributions from terminating section 403(b) plans

Nov 5 - New Jersey: Combined group dividend exclusion, the “fix” is released

Nov 5 IRS updates FAQs for QI / WP / WT

Nov 4 - KPMG report: Year-end deadline to remove mandatory section 162(m) delay provisions in deferred compensation arrangements

Nov 4 - Rev. Proc. 2020-48: Insurance companies, unpaid loss discount factors for 2020 accident year

Nov 4 - Rev. Proc. 2020-49: Extended relief regarding tax-exempt bonds (COVID-19)

Nov 3 - Final rule on public disclosure of health plan and health insurance coverage information

Nov 2 - Final and proposed regulations released to Federal Register: Foreign tax credit (text of regulations)

Nov 2 - KPMG report: Correcting amendments to final regulations, FDII and GILTI (updated November 2, 2020)

Nov 2 - Interim final rule: Accessibility to COVID-19 vaccine for individuals in the United States

Nov 2 - KPMG report: Special considerations for late year like-kind exchanges

Nov 2 - KPMG reports: California (property tax); Indiana (throw-back rule); New Mexico (refund claims); South Carolina (investment tax credit)

October 2020

Oct 30 - KPMG report: Correcting amendments to final regulations, FDII and GILTI

Oct 29 - Proposed regulations: Low-income housing credit, average income test

Oct 29 - Final regulations pending OIRA review: Like-kind exchanges

Oct 26 - Rev. Proc. 2020-45: Inflation adjustments for 2021, individual taxpayers

Oct 26 - Notice 2020-79: Pension plans, cost-of-living adjustments for 2021

Oct 26 - KPMG reports: Louisiana (nexus); New Jersey (corporation business tax)

Oct 26 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19) (updated October 26)

Oct 23 - District of Columbia: Legislation delaying combined reporting deduction, eliminating UBT liquidation exception

Oct 23 - Final regulations released to Federal Register: Consolidated NOLs

Oct 22 - KPMG report: Tax proposals (FAQs) of Biden and Trump campaigns

Oct 22 - IRS releases draft version of Form 1065 instructions, partner tax basis capital reporting

Oct 22 - KPMG report: Comments regarding Rev. Proc. 94-69 and disclosure of change in tax position by large corporate taxpayers after exam is opened

Oct 22 - IRS provides temporary procedures allowing fax of material advisor disclosure statement (COVID-19)

Oct 22 - Regulations pending OIRA review: Exception from passive income for foreign insurance companies

Oct 21 - KPMG report: Final regulations on consolidated NOLs, inclusive of insurance company regulations

Oct 20 - Announcement 2020-40: Termination of United States-Hong Kong shipping agreement; effective January 1, 2021

Oct 19 - FBAR filing extensions clarified; FBAR for 2019 deemed timely if filed by October 31, 2020

Oct 19 - Final regulations released to Federal Register: Eligible terminated S corporations

Oct 19 - IRS field advice memo: Transfer of intangible assets by partners to partnerships intended to shift pre-contribution gain to foreign partners

Oct 19 - Rev. Proc. 2020-46: Waiver of 60-day rollover requirement for retirement plans, IRAs; updated conditions

Oct 19 - Rev. Rul. 2020-24: Withholding and reporting requirements; payments from qualified plans to state’s unclaimed property funds

Oct 19 - Tax relief for taxpayers in California affected by wildfires

Oct 19 - Tax relief for taxpayers in Louisiana affected by Hurricane Delta

Oct 19 - Update on France’s digital services tax; collection expected in December 2020

Oct 19 - KPMG report: IRS compliance campaign spotlights deduction of success-based fees

Oct 19 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19) (updated October 19)

Oct 19 - KPMG reports: Los Angeles (tax amnesty); Tennessee (financial institution exception); Vermont (sale of FCC licenses)

Oct 16 - Final regulations released to Federal Register: Deductions allowed estates, non-grantor trusts

Oct 16 - Rev. Proc. 2020-43: Maximum amount allowed to be newly made available for “excepted benefit” HRAs for 2021

Oct 15 - KPMG report: Initial impressions of final regulations, withholding and reporting obligations on dispositions of certain partnership interests

Oct 13 - Final regulations: Consolidated NOLs (text of regulations released by IRS)

Oct 12 - KPMG report: Summary and initial analysis of Pillar One Blueprint

Oct 12 - KPMG report: Summary and initial analysis of Pillar Two Blueprint

Oct 12 - KPMG report: Treasury responds to insurance comments in proposed and final regulations on foreign tax credit

Oct 12 - KPMG reports: Arizona (sourcing rules); Massachusetts (corporate excise tax); New York City (lease termination fee); Vermont (marketplace facilitators)

Oct 12 - Final regulations on consolidated NOLs, OIRA review completed

Oct 12 - Rev. Proc. 2020-44: Interim guidance, transition from LIBOR and IBOR to alternative reference rates

Oct 9 - Final regulations released to Federal Register: Computing and reporting life insurance reserves

Oct 9 - Final regulations: “Qualifying relative” and personal exemption amount clarified

Oct 9 - IRS Chief Counsel memo: Fraud penalty in TEFRA syndicated conservation easement cases 

Oct 9 - LB&I Focus Guide for FY 2021

Oct 9 - TTB reminder: Alcohol industry, third quarter excise tax returns due October 14

Oct 9 - U.S. Treasury, quarterly list of countries cooperating with international boycott (possible future change)

Oct 8 - Final regulations released to Federal Register: BEAT provisions under section 59A

Oct 8 - FAQs to allow fax submission of paper copy of Form 8886 (reportable transaction disclosures)

Oct 8 - Updated FAQs on PPP loans; extension of deferral period (COVID-19)

Oct 8 - KPMG report: State and local tax, technology-related guidance (table, third quarter 2020)

Oct 7 - Final regulations: Withholding obligations incident to transfers of interests by foreign partners (text of regulations)

Oct 6 - FBAR filing deadline; relief for persons affected by recent natural disasters

Oct 6 - KPMG report: IRS expanded enforcement focus on abusive micro-captive insurance companies

Oct 6 - New IRS compliance campaign on nonresident alien rental income from U.S. property (LB&I division)

Oct 5 - KPMG report: Initial impressions of final and proposed foreign tax credit regulations

Oct 5 - KPMG report: Final regulations on source of income for certain sales of personal property, including inventory

Oct 5 - KPMG report: Practical guide to tax credit ordering and usage rules

Oct 5 - KPMG reports: California (market-based sourcing rules); Hawaii (economic nexus); New Jersey (tax rate increases); South Carolina (business license taxes)

Oct 5 - Tax relief for taxpayers in Florida affected by Hurricane Sally

Oct 5 - Final regulations released to Federal Register: Federal income tax withholding from employees’ wages 

Oct 2 - Notice 2020-76: Relief for health coverage information reporting (now due March 2, 2021)

Oct 2 - Final regulations released to Federal Register: Deductibility of meal and entertainment expenses

Oct 2 - KPMG report: Final regulations on deductibility of meal and entertainment expenses (initial impressions)

Oct 2 - Rev. Rul. 2020-21: Fringe benefit aircraft valuations, second half 2020

Oct 1 - Final regulations: Guidance concerning ABLE accounts (text of final regulations)

Oct 1 - Final regulations: Federal income tax withholding from employees’ wages

Oct 1 - Notice 2020-70: Electronic filing of Form 1040-NR allowed in certain instances

Oct 1 - IRS expands enforcement focus on abusive micro-captive insurance schemes

Oct 1 - IRS practice unit, cost-sharing arrangements with stock-based compensation

Oct 1 - Ohio: State’s Supreme Court holds for taxpayer in CAT sourcing dispute

September 2020

Sep 30 - Final regulations: Deductibility of meal and entertainment expenses (text of regulations)

Sep 29 - Final and proposed regulations: Foreign tax credit (text of regulations)

Sep 29 - Final regulations: Source of income for certain sales of personal property, inventory (text of regulations)

Sep 29 - New IRS compliance campaign on consolidated NOL carryovers (LB&I division)

Sep 28 - Final regulations: Income tax withholding, periodic retirement and annuity payments

Sep 28 - KPMG report: Trump campaign’s tax proposals (FAQs)

Sep 28 - KPMG report: Accounting for income taxes considerations of final regulations

Sep 28 - KPMG report: State, local tax changes (third quarter 2020, table format)

Sep 28 - KPMG reports: Arkansas (online travel company); Colorado (software services); Colorado (combined group); District of Columbia (tech companies)

Sep 24 - Tax relief for taxpayers in Alabama affected by Hurricane Sally

Sep 23 - Final regulations pending OIRA review: Consolidated NOLs

Sep 22 - Announcement 2020-12: No information reporting by lenders, PPP loans forgiven under CARES Act (COVID-19)

Sep 22 - KPMG report: Initial impressions of final and proposed regulations, relief concerning repeal of section 958(b)(4)

Sep 22 - Final and proposed regulations on foreign tax credit; OIRA review completed

Sep 22 - Notice 2020-74: More time for drought-affected farmers, ranchers to replace livestock

Sep 22 - Treasury announces New Markets Tax Credit (NMTC) allocations for 2020, increased to $5 billion

Sep 22 - IRS updated FAQs for QIs / WPs / WTs

Sep 21 - Final and temporary regulations: Section 864(c)(8) and tax treatment on sale of U.S. trade or business partnership interests on a look-through basis (text of regulations)

Sep 21 - Final and proposed regulations: Relief provided concerning repeal of section 958(b)(4) (text of regulations)

Sep 21 - Final regulations: Additional first year depreciation deduction under section 168(k) (text of regulations)

Sep 21 - Final regulations: Deductions allowed estates, non-grantor trusts

Sep 21 - KPMG report: Remote seller, marketplace facilitator update (Colorado, Illinois, Mississippi, Tennessee)

Sep 21 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19) (updated September 21)

Sep 21 - KPMG reports: Oregon (motor vehicle use tax); Pennsylvania (corporate economic nexus)

Sep 18 - KPMG report: Biden’s tax proposals (FAQs, updated September 18)

Sep 18 - IRS provides FAQs on “Bridge phase” under Compliance Assurance Process (CAP)

Sep 18 - IRS practice unit: Overall foreign and domestic losses

Sep 17 - Notice 2020-73: Deferred applicability dates for foreign currency guidance under section 987 (income, currency gain or loss of “qualified business unit”)

Sep 17 - Final regulations on additional first-year depreciation under section 168(k), OIRA review completed

Sep 17 - IRS adds four compliance campaigns (LB&I division)

Sep 17 - Tax relief for taxpayers affected by Oregon wildfires

Sep 16 - IRS release on expedited request for letter rulings (COVID-19)

Sep 16 - LB&I directive allows examiners to accept R&D expenses as reported on taxpayer financial statements

Sep 16 - Final regulations: Rehabilitation credit and rules coordinating with other credits, released to Federal Register

Sep 16 - Treasury’s CDFI Fund to consider NMTC requests for reporting extensions (COVID-19)

Sep 15 - Final regulations: Eligible terminated S corporations

Sep 15 - Final regulations: Rehabilitation credit and rules coordinating with other credits (text of regulations)

Sep 15 - IRS practice unit: Overview of dollar value LIFO

Sep 15 - KPMG report: Final regulations on computing and reporting life insurance reserves (initial impressions)

Sep 14 - KPMG report: Biden’s tax proposals (FAQs, updated September 14)

Sep 14 - KPMG report: New safe harbor in proposed like-kind exchange regulations

Sep 14 - KPMG report: Proposed regulations define “real property” for like-kind exchanges

Sep 14 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19) (updated September 14)

Sep 14 - KPMG reports: California (large taxpayer reporting); District of Columbia (sales tax); New Jersey (nexus, foreign corporate limited partner)

Sep 14 - TTB reminder: Extra semi-monthly excise tax periods, five due dates in September 2020 (COVID-19)

Sep 11 - Notice 2020-71: Per diem rates, substantiation of employee lodging, meals, incidentals (2020-2021)

Sep 11 - Tax relief for Puerto Rico taxpayers affected by Tropical Storm Isaias

Sep 10 - Announcement 2020-17: Postponed deadline for reporting, paying excise taxes on minimum required contributions

Sep 10 - IRS expands list of forms and returns available for digital signature (COVID-19)

Sep 10 - IRS practice unit: Foreign-earned income exclusion, audit techniques

Sep 9 - Final regulations, Rev. Rul. 2020-19: Computing and reporting life insurance reserves for insurance companies (text of guidance)

Sep 9 - Notice 2020-66: Medicaid coverage of COVID-19 testing and diagnostic services

Sep 9 - U.S. Tax Court: Timely e-filed return triggers limitations period, even when initially rejected by IRS

Sep 8 - Notice 2020-68: Retirement plan Q&As

Sep 8 - Rev. Proc. 2020-40: Extension of plan amendment deadlines, pre-approved plans

Sep 8 - Rev. Proc. 2020-41: Foreign insurance companies; effectively connected net investment income (2019)

Sep 8 - Regulations on business interest expense deduction limitations under section 163(j); effective date and reliance clarifications and changes

Sep 3 - Business interest expense deduction limitations under section 163(j), regulations released to Federal Register

Sep 3 - KPMG report: Highlights of final BEAT regulations under section 59A

Sep 3 - Final regulations: Nuclear power plant decommissioning

Sep 3 - Rev. Rul. 2020-18: Interest rates, tax overpayments and underpayments (fourth quarter 2020)

Sep 3 - KPMG report: Regulations under sections 245A, 951A, 954 (GILTI); treatment of dividends from foreign corporations

Sep 3 - Regulations pending OIRA review: Section 168(k) final regulations on additional first-year depreciation

Sep 1 - Final regulations: BEAT provisions under section 59A (text of regulations)

Sep 1 - Notice 2020-69: Future regulations to apply sections 951 and 951A to certain S corporations with accumulated earnings and profits

Sep 1 - Regulations pending OIRA review: Foreign tax credit

Sep 1 - Eleventh Circuit: Settlement proceeds not return of capital, but taxable income

Sep 1 - IRS launches BBA centralized partnership audit regime webpage

Sep 1 - KPMG report: Telemedicine and tax (COVID-19)

August 2020

Aug 31 - U.S. Tax Court: IRS supervisory approval for penalty assessment

Aug 31 - IRS provides tax relief to taxpayers affected by Hurricane Laura

Aug 31 - KPMG reports: Cincinnati (consolidated returns); District of Columbia (opportunity zones); North Carolina (inter-company pricing initiative)

Aug 31 - KPMG report: Initial analysis of Notice 2020-65, guidance on employee payroll tax deferral

Aug 28 - Notice 2020-65: Implementing executive action, employment tax deferral (COVID-19)

Aug 28 - IRS temporarily allows digital signing of certain forms and returns, including Form 1120 series, e-file authorizations, Form 8832 check-the-box elections

Aug 28 - PLR: Payments under wireless service agreements constitute rents from real property for REIT

Aug 27 - IRS opens application period for 2021 Compliance Assurance Process (CAP) program

Aug 27 - IRS practice unit: Foreign-earned income for purposes of section 911

Aug 26 - U.S. Tax Court: Pre-TCJA section 199 deduction claimed for processed seismic data

Aug 26 - Senate Finance Committee report on syndicated conservation-easement transactions

Aug 25 - IRS provides tax relief for taxpayers affected by California wildfires, Iowa derecho

Aug 24 - KPMG report: Biden’s tax proposals (updated FAQs)

Aug 24 - Final regulations: “BEAT” provisions under section 59A, OIRA review completed

Aug 24 - IRS interim guidance on designation of cases for litigation

Aug 24 - IRS reminder, required minimum distribution rollovers, repayments due by August 31 (COVID-19)

Aug 24 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19) (updated August 24)

Aug 24 - KPMG reports: Arizona (ballot initiative, tax surcharge); Nebraska (sales tax, cellular equipment); Tennessee (interest expense carryforwards)

Aug 21 - Regulations under sections 245A, 951A, 954; treatment of dividends from foreign corporations (text of regulations)

Aug 21 - Announcement 2020-13: Competent authority arrangement implementing arbitration process, United States-Switzerland tax treaty

Aug 21 - IRS statement on failure-to-deposit penalties, employers claiming new tax credits (COVID-19)

Aug 21 - Notice 2020-63: New IRS address for vehicle section 30B certifications, reporting

Aug 20 - United States-Hong Kong International Shipping Agreement suspended or terminated

Aug 19 - IRS practice units: LIFO pooling requirements; distributions not from accumulated earnings and profits

Aug 17 - IRS makes electronic filing available for Form 1040-X

Aug 17 - Proposed regulations: Rollover rules for qualified plan loan offset amounts

Aug 17 - IRS reminder, last round of ITINs expiring in 2020; renewal encouraged to prevent refund delays

Aug 17 - KPMG report: Proposed regulations on qualified parking deductions

Aug 17 - KPMG reports: Georgia (sales tax refund, computers); Minnesota (sale of subsidiary); Missouri (sales tax, amusement); North Carolina (bankruptcy)

Aug 14 - Rev. Proc. 2020-39: Normalization rules for public utilities, 2017 tax law changes (TCJA)

Aug 14 - IRS practice unit: Section 986(c) gain or loss, pre-2017 tax law (TCJA)

Aug 13 - KPMG report: Analysis of final and proposed regulations, high-tax exception under GILTI and subpart F

Aug 13 - IRS reminder of heavy highway use tax deadline, August 31

Aug 13 - Notice 2020-60: Community newspaper pension plans, alternative minimum funding standards

Aug 12 - IRS adds new FAQ on like-kind exchanges and deadlines (COVID-19)

Aug 12 - KPMG report: Proposed regulations on carried interest, initial analysis

Aug 12 - FAQs on PPP loans; payments of fees and health benefits (COVID-19)

Aug 12 - Announcement 2020-14: Increased user fees for employee plan rulings and determinations

Aug 12 - Second Circuit: Income from gravel mined on Indian tribal land, taxable

Aug 10 - KPMG report: Initial impressions about presidential memorandum on deferring payroll tax obligations (COVID-19)

Aug 10 - KPMG report: Deposits of federal employment taxes for equity-related transactions

Aug 10 - KPMG report: IRS addresses settlement period for stock options

Aug 10 - KPMG report: Taxation of advance sales of future mineral production

Aug 10 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19) (updated August 10)

Aug 10 - KPMG reports: Arizona (airport trip fees); Maryland (premium-receipts tax); New Jersey (cash grant incentives)

Aug 8 - Executive memorandum: Deferral of collection of payroll taxes (COVID-19)

Aug 8 - Regulations under section 954, coordinating rules under sections 245A and 951A; OIRA review completed

Aug 7 - Final regulations: Payments made to charities in return for consideration (text of regulations)

Aug 7 - Notice 2020-55: Postponed deadline, federal excise tax for sports fishing, archery equipment (COVID-19)

Aug 6 - Proposed regulations on “carried interest” (section 1061) released to Federal Register

Aug 6 - Notice 2020-61: Special rules for single-employer defined benefit pension plans (COVID-19)

Aug 6 - Notice 2020-62: Safe harbor explanations about eligible rollover distributions (COVID-19)

Aug 6 - California: Property tax increase pending in November ballot initiative

Aug 5 - KPMG reports: Initial analysis of regulations, guidance under section 163(j) (printable version)

Aug 5 - KPMG report: Tax and trade considerations for U.S. inbound investment

Aug 5 - Final regulations pending OIRA review: “BEAT” provisions under section 59A

Aug 4 - FAQs address PPP loan forgiveness issues (COVID-19)

Aug 4 - KPMG report: Biden’s tax proposals (FAQs)

Aug 4 - KPMG report: Tax issues that banks are facing due to COVID-19

Aug 4 - KPMG reports: Initial analysis of regulations, guidance under section 163(j)

Aug 3 - Status of OIRA review of regulations under 2017 tax law

Aug 3 - IRS issues FAQs on leave-sharing plans (COVID-19)

Aug 3 - IRS updated FAQs on retirement plan distribution rules, partial terminations (COVID-19)

Aug 3 - KPMG reports: Iowa (GILTI); North Carolina (transfer pricing); Pennsylvania (income producing activity test)

July 2020

Jul 31 - Final regulations: Rule for swaps with significant nonperiodic payments

Jul 31 - TTB resources: Distilled spirits plant, resources for determining excise tax owed

Jul 31 - IRS updates FAQs on deferral of employment tax deposits, payments (COVID-19)

Jul 31 - Proposed regulations under section 1061, “carried interest” rules (text of regulations)

Jul 31 - KPMG report: Analysis of final FDII regulations

Jul 30 - IRS concept unit on accuracy-related penalties, tax professionals urge caution

Jul 30 - Proposed regulations: Simplified accounting for small businesses, long-term contracts (text of regulations)

Jul 30 - Notice 2020-58: Rehabilitation credit under section 47, deadline relief (COVID-19)

Jul 29 - Proposed regulations: Excise taxes on air transportation of persons or property; aircraft management services exemption

Jul 29 - IRS’s temporary procedure for filing Form 3115, accounting method changes (COVID-19)

Jul 29 - IRS practice units: Receipts from related CFC; accuracy-related penalties

Jul 28 - Regulations, IRS guidance: Business interest expense deduction limitations under section 163(j) (text of regulations and guidance)

Jul 27 - Regulations: Refundable employment tax credits; assessment for erroneous refundable credits (COVID-19)

Jul 27 - KPMG reports: Nevada (tax amnesty); Washington State (B&O tax, loans)

Jul 27 - IRS offers tax relief for Michigan storm and Utah earthquake victims

Jul 24 - Regulations: Rules for refundable employment tax credits (COVID-19)

Jul 22 - Senate Finance Committee leaders' statement on UK’s digital services tax

Jul 22 - Delaware: Court holds enforcement of unclaimed property subpoena would constitute abuse

Jul 21 - KPMG report: Initial impressions about final and proposed regulations, high-tax exception under GILTI and subpart F

Jul 20 - Regulations: GILTI and subpart F high-tax exception (text of final and proposed regulations)

Jul 20 - Proposed regulations on “carried interest” rules under section 1061; OIRA review completed

Jul 20 - PLR: Taxable REIT subsidiary found not operating a disqualifying healthcare facility

Jul 20 - IRS practice unit: Foreign tax credit limitation and computation

Jul 20 - KPMG reports: D.C. (advertising, sales tax); Georgia (electricity); Ohio (electronic information services); Oregon (electricity); South Carolina (electricity)

Jul 17 - Regulations pending OIRA review: Section 954, and coordinating rules under sections 245A and 951A

Jul 17 - U.S. Treasury, quarterly list of countries cooperating with international boycott (no changes)

Jul 16 - U.S. Treasury awards $3.548 billion in New Markets Tax Credit (NMTC) allocations

Jul 15 - IRS closures of several P.O. Box addresses for business tax payments including employment tax payments

Jul 15 - IRS notification regarding delay in processing advance payment of employer credits

Jul 14 - Proposed changes to Form 1065 for partnerships with international tax items

Jul 14 - Regulations on limiting business interest expense deductions under section 163(j); OIRA review completed

Jul 14 - IRS LB&I division releases practice units for IRS examiners

Jul 14 - U.S. investigation of French digital services tax; additional 25% customs duties suspended until January 2021

Jul 13 - KPMG report: Remote seller, marketplace facilitator update (Mississippi, North Carolina, Rhode Island, Tennessee)

Jul 13 - KPMG reports: California (market-based sourcing); Illinois (sales tax); San Francisco (transfer tax); San Francisco (payroll tax); Seattle (payroll tax)

Jul 10 - KPMG report: Initial impressions of final regulations related to deduction for FDII and GILTI under section 250

Jul 10 - KPMG report: IRS reaffirms property owned by tax equity partnership is not public utility property (PLR)

Jul 10 - Proposed regulations: Grandfathered group health plans, group health insurance coverage

Jul 9 - Final regulations: Deduction under section 250, FDII and GILTI (text of regulations)

Jul 9 - Notice 2020-54: Reporting qualified sick leave, qualified family leave wages (COVID-19)

Jul 8 - OIRA review completed: Regulations on high-taxed GILTI exclusion, subpart F income

Jul 8 - Ninth Circuit: Oregon’s taxation of railroad intangible property held discriminatory

Jul 8 - Rev. Proc. 2020-37: Automobile depreciation deduction limits for 2020

Jul 7 - IRS memorandum for TE/GE employees, modified examination timelines (COVID-19)

Jul 7 - KPMG report: Insurance-related measures in consolidated NOL regulations

Jul 6 - States enacting federal tax conformity measures, new fiscal year starting July 1

Jul 6 - FAQs on coronavirus relief fund payments to states, local governments (COVID-19)

Jul 6 - IRS provides FAQs on treatment of certain payments to health care providers (COVID-19)

Jul 6 - IRS adds section 965 compliance campaign under TCJA (LB&I division)

Jul 6 - IRS practice unit: Reasonable cause and good faith

Jul 2 - Regulations: Consolidated net operating losses (text of regulations)

Jul 2 - Federal Circuit: Jurisdiction for tax overpayment interest claims

Jul 2 - LB&I memo on activities postponed, continued and resuming (COVID-19)

Jul 1 - Proposed regulations: Low-income housing credit compliance-monitoring duties under section 42

Jul 1 - Notice 2020-53: Temporary relief, low-income housing credit under section 42 (COVID-19)

June 2020

Jun 29 - FAQs on PPP loans, maturity of loans (COVID-19)

Jun 29 - New FAQs on faxing refund claims, NOL carrybacks under CARES Act (COVID-19)

Jun 29 - National Taxpayer Advocate report to Congress identifying taxpayer challenges (COVID-19)

Jun 29 - Notice 2020-52: Mid-year amendment to safe harbor section 401(k) plan (COVID-19)

Jun 26 - IRS updated FAQs on deferral of employment tax deposits, payments (COVID-19)

Jun 26 - Delaware: More time allowed for unclaimed property voluntary disclosure (COVID-19)

Jun 26 - KPMG report: State, local tax changes (second quarter 2020, table format)

Jun 25 - IRS offers settlement for docketed Tax Court cases involving conservation easement transactions

Jun 24 - Final regulations: Qualified business income under section 199A; REIT income received by RICs; previously suspended losses; trusts and estates

Jun 24 - TTB release: Extension of relief from notice requirement for destruction of beer (COVID-19)

Jun 24 - U.S. Treasury relief, reduced assessments from banks paid to Comptroller of Currency (COVID-19)

Jun 23 - IRS updated FAQs on employee retention credit (COVID-19)

Jun 23 - KPMG report: Proposed regulations and guidance on qualified transportation fringe benefits

Jun 23 - Notice 2020-48: Postponed deadline, federal excise tax for sports fishing, archery equipment (COVID-19)

Jun 23 - Notice 2020-51: Waiver of 2020 required minimum distributions, retirement plans (COVID-19)

Jun 23 - Tax relief for taxpayers affected by April storms in Mississippi, South Carolina, Tennessee

Jun 22 - U.S. Supreme Court denies certiorari, appeal from Ninth Circuit upholding cost-sharing regulations as valid

Jun 22 - Remote sellers and marketplace facilitators update (Colorado, Louisiana, Mississippi) 

Jun 22 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19)

Jun 22 - KPMG reports: Alabama (payroll factor); Arkansas (marketplace facilitator); California (partnership penalty relief)

Jun 22 - KPMG report: Qualified opportunity zone rules, as of June 2020

Jun 19 - Treasury Secretary seeks “pause” in OECD Pillar 1 discussions of digital economy

Jun 19 - Proposed regulations: Qualified transportation and commuting expenses under section 274 (text of regulations)

Jun 19 - Proposed regulations, consolidated NOLs: OIRA review completed

Jun 19 - Notice 2020-50: Retirement plan distributions and loans, CARES Act relief (COVID-19)

Jun 19 - Tobacco industry’s special occupation tax due July 1

Jun 18 - KPMG report: Proposed regulations on carbon oxide sequestration credit, clarification provided

Jun 18 - Ninth Circuit: Mailbox rule not applicable for then-ineligible private delivery service

Jun 18 - OECD: Statement about ongoing negotiations, taxation of digital economy

Jun 17 - United States reportedly withdrawing from talks with EU on digital services tax

Jun 17 - Regulations pending OIRA review: GILTI, high-taxed subpart F income, foreign corporations’ E&P

Jun 17 - PPP loan-forgiveness application forms (COVID-19)

Jun 17 - IRS Services and Enforcement employees continue to accept, transmit documents by email (COVID-19)

Jun 17 - Tax impacts for infrastructure (COVID-19)

Jun 16 - Puerto Rico: Additional economic relief, tax measures (COVID-19)

Jun 16 - Regulations pending OIRA review: Limitation of business interest expense deduction under section 163(j)

Jun 16 - California: Tax increases expected for taxpayers; NOLs suspended and other tax-related measures

Jun 16 - Expanded list of state and local tax relief measures (COVID-19)

Jun 15 - Final regulations under section 250, deduction for FDII and GILTI; OIRA review completed

Jun 15 - Tax relief, updated state and local tax guidance (COVID-19)

Jun 15 - Updated FAQs, relief for nonresidents and foreign business employees affected by travel disruptions (COVID-19)

Jun 15 - KPMG reports: Maine (apportionment); Michigan (interest limitation); Mississippi (single member LLCs); South Carolina (mailbox rule)

Jun 12 - Notice 2020-49: Postponed time-sensitive actions, New Markets Tax Credits (COVID-19)

Jun 12 - PLR: REIT’s gross income includes section 481(a) adjustments from depreciation, amortization changes

Jun 11 - Proposed regulations: Limitations on like-kind exchanges

Jun 11 - Rev. Proc. 2020-16: Empowerment zone designation extension procedures

Jun 11 - Notice 2020-46: Employer leave-based donation programs (COVID-19)

Jun 10 - Notice 2020-47: Recommendations for guidance items for 2020-2021 Priority Guidance Plan

Jun 9 - Proposed regulations pending OIRA review: Consolidated NOLs

Jun 8 - Proposed regulations: “Qualifying relative” and personal exemption amount clarified

Jun 8 - Proposed regulations: Treatment of certain medical care arrangements under section 213

Jun 8 - Notice 2020-44: Self-insured health insurance annual fee

Jun 8 - KPMG report: IRS extends tax credit timelines for renewable energy projects

Jun 8 - KPMG reports: Arkansas (contractor, agent of hospital); Louisiana (remote sales); Missouri (stadium renovation); Tennessee (consolidated excise tax)

Jun 5 - KPMG report: IRS “GLAM” requiring holding-period segmentation when cash or property contributed to corporation without issuance of shares

Jun 5 - President signs legislation providing payroll tax deferral for taxpayers with forgiven PPP loans (COVID-19)

Jun 5 - Notice 2020-43: Comments requested on tax capital reporting by partnerships, and interim methods provided

Jun 5 - Proposed regulations: Excise tax on excess compensation, parachute payments made by tax-exempt organizations

Jun 4 - Notice 2020-39: Relief for qualified opportunity zones and investors (COVID-19)

Jun 4 - Rev. Proc. 2020-34: Relief for mortgage loans, lease arrangements of certain trusts (COVID-19)

Jun 4 - Rev. Rul. 2020-13: Interest rates, tax overpayments and underpayments (third quarter 2020)

Jun 4 - Extension of QI/WP/WT certification due date

Jun 3 - Proposed regulations pending OIRA review: “Carried interest” under section 1061

Jun 3 - Notice 2020-42: Temporary relief allowing retirement plan elections, spousal consents to be signed remotely (COVID-19)

Jun 3 - IRS practice unit: Flow-through entities, effects for individual’s foreign tax credit

Jun 2 - United States launches investigation of digital services taxes

Jun 2 - U.S. Tax Court: Transfers of real estate to liquidating trusts not bona fide dispositions

Jun 1 - Announcement 2020-7: Third six-year cycle pre-approved defined contribution plans

Jun 1 - TTB final regulations: Excise taxes on alcoholic beverages

Jun 1 - KPMG reports: Idaho (sale of LLC); Michigan (sourcing of services); Oregon (Portland “homeless” tax); South Carolina (sales tax on software)

May 2020

May 29 - KPMG report: Initial impressions of Notice 2020-41 and “beginning of construction” under sections 45 and 48 (COVID-19)

May 29 - Rev. Proc. 2020-15: Updated list of countries, deposit interest paid to nonresident aliens

May 29 - Proposed regulations on credit for carbon oxide sequestration (section 45Q) released to Federal Register

May 28 - Proposed regulations: Credit for carbon oxide sequestration under section 45Q

May 28 - Notice 2020-35: Postponed deadlines for employment taxes, employee benefit plans, IRAs, HSAs, MSAs, other time-sensitive actions (COVID-19)

May 28 - OIRA review and expectations for more regulations, under 2017 tax law

May 28 - IRS provides FAQs on treatment of NOL carrybacks and AMT by C corporations (COVID-19)

May 28 - IRS provides FAQs for individuals claiming the “medical condition exception” in 2020 (COVID-19)

May 28 - FAQs on “Main Street Lending Program” (COVID-19)

May 27 - Notice 2020-41: Extension of safe harbor, “beginning of construction” under sections 45 and 48 (COVID-19)

May 27 - Final regulations pending OIRA review: Section 250 deduction for FDII and GILTI

May 27 - IRS practice unit: Taxation of the disposition of U.S. real property interests (USRPI) by foreign persons

May 27 - Updated FAQs on employee retention credit and PPP repayments

May 27 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 27)

May 26 - Proposed regulations: Income tax withholding, periodic retirement and annuity payments

May 26 - Proposed regulations: Personal exemption at zero, implications for health plan premium tax credit

May 26 - Rev. Proc. 2020-33: Income requirements for use by issuers of qualified mortgage bonds, mortgage credit certificates

May 22 - KPMG report: Real estate, documenting changes in intent and dealer property analysis (COVID-19)

May 22 - KPMG report: Tax implications of distressed leases (COVID-19)

May 21 - Federal Circuit: Section 1603 grants for wind energy firms, development fees not established

May 21 - Proposed regulations: Rehabilitation credit and rules coordinating with other credits

May 21 - U.S. Labor Department, ERISA rule allows retirement plan information to be provided electronically

May 21 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 21)

May 20 - Fourth Circuit: Real property tax impermissibly discriminates against railroads (South Carolina)

May 20 - Rev. Proc. 2020-32: HSA inflation-adjusted amounts for 2021

May 19 - Announcement 2020-6: References to NAFTA in U.S. income tax treaties, replaced with USMCA

May 19 - Final regulations: Domestic production activities deduction for agricultural, horticultural cooperatives (pending OIRA review)

May 19 - PLR: REIT’s retirement facilities not health care facilities, TRS can provide residential services 

May 18 - TTB guidance, tax-free withdrawal of distilled spirits for hand sanitizers (COVID-19)

May 18 - IRS fact sheet, tax credits for COVID-19-related paid leave

May 18 - Treasury provides PPP loan forgiveness form, instructions

May 18 - KPMG reports: California (proposed NOL suspension); Mississippi (tax refunds, statute of limitations)

May 15 - IRM update, addressing CARES Act provisions concerning net operating losses and minimum tax credits

May 15 - IRS provides FAQs on aviation excise tax holiday under CARES Act

May 15 - Notice 2020-34: Reference price, natural gas from marginal wells during 2019

May 13 - Final regulations: Funding rule under section 385 (text of regulations)

May 13 - FAQs for PPP borrowers, safe harbor from SBA audit for “good faith” certification

May 13 - Eleventh Circuit: Conservation easement on golf course eligible for charitable deduction

May 13 - Washington State: Additional B&O tax imposed on financial institutions violates Commerce Clause

May 12 - Notice 2020-29, Notice 2020-33: Expanded relief for health-related cafeteria plans (COVID-19)

May 12 - Proposed regulations: Disallowed deductions and information reporting for fines, penalties

May 12 - Renewable electricity, refined coal production inflation factors, reference prices for 2020

May 12 - U.S. Tax Court: Regulations on charitable donation of conservation easement upheld as valid

May 11 - KPMG report: CARES Act changes to business interest deduction limitations for partnerships (COVID-19)

May 11 - KPMG report: Healthcare REITs and whether to amend taxable REIT subsidiary leases (COVID-19)

May 11 - KPMG report: Use of elective stock dividends by publicly offered REITs (COVID-19)

May 11 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 11)

May 11 - KPMG reports: New York (investment tax credit); Oregon (unitary group); Texas (source of sales); Virginia (internet tax)

May 11 - IRS practice units: Accounting method changes, foreign earned income exclusion, other topics

May 8 - IRS updates FAQs on employee retention credit, treatment of health plan expenses and PPP repayments

May 7 - Proposed regulations: Deductions allowed estates, non-grantor trusts

May 7 - Rev. Proc. 2020-30: Relief from creating foreign branch separate units under the dual consolidated loss rules (COVID-19)

May 7 - IRS releases FAQs on emergency relief grants to students being excluded from income (COVID-19)

May 7 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 7)

May 7 - Tax relief for taxpayers affected by early February 2020 storms in Oregon

May 6 - New deadline of May 14 to repay Paycheck Protection Program (PPP) loans for SBA “good faith” certification

May 6 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 6)

May 5 - Employer retention credit can be claimed if Paycheck Protection Program (PPP) loan repaid by May 7 (COVID-19)

May 5 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 5)

May 5 - U.S. Tax Court: U.S. taxpayer realized subpart F income on sales of appliances manufactured in Mexico

May 4 - U.S. Supreme Court grants certiorari in challenge to IRS notice and compliance with Administrative Procedure Act

May 4 - IRS relief regarding tax-exempt bonds (COVID-19)

May 4 - Rev. Proc. 2020-19: Temporary modification to safe harbor for distributions by REITs and RICs (COVID-19)

May 4 - TTB release: FAQs on destruction of beer, recovery of taxes paid (COVID-19)

May 4 - Texas: Subscription revenue sourced to customer location, for franchise tax purposes

May 4 - KPMG reports: Illinois (storage use tax exemption); New York (digital advertising tax); South Carolina (membership fees, sales tax)

May 4 - KPMG report: Property owned by tax equity partnership is not public utility property (PLR)

May 1 - IRS adds new compliance campaign on TCJA (LB&I division)

May 1 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 1)

May 1 - New FAQs provided by IRS for QIs / WPs / WTs

April 2020

Apr 30 - Notice 2020-32: Deductibility of expenses when loan is forgiven under Paycheck Protection Program (COVID-19)

Apr 30 - KPMG report: Initial impressions of additional FAQs on the employee retention credit (COVID-19)

Apr 30 - IRS adds new FAQs on faxing refund claims, NOL carrybacks under CARES Act (COVID-19)

Apr 30 - Rev. Proc. 2020-29: IRS temporary procedures for electronic submission of requests for letter rulings, closing agreements, other advice (COVID-19)

Apr 30 - FAQs on “Main Street” lending program (COVID-19)

Apr 30 - KPMG report: Potential COVID-19 impact on health insurance exchange enrollment

Apr 30 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 30)

Apr 29 - IRS updates, expands FAQs on employee retention credit (COVID-19)

Apr 29 - Extension of healthcare, health plan coverage, employee benefit plan timeframes (COVID-19)

Apr 29 - KPMG report: Accounting and financial reporting relating to CARES Act (COVID-19)

Apr 29 - IRS practice units: Installment method, substantiation requirements, and foreign currency translation

Apr 28 - IRS adds to FAQs on postponed tax return filing, paying deadlines

Apr 28 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 28)

Apr 27 - KPMG reports: Arkansas (manufacturing exemption); South Carolina (bank tax); Texas (taxable data processing); Multistate (internet sales)

Apr 24 - KPMG report: Initial impressions of proposed regulations on separately computed UBTI

Apr 24 - KPMG report: IRS FAQs on NOL carrybacks for taxpayers with section 965 inclusions (COVID-19)

Apr 24 - Puerto Rico: Pending legislative proposals, economic and tax relief (COVID-19)

Apr 24 - Treasury issues guidance on Paycheck Protection Program (PPP); Trump signs PPP funding legislation

Apr 23 - KPMG report: JCT description of employee retention credit, payroll deferral provisions in CARES Act

Apr 23 - KPMG report: FAQs for determining U.S. trade or business or permanent establishment (COVID-19)

Apr 23 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 23)

Apr 23 - Federal Circuit: Refunds claims for underpayment interest denied, not timely filed within special six-month period

Apr 23 - IRS expands FAQs on postponed tax return filing, paying deadlines

Apr 23 - IRS provides FAQs on NOL carrybacks for taxpayers with section 965 inclusions

Apr 23 - Treasury releases updated FAQs on Paycheck Protection Program

Apr 22 - KPMG report: Relief for taxpayers to correct, change QIP depreciation methods (Rev. Proc. 2020-25)

Apr 22 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 22)

Apr 22 - FAQs on payroll support for air carriers and contractors (COVID-19)

Apr 21 - KPMG report: COVID-19-related inventory impairments; cash flow opportunity for resellers

Apr 21 - Proposed regulations concerning like-kind exchanges; OIRA review completed

Apr 21 - Revenue procedures, FAQs: Relief for nonresidents remaining in United States (COVID-19)

Apr 21 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 21)

Apr 20 - KPMG report: Initial impressions of Rev. Rul. 2020-8  and 10-year limitations period, foreign tax credit and NOL carrybacks

Apr 20 - KPMG report: Section 1400Z-2 final regulations; observations on correcting amendments (April 2020)

Apr 20 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 20)

Apr 20 - KPMG reports: Arkansas (working remotely); Colorado (sales tax, gift wrapping); Virginia (web-blog)

Apr 20 - Final regulations, section 199A treatment for deductions involving REITs and RICs; OIRA review completed

Apr 20 - Excise tax relief, distilled spirits used to produce hand sanitizers (COVID-19)

Apr 20 - Section 45K: Nonconventional source production credit, reference price for 2019

Apr 17 - Rev. Proc. 2020-25: Depreciation of qualified improvement property

Apr 17 - Rev. Rul. 2020-8: 10-year limitations period, foreign tax credit and NOL carrybacks

Apr 17 - IRS FAQs on tax credits for required paid leave provided employees by SMEs (COVID-19)

Apr 17 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 17)

Apr 17 - IRS expands FAQs on faxing refund claims, NOL carrybacks under CARES Act (COVID-19)

Apr 17 - KPMG report: Relief to make or withdraw a real property trade or business or farming business election and certain other elections related to the CARES Act changes to section 163(j)

Apr 16 - KPMG report: ATNOL carrybacks under the CARES Act

Apr 16 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 16)

Apr 15 - LB&I activities that are temporarily suspended, continued (COVID-19)

Apr 15 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 15)

Apr 14 - KPMG report: Tax considerations of disruptions in healthcare industry in COVID-19 environment

Apr 14 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 14)

Apr 13 - Rev. Proc. 2020-26: Safe harbors, loan forbearance programs under CARES Act (COVID-19)

Apr 13 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 13)

Apr 13 - IRS provides Q&As on “quick refunds” process for NOL carrybacks under CARES Act (COVID-19)

Apr 13 - IRS cautions certain mechanisms for requesting taxpayer records not available (COVID-19)

Apr 13 - IRS issues FAQs on deferral of employment tax deposits and payments (COVID-19)

Apr 13 - IRS practice unit: Statute of limitations on assessment of tax

Apr 13 - KPMG reports: New York (sales tax, electricity); Texas (costs of goods sold); Utah (restaurant platforms)

Apr 10 - Notice 2020-23: IRS announces extensions for section 1031 “like-kind exchange” deadlines (COVID-19)

Apr 10 - Rev. Proc. 2020-22: Section 163(j) interest expense deduction limitations, elections for real property trade, farming businesses (COVID-19)

Apr 10 - Rev. Proc. 2020-14: List of countries eligible for section 911(d)(1) waiver for 2019

Apr 10 - IRS updates FAQs on postponed tax return filing, paying deadlines (COVID-19)

Apr 10 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 10) 

Apr 10 - KPMG report: Initial impressions of IRS guidance implementing NOL provisions in CARES Act (COVID-19)

Apr 10 - IRS re-issues Form 941 to address employee retention credit (COVID-19)

Apr 9 - Notice 2020-23: Relief for taxpayers affected by coronavirus pandemic (COVID-19)

Apr 9 - Rev. Proc. 2020-24: Guidance on NOL carryback measures from CARES Act (COVID-19)

Apr 9 - KPMG report: Initial impressions of final regulations implementing “anti-hybrid” provisions (sections 245A(e), 267A, and 1503(d))

Apr 8 - Rev. Proc. 2020-23: Relief for partnerships, allowing amended returns (COVID-19)

Apr 8 - IRS statement on corporate tax refunds (COVID-19)

Apr 8 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated 8 April, evening)

Apr 8 - IRS practice unit: Adjustment for overwithholding on Form 1042

Apr 8 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 8)

Apr 8 - KPMG report: Debt restructuring, considerations for private equity (COVID-19)

Apr 8 - U.S. Treasury quarterly list, countries cooperating with international boycott (no changes)

Apr 7 - Regulations: Hybrid arrangements (text of final and proposed regulations)

Apr 7 - Treasury guidance, Q&As on loan program for air carriers, eligible businesses (COVID-19)

Apr 6 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 6)

Apr 6 - IRS Appeals to temporarily accept, transmit documents by email (COVID-19)

Apr 6 - KPMG report: Accounting and reporting impacts of CARES Act (COVID-19)

Apr 6 - KPMG reports: New York (broker-dealers); South Carolina (car sharing); Tennessee (marketplace facilitator); Washington (online loans)

Apr 3 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 3)

Apr 3 - KPMG report: Employer-related liquidity–tax credits, deferrals, and efficiencies (COVID-19)

Apr 3 - KPMG report: CARES Act, considerations for private equity funds with corporate portfolio companies (COVID-19)

Apr 2 - Treasury “fact sheet” on lending programs under CARES Act

Apr 2 - KPMG report: Proposed regulations on computing and reporting life insurance reserves for insurance companies

Apr 2 - KPMG report: Lending programs under CARES Act, including interactions with tax provisions (COVID-19)

Apr 2 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 2)

Apr 1 - Proposed regulations: Computing and reporting reserves, life insurance companies

Apr 1 - Postponed payment, reporting date for TTB excise taxes (COVID-19)

Apr 1 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated 1 April)

March 2020

Mar 31 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated March 31)

Mar 31 - IRS provides Q&As on employee retention credit (COVID-19)

Mar 31 - Notice 2020-22: Penalty relief, reduced federal employment tax deposits in anticipation of tax credits (COVID-19)

Mar 31 - Draft IRS form, instructions for claiming advance payment of employer credits (COVID-19)

Mar 31 - FAQs on employee retention credit in CARES Act (COVID-19)

Mar 31 - IRS Services and Enforcement employees to accept, transmit documents by email (COVID-19)

Mar 31 - KPMG report: Income tax accounting (COVID-19)

Mar 30 - PLRs: Parking revenue qualifies as rents from real property for REITs

Mar 30 - KPMG reports: Florida (online platforms); Missouri (taxable rentals); Missouri (resale exemption)

Mar 30 - KPMG report: Cash-flow planning, leveraging tax accounting methods and credits (COVID-19)

Mar 30 - KPMG report: Compensation and benefits considerations (COVID-19)

Mar 30 - KPMG report: REIT considerations (COVID-19)

Mar 30 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 30)

Mar 27 - KPMG report: State, local tax changes (first quarter 2020, table format)

Mar 27 - IRS suspends certain administrative procedures (COVID-19)

Mar 27 - Notice 2020-21: Employment tax credits for certain paid leave (COVID-19)

Mar 27 - Notice 2020-20: Extension of time to file returns, make payments of federal gift and generation-skipping transfer taxes (COVID-19)

Mar 27 - State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 27)

Mar 26 - Puerto Rico: Additional extension of deadlines, tax relief relating to coronavirus (COVID-19)

Mar 26 - Puerto Rico: Extended tax return filing, tax payment dates (table format) (COVID-19)

Mar 26 - Regulations pending OIRA review: Excise tax on tax-exempt organization compensation

Mar 26 - U.S. Labor Department, additional guidance on paid sick leave, expanded FMLA (COVID-19)

Mar 26  - State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 26)

Mar 25 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 25)

Mar 25 - New FAQs from IRS concerning QI / WP / WT

Mar 25 - IRS extends time for certain financial institutions to file Form 8966, “FATCA Report” (COVID-19)

Mar 25 - IRS suspends key compliance programs, responding to coronavirus (COVID-19)

Mar 24 - U.S. Labor Department: Guidance about paid sick leave, expanded FMLA (COVID-19)

Mar 24 - IRS provides FAQs on postponed tax return filing, paying deadlines (COVID-19)

Mar 24 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 24, evening) 

Mar 24 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 24)

Mar 24 - KPMG report: Timing considerations for QOF and QOF investors in light of COVID-19

Mar 23 - KPMG report: REITs and cash conservation in response to coronavirus (COVID-19)

Mar 23 - Final regulations: Foreign tax credit, and section 901(m) “covered asset acquisitions”

Mar 23 - KPMG report: 2020 FBAR update; revisit the rules while relief is available

Mar 23 - KPMG report: Hotel REITs and taxable REIT subsidiaries; lease amendments in response to coronavirus (COVID-19)

Mar 23 - KPMG reports: Georgia (personal property tax); Maryland (digital taxation); Michigan (apportionment)

Mar 23 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 22)

Mar 21 - Notice 2020-18: Extension of time to file returns, make payments of federal income tax, response to coronavirus

Mar 21 - Proposed regulations, limitation of business interest expense deduction under section 163(j); OIRA review completed

Mar 21 - KPMG report: Income tax accounting, possible effects from coronavirus (COVID-19)

Mar 21 - KPMG report: New law (H.R. 6201) provides paid FMLA and sick leave (COVID-19)

Mar 20 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 20)

Mar 20 - Treasury expected to announce tax return filing extension (COVID-19)

Mar 20 - Final regulations: Foreign tax credit, section 901(m) and “covered asset acquisitions” (text of regulations)

Mar 20 - Reminder of opportunity; payroll offsets using R&D tax credits (COVID-19)

Mar 20 - Proposed regulations, denial of deduction for fines, penalties; OIRA review completed

Mar 20 - PLR: Lease rights constitute real property for REIT purposes

Mar 19 - LB&I directive: Centralized risking of cases with research issues

Mar 19 - PLR: REIT’s operation of cold storage warehouses, treatment of amounts received for providing space and freezing

Mar 19 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (table format)

Mar 19 - TTB guidance: Excise tax relief, distilled spirits used to produce hand sanitizers (responding to COVID-19)

Mar 18 - Notice 2020-17: Extension of time to make payments of federal income tax, response to coronavirus (COVID-19)

Mar 17 - Puerto Rico: Tax deadline extensions, response to coronavirus (COVID-19)

Mar 17 - KPMG report: Employers providing employee hardship assistance related to coronavirus (COVID-19)

Mar 16 - KPMG report: Compensation and benefits concerns in uncertain times—telecommuting and other items (COVID-19 considerations)

Mar 16 - KPMG reports: Maryland (corporate tax proposals); New York (digital taxation); New York (intercompany title transfers); Wisconsin (foreign partnership distributions)

Mar 14 - Regulations pending OIRA review: Credit for carbon oxide sequestration, section 45Q

Mar 13 - OIRA update: Expectations for issuance of regulations, under 2017 tax law (TCJA)

Mar 13 - AOD 2020-1: IRS nonacquiescence in payroll tax refund, professional employment organizations

Mar 12 - Proposed regulations, net operating loss (NOL) deduction; OIRA review completed

Mar 11 - Notice 2020-15: High-deductible health plans, expenses related to coronavirus (COVID-19)

Mar 11 - IRS practice unit: Computing alternative minimum tax, foreign tax credit (individual taxpayers)

Mar 9 - KPMG reports: California (business tax credit); Indiana (sales tax nexus); North Carolina (non-taxable dividends); Texas (resale exemption, gym equipment); Utah (ticket sales)

Mar 6 - Final regulations pending OIRA review: Section 199A treatment for deductions involving REITs and RICs

Mar 6 - IRS offers tax relief, taxpayers affected by tornadoes in Tennessee

Mar 6 - IRS update to 2019-2020 priority guidance plan (second quarter)

Mar 6 - Notice 2020-14: Defined benefit plans, 2020 cumulative list for plan qualification requirements

Mar 5 - SEC regulatory relief for companies affected by coronavirus

Mar 2 - Rev. Proc. 2020-17: U.S. reporting relief concerning certain tax-favored foreign trusts

Mar 2 - KPMG reports: Florida (online platform); Louisiana (property tax exemptions); New Jersey (combined reporting); Washington State (sales tax)

February 2020

Feb 28 - Regulations implementing “carried interest” measures; OIRA review completed

Feb 28 - Rev. Rul. 2020-7: No change to interest rates on tax underpayments, overpayments (second quarter 2020)

Feb 27 - Regulations concerning hybrid dividends and payments; OIRA review completed

Feb 27 - Federal district court: No alternative tax credit under section 6426 for butane

Feb 27 - Former KPMG tax professional named National Taxpayer Advocate

Feb 27 - IRS adds new compliance campaigns on fuel credit, research issues (LB&I division)

Feb 25 - U.S. Supreme Court: Tax refund dispute when no tax allocation agreement of corporate members

Feb 24 - Proposed regulations: Deductibility of meal and entertainment expenses

Feb 24 - KPMG report: Claiming retroactively reinstated renewable fuel incentives

Feb 24 - KPMG report: Extended income recognition deferral for “specified goods”

Feb 24 - KPMG reports: Colorado (multiple audits); Florida (video streaming); New Jersey (combined group NOLs); Ohio (commercial activity tax)

Feb 21 - Proposed regulations: Deductibility of business meal expenses (text of regulations)

Feb 21 - IRS releases updated instructions for Form 1065 (2019)

Feb 21 - Notice 2020-13: Housing expense limit adjustments, foreign locations for 2020

Feb 21 - Rev. Proc. 2020-13: Guidance for farmers on uniform capitalization rules

Feb 20 - Proposed regulations pending OIRA review: Like-kind exchanges

Feb 20 - Proposed regulations pending OIRA review: Net operating loss (NOL) deduction

Feb 19 - IRS reminder: Revised Form W-4, new filing addresses for Form 941

Feb 19 - Notice 2020-12 and Rev. Proc. 2020-12: Carbon oxide sequestration credit under section 45Q

Feb 18 - KPMG report: Contractor’s “substantial rights” for research tax credit (U.S. Tax Court)

Feb 17 - KPMG reports: Michigan (bank’s claim for sales tax refunds); Ohio (public utility excise tax) Washington State (B&O tax, state school)

Feb 14 - Corrections to final regulations, transfers to partnerships with related foreign partners

Feb 13 - KPMG report: Insights on OECD’s revised “Unified Approach” to tax challenges of digitalisation

Feb 13 - KPMG report: OECD transfer pricing (final) guidance on financial transactions: Initial impressions

Feb 13 - IRS updates and corrects FAQs for QI / WP / WT

Feb 12 - Washington State: Legislation revises B&O tax surcharge

Feb 11 - Proposed regulations: Federal income tax withholding from employee wages

Feb 11 - IRS updates FAQs for QI / WP / WT

Feb 10 - Proposed regulations pending OIRA review: Business interest deduction limitation

Feb 10 - Rev. Rul. 2020-5: Adjustments to basis for life insurance contracts

Feb 10 - IRS practice unit: Interest capitalization for self-constructed assets

Feb 10 - Trump Administration budget proposals for FY 2021

Feb 10 - KPMG report: Nexus, taxation of remote sales, marketplace facilitators (GA, NE, NC, WV)

Feb 10 - KPMG reports: Arizona (mining); Colorado (vehicle-sharing service); Louisiana (passthrough entities); Massachusetts (software)

Feb 7 - PLR: Reimbursement payments, qualifying income for REIT’s 95% income test only

Feb 7 - Puerto Rico: Transition to “SURI” (Internal Revenue Integrated System), updates

Feb 7 - U.S. Treasury quarterly list, countries cooperating with international boycott (no changes)

Feb 5 - Regulations on business interest limitation under section 163(j); OIRA review completed

Feb 4 - Final regulations: Employer-provided vehicles, fleet average and cents-per-mile valuation rules

Feb 4 - Regulations pending OIRA review: Denial of deduction for fines, penalties

Feb 3 - KPMG reports: Kansas (sales tax, telecommunications provider); Utah (tax reform provisions repealed); Washington State (B&O surcharge delayed); multiple states (compact to limit incentives)

January 2020

Jan 31 - IRS update on “micro-captive insurance transactions”

Jan 31 - Louisiana: Online marketplace not a “dealer” required to collect parish sales taxes

Jan 29 - Final regulations: Return due dates, extended due date amendments

Jan 29 - Puerto Rico: Deductible expenses, alternative basic or alternative minimum tax for 2019

Jan 29 - Rev. Rul. 2020-4: Low-income housing credit

Jan 28 - IRS practice unit: Overview of the enhanced oil recovery tax credit

Jan 28 - KPMG report: Highlights of recent tax law changes for the healthcare industry

Jan 27 - IRS reminder: First oil spill liability tax due by January 29, 2020

Jan 27 - U.S. trade court: “Substitution drawbacks” of wine companies

Jan 27 - KPMG report: Expanded scope of $1 million section 162(m) deduction limitation on certain executive compensation, proposed regulations

Jan 27 - KPMG report: Remote sellers and marketplace facilitators update (AR, GA, LA, NC)

Jan 27 - KPMG reports: Arkansas (use tax, trailers); Massachusetts (sales tax remittances); New York (tax on data-related income)

Jan 24 - Notice 2020-6: Relief for reporting required minimum distributions for IRAs for 2020

Jan 23 - IRS offers tax relief for taxpayers affected by Puerto Rico earthquakes

Jan 23 - KPMG report: Year-in-review list of U.S. federal tax developments for 2019 (as reported in TaxNewsFlash)

Jan 23 KPMG report: Analysis and observations about final regulations and future of opportunity zone investments

Jan 22 - IRS posts “training materials” on the 2017 U.S. tax law

Jan 22 - IRS practice unit: FDAP payments – Statistical sampling and projection procedures 

Jan 22 - KPMG report: Global withholding taxes, income and gains from listed securities (2019)

Jan 21 - IRS guidance on Form 8038-CP for bond issuers requesting tax credit payments

Jan 21 - Update on France’s digital services tax

Jan 21 - U.S. Tax Court: IRS written supervisory approval required, trust fund recovery penalty under section 6672

Jan 21 - Washington State: Home improvement retailer entitled to bad debt deduction (court decision)

Jan 20 - KPMG report: Tax planning guide 2020, for individual taxpayers

Jan 20 - KPMG report: Remote sellers and marketplace facilitators update (D.C., Georgia, Iowa, Kansas, Maryland, Nebraska)

Jan 20 - KPMG reports: California (corporate tax rates); New Jersey (pass-through alternative taxation); Virginia (federal tax conformity); Washington State (online research services)

Jan 17 - IRS to consider relief from double taxation related to section 965 repatriation

Jan 17 - Final regulations: Transfers to partnerships with related foreign partners (text of regulations)

Jan 17 - Inflation adjustment factors, Indian coal production credits for 2018 and 2019

Jan 17 - Notice 2020-4: Extension of temporary dyed fuel tax relief, Wisconsin terminals

Jan 16 - IRS to restore sequestered funds (AMT only) to businesses pursuant to OMB determination

Jan 16 - U.S. Tax Court: Written supervisory approval for penalty required before first formal communication to taxpayer 

Jan 15 - Regulations pending OIRA review: Implementing “carried interest” measures

Jan 15 - Proposed regulations on cloud-computing, digital-content transactions; public hearing scheduled

Jan 15 - Notice 2020-8: Biodiesel, renewable fuel credits for 2018-2019

Jan 15 - Alabama and Ohio: Financial institutions-related tax changes effective 2020

Jan 14 - Regulations concerning nuclear decommissioning costs; OIRA review completed

Jan 14 - Tenth Circuit: No redemption rights following sales to enforce federal tax liens

Jan 13 - KPMG report: SEC comments on accounting for income taxes

Jan 13 - KPMG report: Remote sellers and marketplace facilitators update (Alaska, Illinois)

Jan 13 - KPMG reports: Colorado (use tax, licensing agreements); Michigan (holding company); Missouri (telecommunication, license tax)

Jan 10 - Proposed regulations: Revised applicability date for regulations under section 382(h) related to built-in gain, loss

Jan 9 - Puerto Rico: Tax relief for taxpayers affected by January 2020 earthquakes

Jan 8 - U.S. Tax Court: UK entity’s income from work on U.S. outer continental shelf held taxable

Jan 8 - Utah: Corporate tax rate reduction, sales tax changes

Jan 8 - Reminder of energy-related excise tax extenders enacted in late 2019

Jan 8 - IRS National Taxpayer Advocate report for 2019

Jan 6 - U.S. public hearing concerning France’s digital services tax

Jan 6 - U.S. Tax Court: Requirement for IRS supervisory approval before penalty assessments

Jan 6 - TTB reminder, federal excise tax return filing dates for 2020

Jan 6 - KPMG report: Sales tax obligations of marketplace facilitators (Michigan, Missouri, Florida)

Jan 6 - KPMG reports: California (goodwill); Louisiana (sales tax, online sales)

Jan 3 - Oregon: Corporate activity tax, effective January 1, 2020

Jan 3 - Rev. Rul. 2020-2: Covered compensation tables for 2020 plan year

Jan 2 - IRS releases annual revenue procedures for 2020

Jan 2 - KPMG report: State and local tax, technology-related guidance (table, fourth quarter 2019)

2019 Articles

December 2019

Dec 31 - Final regulations for opportunity zones are released to Federal Register

Dec 31 - Notice 2020-5: Standard mileage rates for 2020

Dec 30 - KPMG report: Final regulations on withholding and reporting income to foreign persons (initial impressions)

Dec 30 - Craft beverage excise tax provisions extended through 2020; wine credit transfers

Dec 27 - Changes proposed in 2019 draft instructions for Form 1065 and Schedule K-1

Dec 27 - Final regulations under FATCA; taxpayer burden reduction

Dec 23 - Proposed regulations: Source of income for certain sales of personal property, inventory (text of regulations)

Dec 21 - KPMG report: Tax provisions enacted in December 2019 appropriations legislation

Dec 20 - KPMG report: Initial impressions of final regulations for opportunity zones

Dec 20 - FBAR filings: Deadline again extended for individuals with signature authority

Dec 20 - New Jersey: REITs, RICs, and investment companies excluded from unitary combined group for 2019 and beyond

Dec 20 - Texas: Franchise tax, economic nexus rule is finalized

Dec 20 - KPMG report: Analysis of final and proposed foreign tax credit regulations

Dec 19 - Final regulations: Opportunity zones (text of regulations and FAQs)

Dec 19 - Final regulations: Defining predecessor, successor and limiting recognition of gain under section 355(e) (initial impressions)

Dec 19 - KPMG report: Simplifications to accounting for income taxes

Dec 19 - Proposed regulations: Misdirected direct-deposit refunds

Dec 18 - Regulations pending OIRA review: Business interest limitation under section 163(j)

Dec 18 - KPMG report: State, local tax changes; yearly summary for 2019 (table format)

Dec 18 - Notice 2020-3: Default rate of withholding, periodic payments including retirement and annuity distributions

Dec 17 - KPMG report: Proposed regulations under section 162(m) to address tax law changes (initial impressions)

Dec 17 - Regulations pending OIRA review: Hybrid dividends and payments

Dec 16 - Final regulations: Defining predecessor, successor and limiting recognition of gain under section 355(e) (text of regulations)

Dec 16 - Proposed regulations: Deduction for employee remuneration in excess of $1 million (text of regulations)

Dec 16 - Notice 2020-2: Extended phase-in provisions under section 871(m) regulations

Dec 16 - Rev. Proc. 2020-10: Third six-year remedial amendment cycle, pre-approved defined benefit plans

Dec 16 - KPMG report: Section 409A and equity compensation

Dec 16 - KPMG report: Year-in-review (2019), qualified plan guidance

Dec 16 - KPMG reports: Nebraska (GILTI, FDII); Pennsylvania (sales tax); Texas (gaming machines); Washington State (wooden pallets)

Dec 16 - Regulations relating to foreign tax credit released to Federal Register

Dec 16 - Final regulations: Dividend equivalents from sources within the United States (text of regulations)

Dec 13 - Proposed regulations: Payments made to charities in return for consideration

Dec 12 - Rev. Proc. 2020-9: Extended deadline, plan amendments and hardship distributions

Dec 12 - KPMG report: Analysis of final regulations and additional proposed regulations under section 59A (“BEAT”)

Dec 11 - IRS and TTB agree to whistleblower process regarding federal excise taxes

Dec 10 - Notice 2019-67: Mortality rates, tables for defined benefit pension plans (2021)

Dec 9 - Notice 2019-66: Relief from broad partner tax basis capital account reporting for 2019

Dec 9 - KPMG report: “BEAT” final regulations, provisions applicable to insurance companies

Dec 9 - KPMG reports: California (franchise tax returns); Chicago (tax rate increases); Iowa (federal tax conformity); South Carolina (taxable delivery charges); Washington State (computing activities)

Dec 9 - Final regulations on opportunity zones, pending OIRA review

Dec 6 - Notice 2019-65: Regulations under section 987, additional deferral of effective date

Dec 6 - Rev. Rul. 2019-28: No change to interest rates on tax underpayments, overpayments

Dec 5 - Proposed regulations, payments made to charitable entities; OIRA review completed

Dec 5 - Regulations pending OIRA review: Special rules for nuclear decommissioning costs under section 468A

Dec 4 - OECD responds to U.S. Treasury’s letter on digital services tax

Dec 4 - Treasury opposition to digital services tax initiatives, support for Pillar One

Dec 4 - California: Disregarded limited partnerships no longer subject to filing requirement or annual tax (possible refund opportunities)

Dec 4 - Notice 2019-64: Required amendments list (2019) for qualified retirement plans

Dec 3 - KPMG report: Initial impressions about final and proposed foreign tax credit regulations

Dec 2 - KPMG report: Initial impressions, final regulations and additional proposed regulations under section 59A (“BEAT”)

Dec 2 - U.S. conclusions, trade-related investigation of France’s digital services tax 

Dec 2 - Regulations: Foreign tax credit (text of regulations)

Dec 2 - Regulations implementing BEAT rules (text of regulations)

Dec 2 - Notice 2019-63: Health coverage information-reporting deadline extension

November 2019

Nov 27 - IRS guidance on BBA field exam procedures, partnership returns

Nov 27 - U.S. trade-related report on France’s digital services tax expected next week

Nov 26 - Rev. Proc. 2019-48: Rules for using per diem rates to substantiate expenses incurred away from home

Nov 25 - KPMG reports: California (sales factor); Illinois (sales factor); Massachusetts (tax incentives); Ohio (responsible person)

Nov 22 - Final regulations: Basic exclusion amount, estate and gift taxes (text of regulations)

Nov 22 - Fifth Circuit: No bad debt deduction for payment made to address subsidiary’s undercapitalization

Nov 22 - IRS offers tax relief for taxpayers affected by South Dakota storms

Nov 22 - Tier 2 tax rates for railroads, no changes for 2020

Nov 21 - Ninth Circuit’s decision upholding section 482 stock-based compensation regulations is final

Nov 18 - Final regulations: Ownership-attribution rules for persons related to CFC; rents derived in active conduct of trade or business

Nov 18 - KPMG reports: Arkansas (digital downloads); California (nonresidents); Indiana (software); Tennessee (car subscription service)

Nov 15 - Proposed regulations: Transparency in health plans, insurance coverage

Nov 15 - TTB voluntary disclosure program for unreported changes in control or proprietorship

Nov 15 - KPMG report: 2019-2020 priority guidance plan and REITs

Nov 15 - KPMG report: Private letter rulings concerning REITs in 2019

Nov 14 - Rev. Proc. 2019-46: Business standard mileage rate rules reflecting 2017 tax law changes

Nov 13 - KPMG report: OECD proposal under Pillar Two; addressing tax challenges of digitalisation of the economy

Nov 13 - North Carolina: Market-based sourcing and marketplace-facilitator legislation enacted

Nov 13 - Notice 2019-60: Additional temporary nondiscrimination relief through 2020, closed defined benefit plans

Nov 12 - KPMG report: Comments on “Pillar One” approach to address digital economy tax issues

Nov 12 - Ninth Circuit denies en banc rehearing, section 482 stock-based compensation case

Nov 12 - IRS focus on “syndicated conservation easement” transactions

Nov 12 - IRS releases draft instructions for BBA partnership forms

Nov 11 - BEAT proposed and final regulations; OIRA review completed

Nov 11 - KPMG report: Rules for defined compensation arrangements under section 409A

Nov 11 - KPMG report: Sale of partnership interests resulting in ordinary income

Nov 11 - KPMG reports: Indiana (sales tax, medical records); Nebraska (remote sellers); New Mexico (apportionment, trucking companies); Virginia (interest limitation); Wisconsin (sales tax, CLE seminars)

Nov 8 - Final regulations: Health insurance providers fee, electronic filing requirements

Nov 8 - Rev. Proc. 2019-43: List of automatic changes, accounting methods

Nov 7 - Proposed regulations: Updated life expectancy, distribution period tables for retirement plans

Nov 7 - Second Circuit: Untaxed cigarettes manufactured by and sold on Indian reservation

Nov 6 - Notice 2019-59: Pension plans, cost-of-living adjustments for 2020

Nov 6 - Rev. Proc. 2019-44: Inflation adjustments for 2020, individual taxpayers

Nov 6 - IRS practice unit: Examining taxpayers electing partial disposition of building

Nov 6 - Proposed regulations: Eligible terminated S corporations (initial impressions)

Nov 6 - IRS adds new compliance campaign on cross-border activities (LB&I division)

Nov 4 - Proposed regulations: Eligible terminated S corporations (text of regulations)

Nov 4 - TTB excise tax penalty relief for industry affected by California wildfires

Nov 4 - KPMG reports: Florida (rental real estate); Illinois (advisory services); Maryland (transfer taxes); Massachusetts (patent infringement); Wisconsin (software)

Nov 1 - PLR: Amounts REIT receives from tenants for boat slips, marina storage

Nov 1 - KPMG report: Removal of documentation rules under section 385; future proposed regulations may eliminate per se funding rule

October 2019

Oct 31 - “Documentation regulations” under section 385 are removed; new regulations to be proposed

Oct 31 - Draft of revised Form 8996 for reporting opportunity zone fund data

Oct 31 - Foreign tax credit regulations; OIRA review completed

Oct 30 - Regulations pending OIRA review: Payments to charitable entities in return for consideration

Oct 29 - Final regulations: Information reporting of reportable sales of life insurance contracts, of death benefit payments; initial impressions

Oct 28 - U.S. Tax Court: APAs cancelled; no transfer pricing adjustments and taxpayer not liable for 40% penalty

Oct 28 - U.S. Tax Court: Charitable donation denied, conservation easement not “protected in perpetuity”

Oct 28 - U.S. Tax Court: Notice of deficiency held invalid when two separate, but related, corporations identified

Oct 28 - KPMG report: Guidance on nexus, taxation of remote sales by U.S. states (Arizona, Hawaii, Louisiana, Michigan, North Carolina, South Carolina)

Oct 28 - KPMG reports: Massachusetts (corporate excise tax); Ohio (municipal tax); Wyoming (asset purchase, sales tax)

Oct 25 - Final regulations: Information reporting under section 6050Y; reportable sales of life insurance contracts and death benefit payments

Oct 24 - KPMG report: Proposed regulations address TCJA gross income acceleration requirement

Oct 23 - IRS practice unit: Evaluation of withholding agent’s electronic books and records, reliability of Forms W-8 

Oct 22 - Regulations on interest in corporations as stock or indebtedness (OIRA review completed)

Oct 22 - Regulations to update tables for required minimum distribution rules, section 401(a)(9) (OIRA review completed)

Oct 21 - KPMG reports: Colorado (Boulder’s marketplace guidance); New Jersey (unitary business); Ohio (CAT election); Texas (franchise tax nexus)

Oct 17 - IRS directive, work opportunity tax credit (WOTC)

Oct 14 - KPMG report: Marketplace guidance, sales and use tax (California, Maine, Massachusetts, Texas)

Oct 14 - KPMG reports: Louisiana (GILTI); Washington State (B&O tax)

Oct 11 - Final regulations: Timing of losses related to federally declared disasters

Oct 11 - Notice 2019-58: Treatment of certain interests in corporations as stock or indebtedness, expiration of temporary regulations

Oct 11 - IRS nonacquiescence, transfer of non-capital asset; capital asset sale or exchange treatment

Oct 10 - IRS Chief Counsel Attorney Memorandum advises election under section 952(c) is obsolete (implications for insurance companies)

Oct 9 - Regulations pending OIRA review: Stock or indebtedness, interest in corporations

Oct 9 - Delaware: Additional unclaimed property audit notices and voluntary disclosure program invitations

Oct 9 - IRS priority guidance plan for 2019-2020

Oct 9 - IRS reminder: QI, WP, WT application deadline, November 15, 2019

Oct 9 - Proposed regulations: Contribution limits applicable to ABLE accounts

Oct 9 - Rev. Rul. 2019-24: Tax treatment of transactions involving cryptocurrency

Oct 9 - U.S. Treasury’s quarterly list, countries cooperating with international boycott (no changes)

Oct 8 - Proposed regulations: Transition from interbank offered rates (IBORs) to other reference rates

Oct 8 - Public hearing scheduled; regulations on dividends received deduction limitations from controlled foreign corporations

Oct 8 - Puerto Rico: Electronic filing requirements of Forms W-2 for tax year 2019

Oct 7 - IRS provides tax relief for taxpayers affected by Tropical Storm Imelda

Oct 7 - KPMG report: Marketplace guidance, sales and use tax (Maryland, Wisconsin)

Oct 7 - KPMG reports: Kansas (remote sellers); Maryland (pre-merger NOLs); Massachusetts (interest limitation); Pennsylvania (economic nexus)

Oct 4 - Final regulations for partnerships: Disguised sales; recourse liabilities under section 752 (text of regulations)

Oct 4 - Regulations pending OIRA review: Foreign tax credit guidance

Oct 3 - KPMG report: Initial impressions of proposed regulations addressing repeal of section 958(b)(4); relief provided by Rev. Proc. 2019-40

Oct 3 - KPMG report: Changes proposed in draft versions, Form 1065 and Schedule K-1 for 2019

Oct 1 - IRS guidance limits reach of life insurance reserve election

Oct 1 - KPMG report: Nonresident state income tax withholding, cross-border business travelers

Oct 1 - Proposed regulations, Rev. Proc. 2019-40: Relief provided concerning repeal of section 958(b)(4) (text of regulations)

September 2019

Sep 30 - IRS releases draft versions of Forms 1065, 1120-S for 2019 tax year

Sep 30 - Rev. Proc. 2019-39: Recurring remedial amendment periods for correcting section 403(b) plans

Sep 30 - Notice 2019-54: More time for drought-affected farmers, ranchers to replace livestock

Sep 30 - KPMG reports: New Hampshire (business tax rates); Rhode Island (equipment leasing); Utah (referral business not marketplace facilitator)

Sep 27 - Proposed regulations: Employer shared-responsibility provisions, health reimbursement arrangements

Sep 27 - Rev. Rul. 2019-22: Fringe benefit aircraft valuations, second half 2019

Sep 26 - Federal Circuit: Alternative mixture fuel credit denial upheld

Sep 26 - Regulations on eliminating interbank offered rates (OIRA review completed)

Sep 26 - IRS releases “tax gap” estimates

Sep 25 - Notice 2019-55: Per diem rates, substantiation of employee lodging, meals, incidentals (2019-2020)

Sep 25 - Tax relief for taxpayers affected by storms in Mississippi (February-March 2019)

Sep 25 - KPMG report: State, local tax changes (third quarter 2019, table)

Sep 24 - Rev. Proc. 2019-38: Section 199A “safe harbor” for rental real estate

Sep 23 - KPMG report: Remote seller and marketplace guidance, sales and use tax (Alabama, Florida, Louisiana, Massachusetts)

Sep 23 - KPMG reports: Nebraska (IRC section 965); Vermont (federal tax reform conformity); Virginia (use tax, equipment leased from affiliate)

Sep 20 - Tax treaty update: Protocol to United States-Luxembourg income tax treaty is ratified

Sep 20 - Tax treaty update: Protocol to United States-Switzerland income tax treaty is ratified

Sep 19 - Final regulations: Hardship distributions from section 401(k) plans (text of regulations)

Sep 19 - U.S. agencies propose rule to implement 2% withholding tax on certain foreign payments

Sep 19 - U.S. contractors, exemption from Afghanistan taxes

Sep 17 - Regulations: Additional first-year depreciation deduction (regulations released to Federal Register)

Sep 17 - Regulations under section 59A or “BEAT” provisions (pending OIRA review)

Sep 17 - Notice 2019-52: Low-income housing credit, expanded California wildfire-related disaster relief

Sep 17 - Florida: Reminder of approaching deadline, corporate information reports

Sep 16 - Second Circuit: Jurisdiction of U.S. Court of Federal Claims, claim for overpayment interest

Sep 16 - KPMG reports: Florida (tax rate reduction); New Hampshire (market-based sourcing rules); South Carolina (online marketplace); Texas (retail or wholesale trade)

Sep 13 - KPMG report: Proposed regulations on treatment of built-in items for section 382 (initial impressions)

Sep 13 - Regulations: Additional first-year depreciation deduction (advance release of text of regulations by IRS)

Sep 13 - Final regulations: Additional first-year depreciation (OIRA review completed)

Sep 12 - IRS announces application period for 2020 Compliance Assurance Process (CAP) program

Sep 9 - KPMG reports: Alabama (corporate late-filing relief); Florida (corporate information reports); Georgia (bad debts); Utah (water’s-edge combined group)

Sep 9 - KPMG report: Remote sellers and marketplace nexus guidance (updates from numerous states)

Sep 9 - Proposed regulations: Built-in gains and losses under section 382(h) (text of regulations)

Sep 9 - Regulations: Additional first-year depreciation allowance (OIRA review completed)

Sep 6 - KPMG report: Proposed regulations on changes to income recognition rules; initial impressions

Sep 6 - Rev. Proc. 2019-37: Automatic consent to change method of accounting, section 451 proposed regulations

Sep 6 - Eighth Circuit: South Dakota use tax preempted for certain Indian tribal transactions

Sep 6 - IRS practice unit: French levies eligible for U.S. foreign tax credit

Sep 6 - IRS relief procedures for certain expatriates, U.S. tax law compliance

Sep 5 - Proposed regulations: Timing of income inclusion under section 451 (text of regulations)

Sep 3 - IRS to waive dyed fuel penalty in Florida; hurricane-related relief

Sep 3 - Notice 2019-50: Annual fee imposed on health insurance providers for 2020

August 2019

Aug 30 - Tax treaty update: Protocol to income tax treaty between United States and Japan, entry into force

Aug 30 - Tax treaty update: Protocol to income tax treaty between United States and Spain, entry into force

Aug 29 - Regulations pending OIRA review: Guidance on eliminating interbank offered rates

Aug 29 - Rev. Proc. 2019-36: Foreign insurance companies; effectively connected net investment income (2018)

Aug 28 - Rev. Rul. 2019-21: No change to interest rates for tax overpayments, underpayments (fourth quarter 2019)

Aug 28 - U.S. Tax Court: Taxpayer properly offset interest expenses against real estate income

Aug 28 - Wisconsin: Dividends-received deduction allowed foreign limited partnership under federal check-the-box rules

Aug 27 - Rev. Proc. 2019-23: Updated list of countries, deposit interest paid to nonresident aliens

Aug 27 - Missouri: Extended statute of limitations for sales and use tax refunds (10 years)

Aug 26 - U.S. agreement reportedly reached with France, digital services tax

Aug 26 - KPMG report: Mineral interest income and section 199A deduction

Aug 26 - KPMG report: The “Wyden bill”—a new approach to taxing carried interest

Aug 26 - KPMG reports: California (apportionment); New Jersey (GILTI and FDII); Utah (foreign tax credit)

Aug 23 - Notice 2019-49: Nondiscrimination relief for “closed” defined benefit plans extended through 2020

Aug 22 - Notice 2019-46: Relief for domestic partnerships or S corporations, determining GILTI amounts (initial impressions and observations)

Aug 22 - Proposed regulations: Employer-provided vehicles, fleet average and cents-per-mile valuation rules

Aug 21 - KPMG report: Non-life insurance companies and “BEAT” considerations

Aug 21 - Proposed regulations under section 451(b) and (c); OIRA review completed

Aug 19 - IRS directive on U.S. creditability of two French social taxes; change in IRS position

Aug 19 - U.S. trade-related hearing of France’s digital services tax

Aug 19 - KPMG reports: Florida (GILTI, bonus depreciation); Louisiana (sales tax, medical devices); New York (web-based support services)

Aug 16 - Ninth Circuit affirms Tax Court; intangible assets and valuation in cost-sharing arrangement

Aug 14 - IRS to waive estimated tax penalty automatically for 2018

Aug 14 - Regulations pending OIRA review: Tables for required minimum distribution rules, section 401(a)(9)

Aug 14 - Rev. Rul. 2019-19: Failure to cash retirement plan distribution check does not change gross income

Aug 13 - KPMG report: Initial impressions of cloud-computing, digital-content transactions (proposed regulations)

Aug 13 - IRS releases revised Form 8283 for noncash contributions

Aug 12 - KPMG report: Franchise tax nexus, proposed changes (Texas)

Aug 12 - KPMG reports: California (source of services); Illinois (tax amnesty); Indiana (financial institution tax); Tennessee (IRC section 163(j) limitation)

Aug 9 - Proposed regulations: Classification of cloud-computing transactions, transactions involving digital content (text of regulations)

Aug 9 - KPMG report: Guidance on accounting method change for insurance companies (Rev. Proc. 2019-34)

Aug 6 - Rev. Proc. 2019-34: Simplified procedures for insurance companies to change methods of accounting

Aug 5 - IRS withdraws LB&I directive on cost-sharing arrangements

Aug 5 - KPMG reports: Kansas (remote sellers); Massachusetts (marketplace facilitator); Philadelphia (interest expense limitation)

Aug 1 - KPMG joins amicus brief requesting en banc review by Ninth Circuit (cost-sharing arrangements)

Aug 1 - Reminder: Heavy highway vehicle use tax return (Form 2290) due September 3

Aug 1 - IRS practice unit: Source of income, nonresident alien individuals

July 2019

Jul 31 - Rev. Proc. 2019-33: Relief for bonus depreciation late elections, or revoking prior elections

Jul 29 - KPMG reports: New Jersey (combined reporting); Oregon (corporate activity tax); Oregon (GILTI); Rhode Island (statute of limitations); Tennessee (subpart F income)

Jul 26 - Final regulations for additional first-year depreciation allowance (pending OIRA review)

Jul 26 - IRS notifies virtual currency owners to pay back taxes, file amended returns

Jul 26 - California: Proposals considered, addressing changes to market-based sourcing rules

Jul 25 - Rev. Proc. 2019-32: Extension of time for partnerships filing superseding Forms 1065

Jul 24 - Proposed regulations: Determining built-in gains and losses (OIRA review completed)

Jul 23 - Final regulations: Partnership allocations of foreign income taxes to partners

Jul 23 - IRS adds six new compliance campaigns (LB&I division)

Jul 23 - KPMG report: Section 846 and revised discount factors and guidance on accounting method change (insurance companies)

Jul 22 - G7 finance ministers, agreement on taxation of digital economy

Jul 22 - Rev. Proc. 2019-29: Health insurance premium tax credit, contribution percentage for 2020

Jul 22 - Rev. Proc. 2019-30: Insurance companies, automatic consent for accounting method change

Jul 22 - Rev. Proc. 2019-31: Insurance companies, revised unpaid loss discount factors for 2018 accident year

Jul 22 - KPMG report: States impose tax collection for marketplace facilitators (Ohio, Wisconsin)

Jul 22 - KPMG reports: Kentucky (rental liability fees); Louisiana (BEAT); Maine (unclaimed property); Oregon (corporate activity tax)

Jul 18 - IRS provides tax relief for Texas storm victims

Jul 17 - Final regulations: Partner treated as lessee, when lessor elects to pass through investment tax credits to lessee

Jul 17 - Tax treaty update: U.S. Senate approves Protocols with Switzerland, Luxembourg, Japan

Jul 17 - Notice 2019-45: Expanded list of preventive care for certain chronic conditions (HSA eligibility)

Jul 16 - Tax treaty update: U.S. Senate approves Protocol with Spain

Jul 16 - IRS reminder: Q&As provide guidance about section 965 transition tax

Jul 15 - KPMG report: Certification of professional employer organizations

Jul 15 - KPMG report: States impose tax collection for marketplace facilitators (California, Connecticut, Illinois, Indiana, Pennsylvania, Wisconsin)

Jul 15 - KPMG reports: Missouri (interest expense); Montana (dividends received deduction); San Francisco (gross receipts tax); Texas (franchise tax)

Jul 12 - KPMG report: Proposed passive foreign investment company (PFIC) regulations; initial impressions and observations

Jul 12 - KPMG report: Status of digital services tax legislation, proposals

Jul 12 - Notice 2019-43: Beginning construction “continuity safe harbor” extended for national security concerns (sections 45 and 48)

Jul 11 - IRS relief, taxpayers in Missouri affected by April 2019 storms

Jul 11 - Tax treaty update: Senate expected to consider four Protocols

Jul 11 - Regulations on tax treatment of cloud computing; OIRA review completed

Jul 11 - California: “Loophole closing” legislation adopts certain TCJA changes

Jul 11 - Final regulations: Advance payments for goods, long-term contracts

Jul 11 - Timeline for USTR investigation of France’s digital services tax

Jul 10 - USTR launches Section 301 investigation of France’s proposed digital services tax

Jul 10 - Country-by-country reporting updates from IRS

Jul 10 - Proposed regulations: Passive foreign investment companies (PFICs) and PFIC insurance exception (text of regulations)

Jul 2 - Final regulations: Truncated TINs for wage, tax statements furnished to employees

Jul 2 - Proposed regulations: Multiple employer plans (MEPs)

Jul 1 - IRS updates FAQs on opportunity zones

Jul 1 - Unclaimed property rules for gift cards, gift certificates in Colorado, Washington State

Jul 1 - KPMG report: Sales tax collection requirements for remote sellers, marketplace facilitators (California, Connecticut, Maine, Utah)

Jul 1 - KPMG reports: Louisiana (passthrough entities); Mississippi (apportionment); Oregon (GILTI)

June 2019

Jun 28 - Final regulations: Self-employment tax treatment, partners in partnership that owns disregarded entity (text of regulations)

Jun 28 - Proposed regulations: Section 4968 excise tax, net investment income of colleges, universities (text of regulations)

Jun 28 - IRS provides Q&As concerning section 965 (including transfer and consent agreements)

Jun 28 - Federal Circuit: “Section 1603” cash award, open-loop biomass producing electricity

Jun 27 - Puerto Rico: Sales and use tax holiday, school uniforms and supplies

Jun 26 - New York: Legislation revises GILTI exclusion rules, modifies “Wayfair” threshold

Jun 26 - KPMG report: Excess business loss limitation under section 461(I)

Jun 25 - Tax treaty update: Senate Foreign Relations approves four Protocols

Jun 25 - KPMG report: State, local tax changes (second quarter 2019, table)

Jun 25 - Regulations concerning excise tax on college net investment income (OIRA review completed)

Jun 25 - Notice 2019-42: Opportunity zones designated in Puerto Rico

Jun 25 - KPMG report: Section 199A implications for cooperatives; initial impressions of proposed regulations

Jun 24 - U.S. Senate Finance Committee leaders' letter concerning France’s proposed digital services tax

Jun 24 - KPMG report: IRS position on multiple RAB shares in CSAs

Jun 24 - KPMG report: Opportunity zones and REITs

Jun 24 - KPMG report: States imposing tax collection obligations on remote sellers (Louisiana, Nevada, New Hampshire)

Jun 24 - KPMG reports: Louisiana (NOL ordering rules); San Francisco (proposed tax); Texas (tangible personal property)

Jun 21 - U.S. Supreme Court: In-state beneficiary insufficient for state to tax undistributed trust income

Jun 19 - OIRA review completed: Proposed regulations regarding multiple employer plan (MEP) rules

Jun 19 - KPMG report: Initial impressions of final regulations under section 951A (GILTI) and certain guidance related to foreign tax credit, as well as new proposed regulations under sections 951A and 958 (rules for determining stock ownership)

Jun 19 - KPMG report: Initial impressions of temporary regulations under section 245A; denial of dividends received deduction for certain dividends from current or former CFCs

Jun 18 - KPMG report: Modification of discounting rules for insurance companies (initial impressions about final regulations)

Jun 18 - Notice 2019-27: Guidance for cooperatives and patrons on QBI deduction

Jun 18 - Proposed regulations: Rules under section 199A for cooperatives and patrons (text of regulations)

Jun 18 - Regulations pending OIRA review: Proposed regulations under section 451(b)

Jun 17 - KPMG reports: California (apportionment); New York (royalty payments); Vermont (sales tax sourcing)

Jun 14 - Final regulations: “Global intangible low-taxed income” (GILTI) (text of regulations)

Jun 14 - Regulations: Dividends received deduction limitation when from certain foreign corporations (text of regulations)

Jun 14 - Proposed regulations: Section 958 (determining stock ownership) and section 951A (GILTI) (text of regulations)

Jun 14 - IRS considering new CAP applications; publicly traded corporations must express interest by July 26

Jun 14 - Regulations: Distilled spirits standards, malt beverage labeling rules (OIRA review completed)

Jun 14 - Regulations pending OIRA review: Tax treatment of cloud computing, computer programs, digital content

Jun 13 - Final regulations: Health reimbursement arrangements, account-based group health plans

Jun 13 - Final regulations: Modification of discounting rules for insurance companies

Jun 13 - Final regulations: Nonresident aliens, potential current beneficiaries of electing small business trusts

Jun 13 - KPMG report: Ninth Circuit reverses Tax Court (again), upholds cost-sharing regulations

Jun 13 - IRS practice unit: Allocation of success-based fees in certain acquisitions

Jun 11 - Final regulations: State and local tax credits and charitable contributions (text of regulations)

Jun 11 - D.C. Circuit: Foreign partners and effectively connected income (“Grecian Magnesite” case cited in 2017 tax law)

Jun 11 - OIRA review completed, final regulations on health reimbursement arrangements (HRAs)

Jun 10 - KPMG report: Sales tax obligations of marketplaces, remote sellers (Arizona, Illinois, New York, Tennessee, Vermont)

Jun 10 - KPMG reports: Arizona (federal conformity); Connecticut (sales tax); Illinois (tax rate increases)

Jun 7 - Ninth Circuit reverses Tax Court, validity of cost-sharing arrangement regulations

Jun 6 - Proposed regulations: Exception for U.S. real property interests held by foreign pension funds (initial impressions)

Jun 6 - Proposed regulations: Exception for U.S. real property interests held by foreign pension funds (text of regulations)

Jun 6 - GILTI regulations under sections 951(b) and 951A; OIRA review completed

Jun 6 - JCT overview of GILTI and FDII provisions (sections 250 and 951A)

Jun 5 - Regulations: Dividend received deduction, branch loss recapture (section 245A); OIRA review completed

Jun 5 - Section 45: Renewable electricity, refined coal production inflation factors, reference prices (2019)

Jun 5 - IRS directive, selecting transfer pricing issues involving cost sharing arrangements

Jun 5 - Rev. Rul. 2019-15: Interest rates, tax overpayments and underpayments (third quarter 2019)

Jun 4 - IRS to stop faxing tax transcripts, mailing returns to third parties

Jun 3 - Final regulations: Transfers of property to REITs following corporate distributions

Jun 3 - Regulations concerning SALT credits, charitable contributions; sections 164 and 170(c) guidance (OIRA review completed)

Jun 3 - IRS provides relief for taxpayers affected by Oklahoma storms, flooding

Jun 3 - Minnesota: Corporate conformity legislation, effective retroactively

Jun 3 - KPMG report: Tax collection requirements, remote sellers (Colorado, Maryland, Oklahoma, Tennessee, Texas)

Jun 3 - KPMG reports: Alabama (software sales); Colorado (combined reporting); New Jersey (combined reporting); New York (captive insurance); Ohio (sales tax exemption)

May 2019

May 31 - IRS notices: Oil and gas, marginal well factors, percentage depletion for 2019

May 31 - IRS releases draft Form W-4 for 2020, provides FAQs

May 30 - Proposed regulations: Withholding on distributions, guidance under section 3405

May 30 - Hearing on FDII and GILTI proposed regulations, set for July 10, 2019

May 30 - Regulations pending OIRA review: Proposed regulations under section 245A 

May 29 - Rev. Proc. 2019-25: HSA inflation-adjusted amounts for 2020

May 29 - Alabama: Financial institution excise tax, reform legislation

May 29 - KPMG report: Final regulations, amount determined under section 956 for corporate U.S. shareholders

May 24 - D.C. Circuit: Charitable contribution denied, basis in donated property omitted

May 23 - Final regulations: Certified professional employer organizations (employee leasing companies)

May 23 - Proposed regulations: Passive income exception for foreign insurance companies (OIRA review completed)

May 23 - U.S. Treasury awards $3.5 billion in New Markets Tax Credit (NMTC) allocations

May 22 - Notice 2019-39: Current refundings for certain targeted state, local, Indian tribal government bond programs

May 22 - U.S. Tax Court: Lack of final administrative determination invalidates trust-fund-recovery penalty assessment

May 22 - Delaware: Unclaimed property, voluntary disclosure agreement “invitations” expected soon

May 22 - Final regulations: Amount determined under section 956 for corporate U.S. shareholders (text of regulations)

May 21 - Rev. Proc. 2019-26: Automobile depreciation deduction limits for 2019

May 21 - Kentucky: Deadline to claim deferred tax deduction is July 1, 2019

May 20 - OIRA review: Distilled spirits standards, malt beverage labeling rules (proposed regulations)

May 20 - Proposed regulations: Domestic production activities deduction for agricultural, horticultural cooperatives (OIRA review completed)

May 20 KPMG reports: Florida (GILTI); Hawaii (economic nexus); New Jersey (combined group, minimum tax), Tennessee (GILTI)

May 20 - KPMG report: Remote sellers collecting tax (Louisiana, Virginia)

May 20 - KPMG report: Ownership-attribution rules for CFC related persons; rents from active conduct of trade or business (proposed regulations)

May 17 - Proposed regulations: Ownership-attribution rules for persons related to CFC; rents derived in active conduct of trade or business

May 17 - Oregon: Corporate activity tax bill is signed into law

May 16 - IRS replaces coordinated industry case program with large corporate compliance program

May 16 - Regulations pending OIRA review: Global intangible low-taxed income (GILTI) provisions under sections 951(b) and 951A

May 16 - Regulations pending OIRA review: Excise tax on college net investment income (section 4968)

May 15 - Regulations pending OIRA review: Dividend received deduction (section 245A), branch loss recapture (section 91)

May 15 - Tenth Circuit: S corporation, employees/ESOP beneficiaries held section 267 “related persons”

May 15 - Developments and analysis guide for the 2017 tax law: New KPMG website

May 14 - Proposed regulations: Multiple employer plan (MEP) regulations subject to OIRA review

May 13 - U.S. Supreme Court: States retain sovereign immunity in other state courts (tax audit-related civil action)

May 13 - KPMG reports: Massachusetts (corporate nexus); San Francisco (tax credit, homelessness gross receipts)

May 13 - KPMG report: Sales tax collection obligations of marketplace facilitators (Colorado, Georgia, Indiana, Kansas)

May 13 - KPMG report: Qualified business units (QBUs), foreign currency gain or loss recognition and deferral (report on final regulations)

May 10 - Final regulations: Income, currency gain or loss of “qualified business unit” (section 987)

May 10 - Notice 2019-31: Inflation adjustment factor, carbon oxide sequestration (section 45Q)

May 10 - IRS practice unit: Transaction costs in a corporate separation

May 10 - Colorado: New unclaimed property law; new rules for life insurance companies

May 10 - Texas: Property tax exemption opportunities, pollution control property (Texas Supreme Court decision)

May 9 - Proposed regulations under section 897(I), qualified foreign pension fund requirements (OIRA review completed)

May 9 - Rev. Rul. 2019-13: Cash distributions during the post-termination transition period

May 9 - U.S. Tax Court: Employment tax obligations of charter yacht operator

May 9 - KPMG report: Proposed regulations, withholding obligations incident to transfers of interests by foreign partners, partnerships engaged in U.S. trade or business

May 8 - Notice 2019-34: Maximum FMV of vehicle for 2019 to use special valuation of employee use of employer-provided vehicles; future proposed regulations intended

May 8 - EU comment letter on FDII proposed regulations; alleged “prohibited export subsidy” under WTO obligations

May 8 - Indiana: Sourcing rules for corporate income tax; marketplace facilitators to collect sales tax

May 7 - Proposed regulations: Tax withholding, information reporting concerning partnerships with foreign partners (text of regulations)

May 7 - Notice 2019-33: Future guidance on tax reserves used by public utilities; request for comments

May 7 - Rev. Proc. 2019-22: Private schools' use of website to publicize racially nondiscriminatory policy

May 7 - OIRA review of final regulations, health reimbursement arrangements

May 7 - IRS reminder: May 13 deadline, EIN requirements for responsible parties

May 7 - Third Circuit: Loan guarantees by CFCs includible in taxpayer’s gross income

May 6 - Eleventh Circuit: Taxpayer denied losses from S corporation’s indebtedness

May 6 - KPMG report: Employee or independent contractor; common law test in new tax paradigm

May 6 - KPMG report: Economic nexus legislation, remote sales (Georgia, South Carolina, Tennessee)

May 6 - KPMG reports: Oklahoma (passthrough entity tax); Pennsylvania (deductible interest expense limit)

May 2 - Notice 2019-32: Request for comments, carbon oxide sequestration credit (section 45Q and future regulations)

May 1 - Rev. Proc. 2019-20: Expansion of retirement plan determination letter program

April 2019

Apr 30 - Proposed regulations under section 1400Z-2 for qualified opportunity zones, released to Federal Register

Apr 30 - IRS practice unit: Taxation of shipping and air transport income

Apr 29 - KPMG report: Economic nexus legislative update (California, Colorado)

Apr 29 - KPMG reports: Iowa (business interest deduction limit); Maryland (GILTI); New Jersey (GILTI)

Apr 29 - KPMG report: Twenty questions about possible technical corrections to 2017 Tax Act

Apr 25 - IRS announces Peter Blessing appointed Associate Chief Counsel (International)

Apr 25 - Federal Circuit: State brownfield tax credit amounts held subject to federal income tax

Apr 24 - Notice 2019-30: Recommendations requested for 2019-2020 priority guidance plan

Apr 24 - U.S. Tax Court: Written supervisory approval required before contact with taxpayers, accuracy-related penalty

Apr 23 - Kentucky: Second bill enacted under comprehensive tax legislative package

Apr 22 - IRS reminder for QI / WP / WT periodic-review certification

Apr 22 - KPMG reports: Alabama (no rental tax, tailgating services); Arkansas (federal tax conformity); New Jersey (business interest deduction); New York (GILTI)

Apr 19 - Rev. Proc. 2019-19: Employee plan compliance, self-correction program update

Apr 18 - Opportunity zones: Highlights of the second set of proposed regulations

Apr 18 - Reminder of May 13 deadline: EIN requirements for responsible parties

Apr 18 - KPMG video: OECD’s proposals on taxing the digital economy; comparison to U.S. tax reform

Apr 17 - Proposed regulations: Nonresident aliens, potential current beneficiaries of electing small business trusts

Apr 17 - IRS adds three new compliance campaigns (LB&I division)

Apr 17 - Proposed regulations: Qualified opportunity zone funds under section 1400Z-2 (text of regulations released by IRS)

Apr 17 - OIRA review completed; proposed regulations under qualified opportunity funds (section 1400Z-2)

Apr 16 - Correcting amendments, final regulations under section 199A

Apr 16 - Ninth Circuit: Mailbox rule for refund claims, regulations accorded deference

Apr 16 - Rev. Rul. 2019-10: Fringe benefit aircraft valuations, first half 2019

Apr 15 - Enhanced oil recovery, marginal well production credits; reference price (2018)

Apr 15 - KPMG report: Pricing method, services cost method eligibility under U.S. BEAT provision

Apr 15 - KPMG report: IRS denies tax-favored employer-provided meals in technical advice memo

Apr 15 - KPMG report: Economic nexus, marketplace providers collecting tax (Arkansas, Idaho, Indiana)

Apr 15 - KPMG reports: Arkansas (corporate tax reform); Indiana (remote sales, registration); Massachusetts (multiple points of use)

Apr 12 - OIRA review of proposed regulations: Determining built-in gains and losses

Apr 12 - OIRA review of proposed regulations: Guidance under section 451(c)

Apr 12 - JCT overview of “BEAT” provisions under section 59A

Apr 11 - Tax Court: Captive does not qualify as insurance company, premiums paid not deductible

Apr 11 - Rev. Proc. 2019-18: Safe harbor for professional sports team, valuation of certain player contracts

Apr 11 - New Mexico: Comprehensive tax legislation affecting businesses enacted

Apr 10 - Congressional tax committee leaders express support for OECD efforts, digital services taxes

Apr 9 - Corrections to final regulations under section 965

Apr 8 - IRS provides Form 1065 FAQs, negative capital account reporting

Apr 8 - Final regulations: Tax-exempt bonds, clarifying definition of “investment-type property”

Apr 8 - IRS practice units: Interest capitalization, accounting for developers and subcontractors

Apr 8 - KPMG report: Economic nexus update, marketplace facilitators’ tax collection obligations

Apr 8 - KPMG reports: Georgia (tax treaty implications); Idaho (federal tax reform); New York (federal tax reform); Oregon (Pub. L. No. 86-272)

Apr 8 - Updated FAQ, independence standard, external reviewer of QI / WP / WT

Apr 5 - Proposed regulations pending OIRA review: Passive income exception under section 1297 for foreign insurance companies

Apr 5 - IRS priority guidance plan for 2018-2019 (second quarter update)

Apr 5 - New Jersey: Managerial member of combined group must register; registration portal is open

Apr 3 - Regulations pending OIRA review: Domestic production activities deduction for agricultural, horticultural cooperatives (section 199A(g))

Apr 3 - Rev. Proc. 2019-17: General public use requirements, qualified residential rental projects financed with tax-exempt bonds

Apr 2 - Imports of alcoholic beverages under Craft Beverage Modernization and Tax Reform Act of 2017 (contained in Pub. L. No. 115-97)

Apr 2 - Second Circuit: Tax refund jurisdiction of Tax Court

Apr 1 - KPMG report: New tool for APA submissions

Apr 1 - KPMG report: Other provisions in U.S. tax law—tax accounting, compensation and benefits

Apr 1 - KPMG report: State legislative actions, sales and use tax guidance (CA, KY, NY, ND, VA)

Apr 1 - KPMG reports: Kentucky (economic nexus); Oregon (decoupling from section 199A); Tennessee (business tax classification)

March 2019

Mar 29 - New York: Credits for dual residents, court declines to review cases

Mar 29 - Rev. Rul. 2019-11: Tax treatment of state and local tax refunds

Mar 28 - Notice 2019-24: Housing expense limit adjustments, foreign locations for 2019

Mar 28 - Rev. Proc. 2019-15: List of countries eligible for section 911(d)(1) waiver for 2018

Mar 28 - IRS Appeals guidance on partnership audit procedures under Bipartisan Budget Act (BBA)

Mar 28 - New FAQs under FATCA; compliance items for foreign financial institutions

Mar 28 - Kentucky: Comprehensive tax legislation signed into law

Mar 28 - KPMG report: State, local tax developments (first quarter 2019, table)

Mar 28 - JCT overview of section 163(j), limitation on deduction of business interest

Mar 27 - Notice of withdrawal of proposed regulations under Subchapter C

Mar 27 - Announcement 2019-03: APMA program, APA statistics for 2018

Mar 27 - IRS revises EIN application process

Mar 27 - FASB re-proposes changes to income tax disclosures

Mar 26 - Notice 2019-22: Credit phase-out, qualified plug-in electric vehicles (General Motors, LLC)

Mar 26 - Tax relief for taxpayers affected by storms, flooding in Iowa

Mar 25 - Final regulations: Reportable transactions penalties

Mar 25 - Proposed regulations: Transfers of property to REITs

Mar 25 - OIRA review: SALT credits, charitable contributions; guidance under sections 164 and 170(c)

Mar 25 - JCT report, distributional effects of Public Law 115-97 (U.S. tax law)

Mar 25 - IRS provides FAQ on certifications, periodic reviews for QI / WP / WT

Mar 25 - KPMG report: State sales tax nexus legislation update (Nebraska, North Carolina, North Dakota)

Mar 25 - KPMG reports: Arkansas (unclaimed property); Louisiana (local sales tax); multiple states (corporate nexus)

Mar 22 - IRS relief for storm victims in Nebraska

Mar 22 - Proposed regulations: Corporate partners, transactions involving equity interest of partner

Mar 22 - Proposed regulations: Life insurance contracts, reportable sales and reportable death benefits

Mar 22 - Notice 2019-25: Expanded estimated tax penalty waiver for 2018, individual taxpayers

Mar 22 - Notice 2019-26: Updated mortality improvement rates, tables for defined benefit pension plans (for 2020)

Mar 22 - IRS practice unit: Foreign-initiated adjustments, competent authority guidance

Mar 21 - Final regulations: Verification and certification requirements for certain entities, reporting by FFIs

Mar 20 - JCT report on federal tax system, in effect for 2019

Mar 20 - Washington State: Economic nexus bill enacted; remote retailers and marketplaces affected

Mar 19 - Texas: Personal property renditions due April 1

Mar 19 - U.S. Supreme Court: No fuel tax by Washington State on Native American tribe

Mar 18 - Trump Administration’s FY 2020 budget: “Analytical Perspectives”

Mar 18 - Final regulations: Income test qualification for RICs

Mar 18 - Proposed regulations under “anti-hybrid” provisions; hearing cancelled

Mar 18 - KPMG report: FBAR update for officers, employees

Mar 18 - KPMG report: State legislative actions, sales and use tax for marketplace facilitators

Mar 18 - KPMG reports: New York (broker-dealer); New York (marketplace provider); Utah (corporate nexus)

Mar 15 - Status of Treasury proposed regulations pending OIRA review

Mar 15 - IRS practice unit: Automatic exchange of information

Mar 15 - Agreement between United States and India, exchange of country-by-country reports

Mar 14 - Form 1065 instructions (2018), requirement to provide partnership representative’s taxpayer identification number removed

Mar 14 - IRS reminder about retirement plan correction program, electronic submissions

Mar 13 - Rev. Rul. 2019-06: Covered compensation tables for 2019 plan year

Mar 13 - U.S. Tax Court: S corporation liable for section 6699 penalty; extension application not filed

Mar 12 - Regulations pending OIRA review, qualified opportunity funds (section 1400Z-2)

Mar 12 - Notice 2019-10: Comments requested, fuel excise tax regulations related to power take-off

Mar 12 - Ninth Circuit: Estate tax deficiency sustained, overstated charitable deduction

Mar 11 - Trump Administration budget proposals for FY 2020

Mar 11 - New corporate income tax return filing rules and requirements in China; implications for U.S. multinational corporations

Mar 11 - Final regulations: 296 regulations withdrawn, 79 modified

Mar 11 - Proposed foreign tax credit regulations, hearing cancelled

Mar 11 - U.S. Tax Court: Premium tax credit under Affordable Care Act

Mar 11 - Delaware: Additional unclaimed property audit notices, voluntary disclosure invitations

Mar 11 - KPMG reports: Massachusetts (telecommunication services); Michigan (credit card processing); New Jersey (addbacks); Washington State (apportionment, nexus)

Mar 8 - IRS practice unit: Competent authority, under tax treaty’s MAP article

Mar 8 - KPMG report: Initial impressions, observations on proposed FDII, GILTI regulations under section 250

Mar 7 - Notice 2019-20: Penalty relief, partnership negative tax basis capital account reporting

Mar 7 - Proposed regulations, “anti-hybrid” provisions (hearing scheduled for March 20)

Mar 7 - Proposed regulations, FATCA burden relief (hearing set for April 10)

Mar 7 - IRS relief for certain taxpayers affected by Alabama storms

Mar 6 - Treasury policy statement on tax regulatory process

Mar 6-  Notice 2019-18: Lump-sum payments instead of future annuity payments (defined benefit plans)

Mar 6 - U.S. Tax Court: Indian tribe not liable for employment taxes of corporate division

Mar 5 - Proposed “BEAT” regulations, hearing scheduled for March 25

Mar 5 - Proposed foreign tax credit regulations, corrections

Mar 4 - Proposed regulations under section 250 for FDII deductions (text released) 

Mar 4 - U.S. Supreme Court: Wages paid to injured railroad worker are taxable compensation

Mar 4 - KPMG report: More state actions, economic nexus for remote sales

Mar 4 - KPMG reports: Arizona (rental car “surcharge”); California (transfers to insurers); Kansas (sales tax on ISP equipment)

Mar 1 - Olson to retire as National Taxpayer Advocate

KPMG reports on U.S. responses to COVID-19

KPMG’s reports including analysis and observations on responses to the coronavirus (COVID-19) pandemic in the United States 

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