Pennsylvania Doubles its Corporate Net Operating Loss Deduction
The CPA Journal » Taxation
by Corey L. Rosenthal, JD
1w ago
CPAs need to be aware of current tax developments impacting all state and local tax jurisdictions in order to properly advise businesses operating in multiple locations. As state and local taxing authorities continue to face budgetary and staffing challenges, it is critical for CPAs to regularly monitor state and local tax developments in surrounding jurisdictions. […] The post Pennsylvania Doubles its Corporate Net Operating Loss Deduction appeared first on The CPA Journal ..read more
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Advising Healthcare and Hospitality REITs through Increasing Scrutiny
The CPA Journal » Taxation
by Megan L. Brackney, JD, LLM (Tax)
2w ago
A number of government officials have recently accused Real Estate Investment Trusts (REIT) in the healthcare and hospitality sector of violating tax rules and have called for increased tax enforcement against noncompliant REITs. Tax professionals in the REIT industry should take the prospect of increased enforcement seriously, as the resultant penalties could prove financially ruinous. […] The post Advising Healthcare and Hospitality REITs through Increasing Scrutiny appeared first on The CPA Journal ..read more
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SALT Round-Up—Current Developments in Key Jurisdictions
The CPA Journal » Taxation
by Corey L. Rosenthal, JD
1M ago
CPAs need to be aware of current tax developments in key states to properly advise employers and clients doing business in multiple jurisdictions. As state and local tax jurisdictions continue to face budgetary and staffing challenges, monitoring developments in surrounding jurisdictions is crucial. This article will address some recent developments in New York, Tennessee, and […] The post SALT Round-Up—Current Developments in Key Jurisdictions appeared first on The CPA Journal ..read more
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The New Administrative Law
The CPA Journal » Taxation
by Abigail Burke, JD
2M ago
In a landmark term for administrative law, the Supreme Court issued two opinions earlier this summer that will have significant implications for future litigation regarding executive agency actions. First, the Supreme Court overruled the 40-year-old Chevron doctrine in Loper Bright Enterprises v. Raimondo, holding that “courts must exercise their independent judgment in deciding whether an agency has […] The post The New Administrative Law appeared first on The CPA Journal ..read more
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The Employee Retention Credit
The CPA Journal » Taxation
by Ronald G. Cluett, JD
2M ago
Employers and their advisors should carefully consider recent IRS initiatives concerning the Employee Retention Credit (ERC). Although the initiatives are primarily procedural, an employer’s decision about whether to proceed with or withdraw an ERC claim requires both legal and factual analysis. Background The ERC was initially enacted in March 2020 as part of the Coronavirus […] The post The Employee Retention Credit appeared first on The CPA Journal ..read more
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ICYMI | Supreme Court Defers Fundamental Constitutional Question in Upholding Tax on Foreign Business Income
The CPA Journal » Taxation
by Andrew Weiner, JD, LLM
3M ago
In Charles G. Moore v. United States (No. 22-800), petitioners challenged Congress’s authority to tax unrealized gains under the Sixteenth Amendment. The tax at issue was the Mandatory Repatriation Tax (MRT), which is a one-time tax on accumulated but undistributed foreign earnings that was included in the Tax Cuts and Jobs Act of 2017. But […] The post ICYMI | Supreme Court Defers Fundamental Constitutional Question in Upholding Tax on Foreign Business Income appeared first on The CPA Journal ..read more
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The New State of Administrative Law
The CPA Journal » Taxation
by Abigail Burke, JD
3M ago
In a landmark term for administrative law, the Supreme Court issued two opinions earlier this summer that will have significant implications for future litigation regarding executive agency actions. First, the Supreme Court overruled the 40-year-old Chevron doctrine in Loper Bright Enterprises v. Raimondo, holding that “courts must exercise their independent judgment in deciding whether an […] The post The New State of Administrative Law appeared first on The CPA Journal ..read more
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ICYMI | Twenty Questions Answered About Social Security
The CPA Journal » Taxation
by Peter Karl
3M ago
In Brief Social Security remains a critical component of most Americans’ financial and retirement plans. Despite its longevity and familiarity, many individuals are unaware of all its relevant provisions and the related benefits and drawbacks. In the following article, the author answers 20 common questions about Social Security so that advisors are ready to advise […] The post ICYMI | Twenty Questions Answered About Social Security appeared first on The CPA Journal ..read more
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Free Estate Tax Resources
The CPA Journal » Taxation
by Susan B. Anders, PhD, CPA/CGMA
3M ago
Major changes to estate and gift taxes are periodically a topic of discussion in Congress and the popular press. The Tax Cuts and Job Act (TCJA, PL 115-97) amended federal estate and gift tax provisions to temporarily increase the lifetime exclusion and the annual gift exclusion. As the clock ticks toward 2025 and the law’s […] The post Free Estate Tax Resources appeared first on The CPA Journal ..read more
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Controlled Foreign Corporation Stock Loss in Disaster Area Disallowed
The CPA Journal » Taxation
by Karen M. Cooley, MPA, CPA
4M ago
In Chief Counsel Advice Memorandum 202325007 (https://www.irs.gov/pub/irs-wd/202325007.pdf, Mar. 22, 2023), legal staff within the IRS determined that a worthless stock loss did not occur within a disaster area and was, therefore, not deductible. The advice involved the application of IRC section 165(i) with respect to stock in a controlled foreign corporation (CFC). The Advice Memo […] The post Controlled Foreign Corporation Stock Loss in Disaster Area Disallowed appeared first on The CPA Journal ..read more
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