S corporation shareholders who claimed losses without attaching a basis computation are most likely targets of the soft letters.
Tennessee enacts Hall income tax and sales tax rate reductions, gas tax increases, single-sales factor election for manufacturers.
Newly announced proposal draws heavily on President Trump’s campaign proposals; many critical details are not addressed.
Treasury to review significant tax regulations issued in 2016 and 2017, likely including debt-equity and corporate inversion regulations.
Taxpayer recognized no gain when its obligation to deliver shares was delayed; application of decision to other contracts may be limited.
The IRS issues Rev. Proc. 2017-33 providing additional guidance concerning section 179 and bonus depreciation issues.
The Tax Court has reiterated that contemporaneous documentation is important when substantiating activity to avoid passive treatment.
Department of Revenue Services provides guidance on recent legislative apportionment changes to the state business tax and income tax.