Federal

TEI Roundtable No. 37: Lessons Learned From TCJA Implementation
What are the implications for Biden’s proposals?

This roundtable was conducted on October 27 as the closing plenary session of TEI’s 76th Annual Conference in Florida. The session, Lessons Learned From TCJA Implementation and Implications for Biden’s Proposals, featured four distinguished panelists who shared their perspectives on the practical implementation and administration of business tax reform legislation:… Read more »

Government Aid Disclosure—Spotlight on the CARES Act
What accounting rules and guidance did companies follow to report receipt of government aid?

The United States has spent more government aid to combat the COVID-19 pandemic than at any other time in the country’s history. Due largely to pandemic spending, the United States federal government debt increased from $22.7 trillion to $28.5 trillion in the past two years, with much of the increased… Read more »

Who Is Interested in My Request for Interest?
Procedural missteps can risk taxpayers’ pursuit of overpayment interest from the IRS

The law is clear: “If a taxpayer overpays its taxes, the IRS owes the taxpayer interest on that amount.”1 This obligation certainly characterized the Internal Revenue Service’s 2020 fiscal year, in which the IRS paid more than $3 billion of overpayment interest to taxpayers.2 This figure is just the latest… Read more »

Let’s Make a Federal Case Out of It: Time to Revisit the Tax Injunction Act
There’s been no change in the TIA in more than 80 years—really

Most state taxpayers would prefer to litigate state and local tax cases in federal courts. However, disputes over state and local taxes are almost always decided by state courts. Although litigation in state court may seem natural and obvious to most state tax professionals, it is somewhat odd given the… Read more »

To Rely On or Not to Rely On? Sub-Regulatory Tax Guidance in Turbulent Times
Sometimes criticism of IRS guidance seems justified, other times not so much

Taxpayers face an ever-increasing mélange of sub-regulatory guidance from the Internal Revenue Service and the Treasury Department.2 This guidance can take the form of proposed regulations, revenue rulings, notices, announcements, private letter rulings, and myriad other documents. Taxpayers in the middle of planning transactions, preparing returns, or tax controversies are… Read more »

NOL Carrybacks Under the CARES Act
Why it’s important to accelerate or otherwise maximize losses in 2020

Due to the disruptions and economic shutdowns caused by COVID-19, many corporate taxpayers will have net operating losses (NOLs) in 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers these taxpayers the opportunity to turn 2020 NOLs into cash refunds. The CARES Act revived the NOL carryback that… Read more »

Understanding the Built-in Gain and Loss Rules of Section 382—and Possible Significant Changes on the Horizon
Unprecedented NOLs have accompanied unprecedented times

As we all welcome the new year, companies look forward to the future and hope to leave 2020 to the history books. Because of the lingering economic effects of COVID-19 and the expansion by the Tax Cuts and Jobs Act (TCJA) of the application of the Section 168(k) first-year bonus… Read more »

Carrybacks, Carryovers, Statutes of Limitations, Audits, and Joint Committee on Taxation Review—Practical and Procedural Aspects of Tax Attribute Planning
Questions abound concerning the impact of the CARES legislation

The COVID-19 pandemic has had wide-ranging effects. The Coronavirus Aid, Relief, and Economic Security (CARES) Act legislation, signed into law on March 27 in response to COVID-19, has reshaped the tax landscape as we know it. Gone, for example, are the restrictions imposed on carrying back certain tax attributes, including… Read more »

Addressing Proposed Section 382 Regulations in Current M&A Transactions
These revisions will impact deal terms and valuation

In September 2019, the Internal Revenue Service (IRS) and the Treasury Department issued proposed Section 382 regulations that, when finalized, would significantly reduce the value of net operating losses (NOLs) following Section 382 ownership changes, including those that occur in connection with mergers and acquisitions.1 In particular, the proposed regulations… Read more »

Intersection of National Security With M&A: The Committee on Foreign Investment in the United States
Why does the United States have laws that regulate M&A activity from a national security perspective, and why are those laws now getting more attention?

Once a sleepy, shadowy backwater of the federal government, the Committee on Foreign Investment in the United States (CFIUS)—the U.S. government’s principal mechanism for screening foreign investment to assess and address its potential impact on U.S. national security—has hit the big time. In the last eighteen months, Congress passed sweeping… Read more »

« Previous Page Next Page »