Bonus Depreciation and §754 Step-ups to Partnership Assets
March 29, 2022
Bonus Depreciation and §754 Step-ups to Partnership Assets By: John Conner Bonus depreciation, now set
Tag: Dr. John Connors
“IRS Updates “Automatic Consent” Revenue Procedure (Rev. Proc. 2022-14)
March 29, 2022
“IRS Updates “Automatic Consent” Revenue Procedure (Rev. Proc. 2022-14) By: John Conner The IRS has
New IRS Audit Effort Focuses on Partnership Loss Limitation Rules
March 15, 2022
New IRS Audit Effort Focuses on Partnership Loss Limitation Rules By: John Conner The IRS
Delays Ahead for Senate’s Consideration of Build Back Better Bill
November 9, 2021
By: John Conner The Senate Finance Committee has released its portion of the Build Back
What Tax Professionals Should Do after a Data Theft or Loss
September 14, 2021
Actions Tax Professionals Should Take after a Data Theft or Loss By: John Connor If
IRS Commissioner Provides Overview of Key Areas Affecting Taxpayers
August 10, 2021
IRS Commissioner Provides Overview of Key Areas Affecting Taxpayers By: John Connor IRS Commissioner Charles
Tax Plan Changes to Beef Up Internal Revenue Service
July 20, 2021
Increased IRS Funding and New Reporting Requirements The budget includes $6 billion in discretionary spending
Tax Plan Includes Increased C Corp Rate
July 6, 2021
C Corp Tax Rate could increase to 28% Before the TCJA reduced the highest marginal
Contesting an IRS Audit Determination
June 29, 2021
IRS Audit in the Office of Appeals If a client is thinking about appealing an
Taxpayer Certainty and Disaster Relief Act of 2020
June 15, 2021
The Disaster Relief Act of 2020 The Disaster Relief Act of 2020 added a temporary
Are you a Taxpayer with Excess APTC?
May 25, 2021
Repayment of 2020 Excess Advance Premium Tax Credit Suspended (IR 2021-84) The American Rescue Plan
Recovery Rebate Credit Letters
May 18, 2021
IRS Sending Out 2020 Recovery Rebate Credit Letters (IR 2021-76) The IRS is mailing letters
Final Regulations Issued on Small Business Tax Accounting & Long-term Contracts (TD 9942)
April 27, 2021
Final Regulations Issued on Small Business Tax Accounting & Long-term Contracts The IRS has issued
Final Carried Interest Regulations (TD 9945)
April 20, 2021
Final Carried Interest Regulations The IRS has issued final regulations under Code §1061, which requires
Timing of Expenses Paid with Forgiven PPP Loan Monies
March 30, 2021
Forgiven PPP Loan Monies One of the most-asked questions in both the recent fall tax
Qualified Residential Living Facility Safe Harbor for Sec. 163(j) Business Interest Deduction (Rev. Proc. 2021-9)
March 23, 2021
Qualified Residential Living Facilities The IRS is providing a “safe harbor” for “qualified residential living
IRS Sending Letters Related to Qualified Opportunity Funds (IR 2020-274)
February 23, 2021
IRS Sending Letters to Taxpayers About Qualified Opportunity Funds The IRS has started sending letters
IRS Issues Like-kind Exchange Final Regs (TD 9935)
February 16, 2021
Code Section 1031 The IRS has issued final regs to implement recent statutory changes to
Safe Harbor for Certain PPP Loan Participants (Rev. Proc. 2020-51)
January 26, 2021
PPP Safe Harbor The IRS has issued a safe harbor allowing a taxpayer to claim
Congress Acts on Expense Deductibility When a PPP Loan Is Forgiven
January 19, 2021
PPP Loan Normally, when a debt is cancelled or forgiven, Code §61(a)(11) dictates that the
IRS Clarifies Deadlines for Like-kind Exchanges
December 29, 2020
Notice 2020-23 In an answer to a question posted on its website, the IRS has
Failing to Satisfy One Requirement Invalidated Deduction for Conservation Easement
December 22, 2020
Conservation Easement A partnership conveyed a conservation easement to a charity. Under the terms of
Guidance on QIP Changes to Depreciation (Rev.Proc. 2020-25)
November 24, 2020
QIP Depreciation The IRS has issued guidance which allows a taxpayer to change its depreciation
IRS Launches Centralized Partnership Audit Website (IR 2020-199)
November 17, 2020
Centralized Partnership Audit Website The IRS has launched its Bipartisan Budget Act (BBA) Centralized Partnership