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

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New tax law in the United States
Read KPMG's analysis and observations, as well as industry or sector-specific reports about provisions in the new tax law

December 2018

KPMG's website is currently being upgraded. The most recent articles are available here.

 

Dec 18 - KPMG report: Analysis and observations about proposed regulations, FATCA burden relief

Dec 18 - Proposed regulations on hybrid dividends, payments provision; OIRA review completed

Dec 18 - IRS releases draft instructions for Form 965 series

Dec 17 - KPMG report: Analysis and observations about “BEAT” proposed regulations

Dec 17 - Proposed regulations on “BEAT” released to Federal Register

Dec 17 - Regulations pending OIRA review, section 250 deductions for foreign-derived intangible income and GILTI

Dec 17 - KPMG report: Initial impressions of Notice 2019-01 and “PTEP” guidance

Dec 17 - Tax implications, federal district court and constitutionality of Affordable Care Act

Dec 17 - KPMG report: State and local responses to “Wayfair” decision (CA, DC, Philadelphia, WI)

Dec 17 - KPMG reports: Chicago (tax collection by facilitators); Missouri (sales tax exemption for pharmaceutical compounding)

Dec 14 - Notice 2019-01: Future regulations, foreign corporations with previously taxed earnings and profits (text of notice)

Dec 14 - Regulations pending OIRA review, section 199A and 20% deduction for passthrough business income

Dec 14 - KPMG report: Initial impressions about Rev. Proc. 2019-10, computing insurance company reserves

Dec 14 - Notice 2018-93: Credit for carbon oxide sequestration, applicable dollar amounts

Dec 14 - Notice 2018-96: Credit phase-out, qualified plug-in electric vehicles (Tesla, Inc.)

Dec 14 - Notice 2019-02: Standard mileage rates for 2019

Dec 14 - KPMG report: Payroll year-end planning guide, checklist for employment tax

Dec 14 - KPMG report: Initial impressions, proposed regulations under section 59A (“BEAT”)

Dec 13 - Proposed regulations implementing “BEAT” provision under section 59A (text of regulations)

Dec 13 - Rev. Proc. 2019-10: Insurance company, method of accounting change for computing reserves (text of revenue procedure)

Dec 13 - Proposed regulations under FATCA; goal of reducing taxpayer burden

Dec 13 - IRS releases Form 5471 and draft instructions for 2018

Dec 13 - OIRA review completed; proposed regulations implementing “BEAT” provision

Dec 12 - KPMG report: Initial impressions, FAQs on “transition tax” under section 965 for 2018 returns

Dec 12 - IRS provides FAQs, “transition tax” under section 965 for 2018 returns

Dec 12 - IRS provides draft version of Form 965 instructions

Dec 11 - OIRA review completed, proposed regulations under section 864(c)(8), gain or loss from sales of U.S. partnership interests

Dec 11 - Draft instructions, Form 8990: Business interest expense limitation, section 163(j)

Dec 10 - Notice 2018-99: Parking expenses as qualified transportation fringe benefits, nondeductible amount

Dec 10 - FBAR filings: Deadline again extended for certain individuals with signature authority

Dec 10 - Puerto Rico: Registration process outlined for SURI (internal revenue unified system)

Dec 10 - KPMG reports: Colorado (remote sales); Delaware (unclaimed property); Louisiana (credit for taxes paid); Mississippi (limitations period); New York (unclaimed property)

Dec 7 - Notice 2018-97: Initial guidance, new tax benefit for stock options and restricted stock units

Dec 7 - D.C. Circuit: Taxpayer’s refund claim invoking treaty benefits allowed to proceed

Dec 6 - Final regulations pending OIRA review, section 965 transition tax

Dec 6 - Rev. Rul. 2018-32: Increased rates of overpayment, underpayment interest for first quarter, 2019

Dec 5 - KPMG report: Tax planning guide 2019, for individual taxpayers

Dec 5 - Puerto Rico: More guidance, transition to unified digital system (SURI)

Dec 4 - Proposed foreign tax credit regulations released to Federal Register

Dec 4 - Proposed regulations pending OIRA review, gain or loss from sales of U.S. partnership interests

Dec 4 - Notice 2018-95: Transition relief from “once-in-always-in” rule, excluding part-time employees from section 403 plans

Dec 4 - U.S. Tax Court: Summary judgment denied; “deposit method” for customer payment

Dec 3 - KPMG report: Insurance industry implications of proposed regulations under section 163(j)

Dec 3 - KPMG report: States respond to “Wayfair” decision (IA, NJ, UT)

Dec 3 - KPMG reports: Indiana (software); Ohio (resale exemption); San Francisco (economic nexus); Utah (foreign tax credit)

November 2018

Nov 30 - KPMG report: Initial impressions, foreign tax credit proposed regulations

Nov 29 - IRS reminder: “Hardship withdrawal” measures in proposed regulations, relief for hurricane victims

Nov 29 - LB&I directive: Guidance on DPAD claims under now-repealed section 199

Nov 29 - Notice 2018-94: IRS extends health coverage information reporting deadline for employers, providers

Nov 29 - Rev. Proc. 2018-60: Automatic consent procedures, method of accounting changes for timing of revenue recognition

Nov 29 - U.S. Tax Court: Medical-marijuana dispensary operator deficiency challenge denied

Nov 28 - KPMG report: Initial impressions of proposed regulations under section 163(j), business interest limitation

Nov 28 - Proposed regulations: Foreign tax credit provision under new U.S. tax law (text of regulations)

Nov 27 - KPMG report: Like-kind exchange relief, taxpayers affected by California wildfires

Nov 27 - Rev. Proc. 2018-59: Infrastructure safe harbor and section 163(j) business interest limitation

Nov 26 - IRS to release updated Form 3115, "Application for Change in Accounting Method"

Nov 26 - Proposed regulations under section 163(j), business interest limitation (text of regulations)

Nov 26 - Notice 2018-92: Interim guidance, tax withholding, wages and retirement and annuity distributions

Nov 24 - OIRA review completed, proposed regulations on foreign tax credit

Nov 21 - Notice 2018-91: Qualified retirement plans, 2018 “required amendments list”

Nov 21 - Tier 2 tax rates for railroads, no changes for 2019

Nov 21 - OIRA review completed, proposed regulations under section 163(j) and the business interest limitation

Nov 20 - Proposed regulations: Basic exclusion amount, estate and gift taxes (text of regulations)

Nov 20 - Notice 2018-90: Withholding, reporting of IRA payments to state’s unclaimed property funds, relief extended to 2020

Nov 20 - Rev. Proc. 2018-58: Updated list of time-sensitive acts, postponed by IRS

Nov 19 - Final regulations: Simplified methods of accounting, mandatory change for certain manufacturers

Nov 19 - Notice 2018-88: Health reimbursement arrangements, future proposed regulations

Nov 19 - Notice 2018-89: Leave-based donation payments, aid for Hurricane Michael victims

Nov 19 - Hurricane Michael-related tax relief, two more Florida counties

Nov 19 - Hurricane Michael-related tax relief for two additional counties in Georgia

Nov 19 - Hurricane Florence-related tax relief, additional North Carolina county

Nov 19 - Hurricane Florence-related tax relief, more locations in Virginia

Nov 19 - KPMG report: State and local follow-up to “Wayfair” decision (DC, LA, WY)

Nov 19 - KPMG reports: California (mortgage servicer); Kentucky (deductible state taxes, corporations)

Nov 16 - New Jersey: Tax amnesty available through January 15, 2019

Nov 15 - Rev. Proc. 2018-57: Inflation adjustments for 2019, individual taxpayers

Nov 14 - Tax relief for taxpayers affected by California wildfires

Nov 13 - Proposed regulations on hybrid dividends, payments provision pending OIRA review

Nov 12 - KPMG reports: Arkansas (water utility services); Massachusetts (software); South Carolina (sourcing, satellite television)

Nov 9 - IRS priority guidance plan for 2018-2019

Nov 9 - Insurance initiatives in 2018-2019 priority guidance plan

Nov 9 - IRS reminder: November 17 deadline for individuals’ 2017 tax returns filed electronically

Nov 9 - Federal Circuit: “Same taxpayer rule,” no netting of overpayment and underpayment interest

Nov 9 - Proposed regulations: Amendments relating to hardship distributions from section 401(k) plans

Nov 8 - Proposed regulations on foreign tax credit provision, pending OIRA review

Nov 8 - Hurricane Michael-related tax relief for Alabama taxpayers

Nov 8 - Hurricane Michael-related tax relief for two more counties in Georgia

Nov 7 - KPMG report: U.S. congressional elections and tax policy; preliminary observations

Nov 7 - KPMG report: U.S. state and local election results, tax-related ballot measures

Nov 7 - Final regulations: Coverage of preventive services, religious and moral exemptions

Nov 7 - IRS adds FAQs on filing transfer agreements under Code section 965 

Nov 6 - Proposed regulations implementing “BEAT” provision, pending OIRA review

Nov 6 - Proposed regulations: Modification of discounting rules for insurance companies

Nov 5 - Proposed regulations: Discounting rules for insurance companies (text of regulations)

Nov 5 - Notice 2018-85: Self-insured health insurance annual fee

Nov 5 - IRS practice unit: Identifying taxpayers electing partial disposition of building

Nov 5 - KPMG report: More state reactions to “Wayfair” decision (NJ, NC, SC, SD, WY)

Nov 5 - KPMG reports: Ohio (unclaimed property); South Carolina (bank tax); Washington (sales tax, trade-in credits)

Nov 4 - KPMG report: Initial impressions of proposed regulations coordinating sections 956 and 245A

Nov 2 - Hurricane Michael-related tax relief; addition of 31 counties in Georgia

Nov 1 - Proposed regulations under section 956, released to Federal Register

Nov 1 - Notice 2018-83: Pension plans, cost-of-living adjustments for 2019

Nov 1 - FASB changes to lessor accounting for sales and similar taxes, certain lessor costs

Nov 1 - Federal Circuit: Alcohol fuel mixture credit reduces gasoline excise tax

October 2018

Oct 31 - Proposed regulations: Amount determined under section 956 for corporate U.S. shareholders (text of regulations)

Oct 30 - Hearing on proposed “bonus depreciation” regulations scheduled for November 28

Oct 29 - KPMG report: Election 2018—voters to decide key state tax matters

Oct 29 - KPMG report: Update on state actions responding to “Wayfair” decision (CA, CO, LA, UT, VA)

Oct 29 - KPMG reports: Arkansas (sales tax, crowdfunding); Idaho (nexus, single employee); Massachusetts (utility receipts tax)

Oct 29 - IRS adds another South Carolina county for Hurricane Florence relief

Oct 29 - IRS adds more North Carolina counties, Hurricane Florence-related tax relief

Oct 29 - Three more Georgia counties, Hurricane Michael-related tax relief

Oct 26 - Proposed regulations: Removal of regulations on advance payments, goods and long-term contracts

Oct 25 - Proposed regulations pending OIRA review: Section 163(j) business interest limitation

Oct 25 - Proposed regulations for opportunity zones, released in Federal Register

Oct 24 - Two more North Carolina counties added, Hurricane Florence-related tax relief

Oct 23 - Proposed regulations: Health reimbursement arrangements

Oct 22 - KPMG report: U.S. states respond to “Wayfair” decision (CA, OK, TX)

Oct 22 - KPMG reports: California (like-kind exchange); Massachusetts (GILTI); Rhode Island (sales tax nexus); Texas (online education, sales tax)

Oct 22 - KPMG report: Initial impressions of proposed regulations: Opportunity zones and deferral of gains

Oct 19 - IRS adds more areas in Virginia, Hurricane Florence-related relief

Oct 19 - Proposed regulations: Opportunity zones, deferral of gains (text of regulations)

Oct 19 - OIRA review completed, final regulations under section 263A

Oct 18 - Notice 2018-84: Personal exemption at “zero,” health plan implications

Oct 18 - OIRA review completed, opportunity zone regulations

Oct 18 - KPMG report: New section 163(j)—partnership issues

Oct 17 - U.S. Treasury’s list of regulatory projects, implementing new tax law provisions

Oct 17 - IRS adds four more South Carolina counties, Hurricane Florence relief

Oct 17 - IRS reminder: QI / WP / WT application deadline, November 16, 2018

Oct 17 - Rev. Proc. 2018-54: Deemed issuers, diversification requirements for variable contracts (insurance companies)

Oct 16 - IRS temporarily expands low-income housing credit rules, hurricane-related relief

Oct 16 - IRS adds 14 North Carolina counties, Hurricane Florence-related tax relief

Oct 16 - IRS adds six more South Carolina counties, Hurricane Florence relief

Oct 16 - IRS relief, taxpayers in Virginia affected by Hurricane Florence

Oct 16 - U.S. guidance on claiming tax credits, reduced tax rates (imported spirits, beer, wine)

Oct 15 - Initial impressions: Penalty relief “de minimis error” safe harbor; information returns, payee statements and the proposed regulations

Oct 15 - Sixth Circuit: Split-dollar life insurance, economic benefit treated as distribution of property to shareholder

Oct 15 - KPMG report: State actions concerning “Wayfair” decision (AL, CO, DC)

Oct 15 - KPMG reports: Missouri (sales tax exemption); Texas (franchise tax nexus); Utah (arm’s length transactions)

Oct 15 - IRS waives dyed diesel fuel penalty, Hurricane Michael-related shortages

Oct 15 - IRS relief, Georgia counties affected by Hurricane Michael

Oct 15 - IRS relief, taxpayers in 16 Florida counties affected by Hurricane Michael

Oct 15 - KPMG reports: Hurricanes and disaster relief, recovery for affected taxpayers

Oct 12 - Proposed regulations: Removing existing regulations on advance payments for goods, long-term contracts

Oct 12 - Proposed regulations: Penalty relief “de minimis error” safe harbor; information returns and payee statements

Oct 12 - KPMG report: Initial impressions of proposed GILTI regulations

Oct 12 - Proposed regulations under section 965; public hearing on October 22

Oct 12 - Alabama, Illinois, Missouri, New Jersey: Late-filing penalty relief for corporate tax returns due October 15

Oct 12 - Rev. Proc. 2018-50: Increased user fee for U.S. residency certification

Oct 12 - IRS relief, taxpayers in Florida affected by Hurricane Michael

Oct 9 - Notice of additional guidance under section 965

Oct 9 - New Jersey: Corporation business tax law changes enacted

Oct 8 - Puerto Rico: Transition to new unified digital system (SURI)

Oct 8 - IRS allows more time for filing transfer agreement under section 965

Oct 8 - KPMG report: Beginning construction for section 48 investment tax credit

Oct 8 - KPMG report: Cross-border income inclusions (including GILTI) treated as REIT qualifying income

Oct 8 - KPMG report: Notice 2018-68 guidance under section 162(m); narrowly crafted grandfathering provision

Oct 8 - KPMG report: Proposed regulations under section 199A

Oct 8 - KPMG report: Update on state actions responding to “Wayfair” decision (CA, GA, NV, NJ, WV)

Oct 8 - KPMG reports: California (single member LLC); Massachusetts (sales tax collection); South Carolina (federal tax conformity)

Oct 5 - IRS adds two more South Carolina counties, Hurricane Florence relief

Oct 4 - Final regulations under section 263A pending OIRA review

Oct 4 - Guidance on procedures, requirements relating to alcohol excise tax

Oct 4 - IRS reminder: Electing out of 100% bonus depreciation deduction for 2017; October 15 deadline for certain taxpayers

Oct 3 - Proposed regulations under GILTI provisions released in Federal Register

Oct 3 - Rev. Proc. 2018-53: Procedures for private letter rulings, issues relating to divisive reorganizations

Oct 3 - Notice 2018-76: Transitional guidance on deductibility of business meal expenses

Oct 1 - Rettig is new Commissioner of Internal Revenue

Oct 1 - Notice 2018-78: Basis adjustment election under section 965 proposed regulations

Oct 1 - KPMG report: Follow-up state actions, “Wayfair” decision (DC, IL, MD, MA, NE, NJ, NM, SC, SD)

Oct 1 - KPMG reports: California (partnership audits); California (telephone equipment, sales and use tax); New York (promotional materials, sales and use tax)

September 2018

Sep 28 - IRS adds another North Carolina county, Hurricane Florence-related tax relief

Sep 28 - Rev. Proc. 2018-52: Employee plan compliance, corrective programs update

Sep 28 - Rev. Rul. 2018-26: Fringe benefit aircraft valuations, second half 2018

Sep 28 - Notice 2018-79: Extension of replacement period for livestock

Sep 27 - IRS releases draft instructions for Form 1040 for 2018

Sep 27 - IRS updates list of South Carolina counties, Hurricane Florence tax relief

Sep 27 - Notice 2018-80: Future regulations to provide market discount not includible in income under section 451(b)

Sep 27 - KPMG report: State, local tax changes (third quarter 2018, table)

Sep 26 - Second Circuit: Taxable gain from modified variable prepaid forward contracts

Sep 26 - Notice 2018-77: Per diem rates, substantiation of employee lodging, meals, incidentals (2018-2019)

Sep 25 - IRS considering “active trade or business” guidance for ventures with research activities

Sep 25 - IRS adds more North Carolina counties, Hurricane Florence-related tax relief

Sep 24 - Notice 2018-71: Employer credit for paid family and medical leave (Q&As)

Sep 24 - Reminder: Deadline for claiming 2017 biodiesel and alternative fuel incentives is September 29, 2018

Sep 24 - Ninth Circuit: Inconsistency between S corporation’s and shareholder’s returns

Sep 24 - IRS relief, South Carolina taxpayers affected by Hurricane Florence

Sep 24 - KPMG report: New section 163(j)—partnership issues

Sep 24 - KPMG report: New section 163(j)—selected issues

Sep 24 - KPMG reports: Minnesota (sales tax exemption); Texas (online retailer)

Sep 21 - Notice 2018-75: Employer reimbursements made in 2018 for employee moving expenses in 2017

Sep 21 - IRS provides draft instructions for Form 8992 (GILTI)

Sep 21 - Text of proposed regulations: Removal of section 385 “documentation regulations”

Sep 20 - Notice 2018-72: Extensions of phase-in, transition rules under section 871(m) guidance

Sep 19 - Rev. Proc. 2018-49: Changes in method of accounting, rules clarified for “early adopters”

Sep 19 - Notice 2018-74: Modified “safe harbor” explanations for plan administrators to provide for recipients of rollover distributions

Sep 19 - Non-taxation by Luxembourg of U.S. multinational corporation, EC investigation finds no illegal state aid

Sep 18 - IRS waives dyed diesel fuel penalty, Hurricane Florence-related shortages

Sep 18 - IRS reminders relating to Form 8975 “Country-by-Country Report”

Sep 18 - U.S. Tax Court: CFC’s distribution not “qualified dividend income,” but taxable at ordinary rates

Sep 17 - IRS extends deadlines, provides tax relief for taxpayers affected by Hurricane Florence (updated list of counties)

Sep 17 - TTB guidance: “Single taxpayer” rules for excise tax credits, reduced rates on beer, wine, distilled spirits

Sep 17 - KPMG report: Follow-up actions by states on “Wayfair” holding (CA, CO, IL, NV, SD, TX, WI)

Sep 17 - KPMG reports: Alabama (use tax); Massachusetts (federal tax reform)

Sep 14 - IRS guidance for September 2018 deposits of oil spill liability tax

Sep 13 - Proposed regulations under GILTI provisions (text of regulations)

Sep 13 - Rev. Proc. 2018-48: REIT items of income, foreign currency gain under GILTI provisions

Sep 13 - Proposed regulations for opportunity zones, pending OIRA review

Sep 12 - U.S. Senate confirms Rettig to be IRS Commissioner

Sep 10 - KPMG report: Federal excise tax opportunity; drawback for taxed alcohol, manufacture of nonbeverage products

Sep 10 - KPMG report: IRS Compliance Assurance Process (CAP) program for 2019

Sep 10 - KPMG report: State responses to “Wayfair” (IN, MD, NJ, OK, SD)

Sep 10 - KPMG reports: Maine (federal tax conformity); New Jersey (sales tax sourcing); Oregon (pass-through entities)

Sep 10 - GAO report on 2018 tax filing, IRS challenges for 2019

Sep 8 - Update on proposed regulations under GILTI provisions

Sep 7 - IRS practice unit: Determining individual’s residency for treaty purposes

Sep 6 - IRS provides draft version of Form 8991 for “BEAT” reporting

Sep 6 - IRS provides draft versions of schedules for Form 965

Sep 6 - Rev. Proc. 2018-47: Excise tax relief for RICs with section 965 inclusions

Sep 5 - Business taxpayer payments to state, local tax credit programs generally deductible; IRS response to inquiries on proposed regulations

Sep 5 - IRS provides draft versions of Form 965 and Schedule H

Sep 5 - SECA tax audits underway as part of IRS compliance campaigns

Sep 5 - U.S. executive order on expansion of retirement plans

Sep 4 - LB&I directive on selecting timeshare industry issues for examination

Sep 4 - Reminder: IRS offshore voluntary disclosure program closes September 28 (taxpayers with undisclosed foreign financial assets)

Sep 4 - U.S. Tax Court: Statute of limitations if unreported PFIC gains

August 2018

Aug 31 - Rev. Proc. 2018-36: Updated list of countries, deposit interest paid to nonresident aliens

Aug 30 - OIRA review completed on section 385 proposed regulations

Aug 28 - Notice 2018-70: Future regulations on “qualifying relative” and personal exemption amount (new tax law measures) 

Aug 28 - Insurance: IRS LB&I directive, elective treatment for principle-based reserves for variable annuity contracts and life insurance contracts

Aug 27 - Changes to “Compliance Assurance Process” (CAP) program for 2019

Aug 27 - Rev. Proc. 2018-45: Foreign insurance companies; effectively connected net investment income (2017)

Aug 27 - U.S. Tax Court: No charitable contribution deduction for facade easement, long-term lessee

Aug 27 - California: Combined reporting upheld; different treatment of interstate, intrastate businesses

Aug 27 - KPMG report: More states respond or update initial reactions to “Wayfair” decision (AR, CO, NV, SC, SD, TN, TX)

Aug 27 - KPMG reports: California (unclaimed property); Kentucky (GILTI); North Dakota (repatriation); Texas (apportionment); Texas (legal support services)

Aug 24 - Notice 2018-69: Nondiscrimination relief for “closed” defined benefit plans extended through 2019

Aug 24 - KPMG report: State and local tax credits and charitable contributions, proposed regulations

Aug 23 - Proposed regulations: State and local tax credits and charitable contributions (text of regulations)

Aug 23 - Proposed GILTI regulations pending OIRA review; IRS draft forms for GILTI reporting 

Aug 22 - Rev. Proc. 2018-44: Accounting method change, “eligible terminated S corporation” (new tax law)

Aug 21 - Notice 2018-68: Guidance on deduction limitation for remuneration paid to “covered employee” under section 162(m) (new tax law)

Aug 21 - Notice 2018-67: Guidance for new UBTI rules under section 512(a)(6)

Aug 20 - OIRA review completed on SALT credits, charitable contribution regulations

Aug 20 - KPMG report: Two more states respond to “Wayfair” decision (NJ, SC)

Aug 20 - KPMG reports: Colorado (wholesale purchase for resale); Oregon (physical presence); Texas (data processing services); Vermont (federal tax law changes)

Aug 17 - Rev. Rul. 2018-24: Conversion involving mortgage-backed securities not taxable exchange of property

Aug 16 - Eighth Circuit vacates Tax Court’s determination of transfer pricing method

Aug 16 - Senate Finance Committee Republicans identify issues for technical corrections, regulatory guidance for new tax law

Aug 15 - Rev. Proc. 2018-42: New deadline for pre-approved defined contribution plans, opinion letter applications (December 31, 2018)

Aug 15 - U.S. Treasury, CBP interim final rule; alcohol excise tax refunds

Aug 14 - D.C. Circuit: Credit under expired section 45K, for fuel from nonconventional source, landfill gas

Aug 14 - Fifth Circuit: Donation of conservation easement, perpetuity requirement not satisfied

Aug 13 - KPMG report: More states respond or update initial reactions to “Wayfair” decision (AR, CA, LA, ME, MD, MS, NC, SD, WY)

Aug 13 - KPMG reports: Indiana (standing for refund claim); Wyoming (what constitutes a sale)

Aug 13 - Ninth Circuit: Federal excise tax on tobacco products, tribal manufacturer

Aug 13 - Proposed regulations: Centralized partnership audit regime; regulations are re-proposed

Aug 10 - KPMG report: Issues and analysis of section 965 proposed regulations

Aug 10 - Proposed regulations under section 199A released for publication in Federal Register

Aug 10 - Second Circuit: Special 10-year limitations period applies for credit, not deduction, of foreign taxes paid

Aug 9 - KPMG report: Proposed bonus depreciation regulations and 2018 filing season: Opportunities and pitfalls

Aug 8 - Initial impressions: Proposed regulations, IRS guidance for section 199A and 20% deduction for passthrough qualified business income

Aug 8 - Proposed regulations: Section 199A, 20% deduction for passthrough qualified business income (text of regulations)

Aug 8 - U.S. Tax Court: Withholding tax liability under section 1446 held partnership-level item

Aug 7 - Ninth Circuit withdraws decision in cost-sharing arrangements case, new panel to consider appeal

Aug 6 - Final regulations: Centralized partnership audit regime (text of regulations)

Aug 6 - Rev. Proc. 2018-40: Automatic consent, small businesses seeking accounting method change

Aug 6 - Status of Treasury regulations pending OIRA review

Aug 6 - U.S. Tax Court: Repatriation allowed using plan of intercompany debt with return-of-capital distribution

Aug 6 - KPMG report: Update of reaction by states to “Wayfair” decision (KY, MI, NE, SD, WA)

Aug 6 - KPMG reports: Alabama (new federal tax law implications); Vermont (IRC section 965)

Aug 6 - IRS relief, victims of California wildfires and high winds

Aug 3 - Proposed regulations: Additional first year depreciation deduction under section 168 (text of regulations)

Aug 3 - Proposed regulations under section 965 released for publication in Federal Register

Aug 3 - IRS Chief Counsel memo: Overpayments and section 965(h)

Aug 3 - Notice 2018-62: Future regulations on contribution limits for ABLE accounts

Aug 2 - What regulations could be released next? Regulations under sections 199A and 385

Aug 1 - Text of regulations, section 965 “transition tax”

Aug 1 - Final regulations: Information returns, extension of time

Aug 1 - Final regulations: Short-term, limited-duration health insurance

Aug 1 - Update on nominations of IRS Chief Counsel, Treasury deputy secretary

July 2018

Jul 30 - Notice 2018-58: Future regulations to clarify section 529 re-contributions, rollovers, qualified expenses

Jul 30 - KPMG report: Follow-up actions of various states, “Wayfair” decision (IN, MN, NV, NH, RI, UT)

Jul 30 - KPMG reports: Connecticut (GILTI); Michigan (bad debt deduction); Utah (IRC section 965)

Jul 27 - D.C. Circuit: Exclusions from gross income of foreign corporations; regulations (2003) held invalid

Jul 27 - Federal Circuit: Basis of assets for calculating “Section 1603 grants”

Jul 27 - Final regulations: Substantiation, reporting requirements for cash, non-cash charitable contribution deductions

Jul 26 - Insurance: Self-procurement tax imposed on all U.S. premiums paid to captive (New Jersey Tax Court) 

Jul 24 - Ninth Circuit reverses Tax Court, upholds cost-sharing regulations

Jul 24 - Ninth Circuit: Transferee liability, asset sale followed by stock sale

Jul 23 - KPMG report: Compilation of state responses to “Wayfair” 

Jul 23 - KPMG report: More state responses to “Wayfair” decision (MD, MN, NH, UT)

Jul 23 - KPMG report: State and local tax, technology-related guidance (table, second quarter 2018)

Jul 23 - KPMG reports: Texas (manufacturing exemption, software); Wisconsin (taxable laundry services)

Jul 20 - IRS practice unit: Treatment of transaction costs of business transactions

Jul 20 - TTB guidance: Excise tax, transfers of beer between breweries not of same ownership

Jul 19 - Final regulations: Revised 401(k) plan definitions, qualified matching and nonelective contributions

Jul 19 - Finance Committee votes for Rettig to be next IRS Commissioner

Jul 16 - Status of expected regulations; section 965 “transition tax”

Jul 16 - KPMG report: More states indicate responses to “Wayfair" (HI, IN, LA, MT, NH, RI, SC, TX, WY)

Jul 16 - KPMG reports: California (San Francisco rent tax); Missouri (financial institutions taxation); New Jersey (tax amnesty)

Jul 13 - Notice 2018-61: Future regulations to clarify effect of section 67(g) for estates and trusts

Jul 12 - KPMG report: Initial analysis of final regulations addressing “inversions”

Jul 12 - Financial reporting implications of “Wayfair” decision

Jul 11 - IRS provides draft Schedule A, “Itemized Deductions” for 2018

Jul 11 - KPMG report: State and local incentive arrangements from REIT perspective

Jul 11 - Final regulations: Corporate inversions and related transactions (text of regulations)

Jul 9 - KPMG report: States continue to respond to U.S. Supreme Court’s decision in “Wayfair” (AL, IN, NH, OH, UT, WI), federal bill introduced

Jul 9 - New Jersey: Corporation business tax law changes enacted

Jul 9 - KPMG reports: Georgia (IRC section 965); Minnesota (apportionment); Vermont (federal tax conformity)

Jul 5 - KPMG video: Tax reform and U.S. international tax provisions

Jul 2- IRS new “compliance campaigns” include section 965 transition tax (under new tax law)

Jul 2 - IRS releases draft Form 1040 schedules for 2018 tax year

Jul 2 - KPMG reports: Louisiana (sales tax); Massachusetts (apportionment); Pennsylvania (federal bonus depreciation)

Jul 2 - KPMG report: More states respond to U.S. Supreme Court’s decision in “Wayfair” case (HI, ID, IA, MA, ND, RI, TX, VT)

June 2018

Jun 29 - IRS releases draft “streamlined” Form 1040 for 2018 tax year

Jun 28 - CBP guidance: Refunds of excise tax on imported beer, wine, distilled spirits (pursuant to new tax law)

Jun 28 - TTB guidance: Calculating effective tax rates for distilled spirits products (pursuant to new tax law)

Jun 28 - Eleventh Circuit: Refund denied, radioactive waste disposal payments not for nuclear decommissioning

Jun 27 - KPMG report: State, local tax changes (second quarter 2018, table)

Jun 27 - SEC staff comments: Accounting for tax reform, implementing new standards

Jun 27 - New FAQ for QI / WP / WT

Jun 26 - Reminder: June 29 deadline for taxpayers in Puerto Rico, Virgin Islands, American Samoa

Jun 25 - KPMG report: States respond to U.S. Supreme Court’s decision in “Wayfair” case (ND, MN, LA, NJ, MS, MD, WV)

Jun 25 - KPMG reports: Rhode Island (software); Utah (apportionment); Virginia (shopping fees)

Jun 22 - Notice 2018-59: Construction “begin date” for section 48 credit, energy property

Jun 21 - U.S. Supreme Court: Initial impressions of “Wayfair” decision

Jun 21 - U.S. Supreme Court: Employee stock options not taxable “compensation” under RRTA

Jun 21 - Insurance: Tax Court sides with IRS, rejects captive’s insurance company status

Jun 21 - U.S. Supreme Court: Decision issued in “Wayfair” case concerning state tax treatment of remote sellers

Jun 20 - Notice 2018-48: List of population census tracks as designated qualified opportunity zones

Jun 19 - IRS practice unit: Interest capitalization for self-constructed assets

Jun 19 - Rev. Proc. 2018-35: Automatic change, method of accounting for citrus replanting costs

Jun 18 - Proposed regulations: Allocations of partnership liabilities for disguised sale purposes (section 707)

Jun 18 - KPMG reports: Colorado (IRC section 965); New York (manufacturer); North Carolina (federal tax conformity); Rhode Island (IRC section 965); Texas (telecom provider)

Jun 14 - U.S. Treasury’s final update of list of opportunity zones (June 2018)

Jun 13 - Notice 2018-57: Regulations under section 987, one-year deferral of effective date

Jun 12 - Puerto Rico: “Employee retention credit,” as hurricane disaster relief

Jun 11 - Proposed regulations: Tax-exempt bonds, clarifying definition of “investment-type property”

Jun 11 - KPMG reports: Michigan (IRC section 965); Pennsylvania (use tax); multiple states (economic nexus, sales and use tax)

Jun 7 - Final regulations: Partnership transactions involving equity interests of a partner

Jun 7 - IRS updates list of FAQs on opportunity zones

Jun 6 - Missouri: Corporate rate reduction, mandatory single-sales factor apportionment, market-based sourcing enacted

Jun 5 - KPMG report: Mineral interest income, eligible for section 199A deduction?

Jun 5 - KPMG report: Tax reform and publicly traded partnerships

Jun 4 - IRS again updates FAQs, “transition tax” under Code section 965; penalty relief and filing information

Jun 4 - Puerto Rico: Tax holiday for "back to school" purchases

Jun 4 - Third Circuit: No capital gains treatment, taxpayer retained technology rights

Jun 4 - KPMG reports: Missouri (lease add-ons); New Jersey (related-party addbacks); Washington (Seattle employee tax)

May 2018

May 31 - Treasury offers expanded relief for producers claiming wine production credit

May 30 - Proposed regulations: Change to threshold for filing information returns electronically

May 29 - Rev. Rul. 2018-17: Withholding, reporting of IRA payments made to state’s unclaimed property funds

May 25 - IRS notices: Oil and gas, marginal well factors for 2018

May 25 - New FAQs for QI / WP / WT

May 25 - Notice 2018-42: Modifications to standard mileage rates for 2018

May 23 - Notice 2018-54: Future regulations to address state and local tax deductions

May 23 - IRS five-year strategic plan

May 22 - D.C. Circuit: Partnership of single-member LLCs, not eligible for “small partnership” exception

May 22 - Rev. Proc. 2018-34: Premium tax credit, contribution percentage for 2019

May 22 - U.S. Treasury updates list of opportunity zones (May 2018)

May 21 - KPMG reports: Colorado (market-based sourcing); Massachusetts (IRC section 965); Tennessee (federal tax reform); Washington (delivery services, nexus)

May 18 - Iowa: Tax reform legislation includes changes affecting corporate, individual taxpayers

May 17 - Connecticut: New partnership-level tax, in response to federal tax changes

May 17 - Indiana: Federal tax conformity legislation enacted

May 15 - U.S. Treasury’s quarterly list of countries cooperating with international boycott; no changes

May 14 - IRS practice units: R&D, qualified research expenses, nonfunctional currency

May 14 - KPMG reports: Hawaii (economic nexus); Hawaii (federal tax conformity); Ohio (nexus); Washington (unclaimed property)

May 11 - Inflation adjustment factors, carbon dioxide sequestration under section 45Q, Indian coal production credit under section 45

May 10 - Third quarter update to IRS, Treasury priority guidance plan 2017-2018

May 10 - Rev. Proc. 2018-29: Automatic consent, method of accounting change, relating to financial accounting revenue recognition standards

May 10 - Rev. Proc. 2018-30: HSA inflation-adjusted amounts for 2019

May 9 - Rev. Proc. 2018-31: List of automatic changes, accounting methods

May 9 - Federal Circuit: Extraterritorial income transition rule applies for post-2006 earnings

May 8 - Notice 2018-30: Section 382 recognized built-in gains, losses determined without regard to section 168(k) immediate expensing

May 8 - SEC: Text of proposed rules, including “best interest” regulation

May 7 - Tax Court: Government does not bear burden of production for penalties in partnership-level proceedings

May 7 - KPMG reports: Alabama (IRC section 965); Florida (IRC section 965); New York (commonly owned group election); South Carolina (services); Texas (pension trusts)

May 7 - New FAQs for QI / WP / WT certifications, periodic reviews

May 4 - Notice 2018-46: Exception to “United States property” for notional principal contract swaps (section 956)

May 4 - Notice 2018-47: Extension of empowerment zone designation

May 4 - IRS reminder: QI / WP / WT certifications

May 3 - Fifth Circuit: Refund claim denied, overpayment held not “attributable to” foreign taxes paid

May 1 - Notice 2018-44: Housing expense limit adjustments, foreign locations for 2018

April 2018

Apr 30 - KPMG reports: California (sourcing, intangibles); Maryland (apportionment); New York (telecommunications exemption); Pennsylvania (IRC section 965)

Apr 30 - Notice of clarification: Final rule on certain health care-related measures

Apr 27 - Notice 2018-43: Recommendations requested for IRS, Treasury guidance, including guidance to implement new tax law

Apr 27 - Notice 2018-27: Relief for certain employers claiming section 45R credit, health insurance coverage

Apr 27 - Rev. Rul. 2018-11: Inflation adjustment for certain debt instruments

Apr 26 - Rev. Proc. 2018-27: Changes to HSA contribution limitation for 2018, relief measures

Apr 26 - IRS provides FAQs on qualified opportunity zones, under new tax law

Apr 26 - Notice 2018-39: IRS extends temporary relief, taxable fuel removals from certain Wisconsin terminals

Apr 26 - Notice 2018-41: Future regulations, information reporting on reportable policy sales of life insurance contracts (new section 6050Y)

Apr 26 - Rev. Rul. 2018-13: State-assumed interest rates, insurance company post-2016 reserves

Apr 25 - Eleventh Circuit: Rehearing on Alabama’s tax regime for diesel fuel

Apr 24 - First congressional hearing on new U.S. tax law

Apr 24 - Kentucky: Tax reform legislation

Apr 24 - Treasury report on status of regulatory reform actions

Apr 23 - KPMG report: Employer credit, paying employees for family or medical leave

Apr 23 - KPMG report: State and local tax, technology-related guidance (table, first quarter 2018)

Apr 23 - KPMG reports: Nebraska (federal tax conformity); Oregon (IRC section 965); Rhode Island (IRC section 965); Texas (tax amnesty)

Apr 20 - Notice 2018-32: Enhanced oil recovery, marginal well production credits; reference price (2017)

Apr 19 - SEC to propose “best interest” standard, retail customer protection

Apr 19 - U.S. Treasury updates list of opportunity zones, under new tax law

Apr 18 - U.S. Supreme Court: Oral arguments in state tax case to overturn “Quill”

Apr 18 - Section 45: Renewable electricity, refined coal production inflation factors, reference prices (2018)

Apr 17 - Rev. Proc. 2018-25: Automobile depreciation deduction limits for 2018, reflecting new tax law

Apr 16 - Notice 2018-38: Fiscal year U.S. corporations to pay “blended” income tax rate under new tax law

Apr 16 - KPMG reports: Arizona (federal tax conformity); Connecticut (IRC section 965); Indiana (use tax on rentals); New Mexico (consolidated returns)

Apr 14 - IRS updates FAQs, “transition tax” on foreign earnings under Code section 965

Apr 13 - Fringe benefit aircraft valuations for first half 2018

Apr 13 - IRS reminder: Combat zone tax benefits, Armed Forces service in Sinai Peninsula, retroactive to June 2015

Apr 13 - Notice 2018-37: Future regulations to clarify effective date, trust income payment to former spouse

Apr 13 - Rev. Proc. 2018-22: Corrected AMT phaseout threshold amount for estates, trusts

Apr 12 - Notice 2018-35: Transitional guidance, accrual method taxpayers deferring advance payments from income

Apr 12 - Treasury, OMB agreement on review of future tax regulations

Apr 11 - Rev. Proc. 2018-26: Nonqualified uses of proceeds from tax-exempt bonds, new remedial actions

Apr 10 - Updated FAQs on country-by-country reporting, guidance for national security contractors

Apr 9 - IRS Publication 5292: Calculating section 965 amounts, elections available for 2017 returns

Apr 9 - First round of opportunity zones released, under new tax law

Apr 9 - KPMG reports: Alabama (remote sellers); Arizona (sales of intangibles); Georgia (use tax); Tennessee (IRC section 965); Wisconsin (federal tax conformity)

Apr 9 - First Circuit: IRS application of substance-over-form doctrine rejected; DISC contributions to Roth IRAs

Apr 6 - Rev. Proc. 2018-23: No countries eligible for section 911(d)(1) waiver for 2017; Turkey added for 2016

Apr 5 - Notice 2018-24: Determination letter program for individually designed retirement plans; comments requested

Apr 4 - Observations about Notice 2018-31: Country-by-country reporting by “specified national security contractors”

Apr 4 - KPMG report: Casualty loss deduction calculations, individual income tax returns

Apr 3 - New York: State budget includes federal tax reform-related changes

Apr 2 - Initial impressions on Notice 2018-28, computing business interest expense limitation under section 163(j)

Apr 2 - Initial impressions on Notice 2018-26 and guidance under section 965; special elections, reporting and paying the “transition tax”

Apr 2 - Initial impressions on Notice 2018-29, withholding on transfers of non-publicly traded partnership interests

Apr 2 - KPMG reports: Florida, Georgia (federal tax conformity); Indiana (software); Louisiana (online marketplace); Massachusetts (credit recapture); Utah (corporate tax rate)

Apr 2 - Notice 2018-28: Computing business interest expense limitation under section 163(j)

Apr 2 - Notice 2018-26: Special elections under section 965, reporting and paying the “transition tax”

Apr 2 - Notice 2018-29: Transfers of non-publicly traded partnership interests, withholding on transfers

March 2018

Mar 30 - Announcement 2018-08: APMA program, APA statistics for 2017

Mar 30 - Notice 2018-31: IRS guidance on country-by-country reporting by “specified national security contractors”

Mar 27 - Final regulations: Allocation of research credit among controlled group members

Mar 27 - Proposed regulations: Non-government attorneys excluded from receiving records summoned by IRS

Mar 27 - Notice 2018-23: Transitional guidance on expanded nondeductibility of certain fines, penalties and information reporting

Mar 26 - KPMG report: State, local tax changes (first quarter 2018, table)

Mar 26 - KPMG reports: Arkansas (sales tax, amusements); Illinois (federal transition tax); New Jersey (federal transition tax); Utah (federal transition tax)

Mar 23 - Tax technical corrections are enacted, include partnership provisions

Mar 22 - Filing, payment deadlines for taxpayers in Puerto Rico, U.S. Virgin Islands further postponed to June 29, 2018

Mar 19 - KPMG reports: Idaho (federal tax conformity); Indiana (financial institutions tax); Kentucky (fuel tax); Texas (streaming services); Vermont (nexus)

Mar 16 - Rev. Proc. 2018-21: Revisions to opinion and advisory letters for pre-approved master and prototype and volume submitter plans

Mar 14 - Rev. Proc. 2018-19: Reduced user fee for determination letter request for terminating plan (Form 5310)

Mar 14 - U.S. Tax Court: “Short sale” of residence and debt forgiveness held one transaction

Mar 13 - IRS provides FAQs about “transition tax” on foreign earnings (new Code section 965)

Mar 13 - IRS grants businesses more time to file, request six-month extension (winter storms)

Mar 13 - IRS offshore voluntary disclosure program to close, taxpayers with undisclosed foreign assets

Mar 13 - IRS identifies five new LB&I “compliance campaigns”

Mar 12 - KPMG report: FBAR update - No new rules, but enforcement threat looms

Mar 12 - KPMG report: SEC and FASB comments on accounting for income taxes

Mar 12 - KPMG report: Tax reform implications for R&D activities

Mar 12 - KPMG reports: Arkansas (use tax); Georgia (federal tax conformity); Indiana (manufacturing exemption); Ohio (service contracts)

Mar 12 - Proposed regulations: Disclosure of delinquent taxpayer information to State Department passport services contractors

Mar 9 - Announcement 2018-5: Pre-approved defined benefit plans; IRS to issue opinion, advisory letters soon

Mar 7 - Notice 2018-21: Biodiesel, renewable fuel credits for 2017, one-time claim; oil spill liability tax safe harbor

Mar 7 - Rev. Rul. 2018-7: Rates of underpayment, overpayment interest increase for second quarter, 2018

Mar 5 - Notice 2018-20: Australia added to “no TIN list”

Mar 5 - Notice 2018-12: High deductible health plans providing benefits for male sterilization, contraceptives

Mar 5 - Temporary relief for producers claiming the wine production credit under new tax law

Mar 5 - U.S. Tax Court: Excise tax for excess contributions to Roth IRAs from FSC

Mar 5 - KPMG reports: Colorado (official guidance); Colorado (apportionment); New Jersey (partnerships); Virginia (federal conformity)

Mar 2 - Rev. Proc. 2018-18: Inflation adjustments for 2018, revised to reflect new tax law

Mar 1 - Notice 2018-18: Future "carried interest" regulations to clarify partnership interests held by S corporations

Mar 1 - U.S. Tax Court: Income from gravel mined on Indian land, taxable

February 2018

Feb 28 - IRS updates Form W-4, “withholding calculator” to reflect tax law changes

Feb 27 - Notice 2018-19: “Physical presence” test extension; individuals in hurricane-affected U.S. territories

Feb 27 - Qualified opportunity zones, revised census tracts offer new investment options

Feb 26 - KPMG reports: New Mexico (refund claims); Pennsylvania (online marketplaces); Texas (intercompany services); West Virginia (federal tax conformity)

Feb 23 - Rev. Proc. 2018-20: Safe harbor extended, mortality tables of life insurance contracts

Feb 22 - Final regulations: Health insurance provider fee

Feb 20 - Proposed rule: “Short-term, limited-duration insurance” to expand to 12 months

Feb 19 - KPMG report: Qualified opportunity zone investments under new U.S. tax law

Feb 19 - KPMG reports: Arkansas (advertising); Indiana (software); New York (federal tax law changes); Rhode Island and Connecticut (CEO pay ratio)

Feb 15 - Rev. Proc. 2018-17: Effects of prohibited tax year changes for “specified foreign corporations”

Feb 15 - Eleventh Circuit: Deposit forfeited on canceled sale of hotel, not capital gain

Feb 14 - Rev. Proc. 2018-17: Initial impressions, section 965 and “specified foreign corporations” changing tax years

Feb 14 - Reminder: “Oil spill” excise tax now extended through 2018

Feb 13 - Proposed regulations: 298 regulations to be withdrawn, 79 modified

Feb 13 - U.S. Treasury awards $3.5 billion, New Markets Tax Credit allocations

Feb 13 - Rev. Proc. 2018-17: "Specified foreign corporations" changing tax year, application of section 965

Feb 12 - KPMG reports: Connecticut (business tax); Idaho (federal tax conformity); Wisconsin (online legal support)

Feb 9 - Insurance initiatives in IRS priority guidance plan, second quarter update

Feb 9 - IRS practice unit: Foreign personal holding company income, common exceptions

Feb 8 - IRS guidance projects, implementing new tax law provisions

Feb 8 - President to nominate Rettig to be IRS Commissioner

Feb 8 - Rev. Proc. 2018-16: Qualified opportunity zone, guidance to states’ chief executive officers

Feb 8 - Notice 2018-17: Expanded low-income housing credit hurricane-related relief, Puerto Rico

Feb 7 - Changes to EIN application form, instructions for “check-the-box” entities

Feb 7 - New IRS instructions: Form 7004 automatic extension of time to file business income tax, other returns

Feb 7 - Rev. Proc. 2018-14: Extended safe harbor, personal residence repairs of concrete foundations

Feb 6 - IRS release: New tax law, no changes to pension plan cost-of-living adjustments for 2018

Feb 5 - KPMG report: How does U.S. BEAT apply to inbound companies?

Feb 5 - KPMG reports: Missouri (tax proposals); New York (human tissue); Pennsylvania (NOLs); Texas (tax amnesty)

Feb 2 - IRS practice unit: Adjustments to debt basis

Feb 1 - Proposed regulations: Adjusting tax attributes under centralized partnership audit regime

January 2018

Jan 31 - Notice 2018-15: IRS no longer processing new clean renewable energy bonds; section 54C repealed by new tax law

Jan 29 - FAQs recharacterization of Roth IRA contributions under new tax law

Jan 29 - Notice 2018-14: Withholding tax guidance, implementing new income tax law

Jan 29 - U.S. Tax Court: Effects of tax returns filed with Virgin Islands’ tax bureau

Jan 29 - KPMG reports: Louisiana (intangibles addback); Michigan (sourcing); Ohio (“fracking”); Texas (software)

Jan 26 - Rev. Proc. 2018-11: Adequate disclosures to reduce accuracy-related penalty

Jan 25 - Rev. Proc. 2018-13: Unpaid loss discount factors, salvage discount factors for 2017 accident year (insurance)

Jan 24 - Medical device excise tax moratorium once again extended, through 2019

Jan 24 - KPMG report: State and local tax, technology-related guidance (table, fourth quarter 2017)

Jan 23 - Rev. Proc. 2018-12: Safe harbors for “continuity of interest” requirement, value of stock in certain reorganizations

Jan 22 - KPMG reports: New York (federal tax reform); New York (carried interest); Texas (nexus); Multistate (annual use tax reports)

Jan 19 - Notice 2018-13: Additional guidance about “transition tax” on foreign earnings (new Code section 965)

Jan 18 - U.S. Tax Court: Loan guarantees by CFCs includible in taxpayer’s gross income; regulations upheld as valid

Jan 18 - Updated FAQs, information about country-by-country reporting

Jan 17 - Notice 2018-10: Failure-to-deposit penalty relief relating to medical device excise tax

Jan 17 - KPMG report: Accounting for U.S. tax reform under IFRS

Jan 16 - LB&I directives on transfer pricing examinations

Jan 16 - Insurance: IRS concludes some foreign currency agreements are not insurance

Jan 15 - KPMG reports: Arkansas (pollution control); California (surgical instruments); Ohio (tax amnesty); Pennsylvania (penalty assessments)

Jan 12 - U.S. Supreme Court: Certiorari granted in South Dakota case seeking to overturn “Quill”

Jan 12 - Notice 2018-01: Passports revoked, denied for certain tax delinquencies

Jan 11 - IRS releases updated 2018 withholding tables, implementing new tax law changes

Jan 11 - IRS practice unit: Stock basis ordering rules

Jan 10 - IRS practice unit: Self-employment tax in U.S. territories

Jan 9 - Rev. Rul. 2018-04: Revised covered compensation tables for 2018 plan year

Jan 8 - IRS release: New mailing address for Form 8809

Jan 8 - KPMG reports: Indiana (manufacturing exemption); Kansas (use tax); Pennsylvania (bonus depreciation)

Jan 8 - U.S. states start to address federal tax reform

Jan 5 - KPMG report: Tax reform, accounting for income taxes

Jan 5 - U.S. Treasury’s list of countries cooperating with international boycott, no changes

Jan 3 - “Oil spill” excise tax has expired; possible issues for refiners, importers

Jan 2 - U.S. Tax Court: Statute of limitations for certain omissions of gross income

Jan 2 - IRS practice unit: Substantial contribution test for CFC manufacturing exception

Jan 2 - Medical device excise tax resumes, moratorium has expired

2017 Articles

December 2017

Dec 29 - Notice 2018-08: Revised timeline, guidance on implementing new section 1446(f), publicly traded partnerships

Dec 29 - Notice 2018-07: "Transition tax" on foreign earnings (new Code section 965)

Dec 29 - Insurance: Mandatory repatriation considerations under new tax law

Dec 29 - Final regulations: Election out of centralized partnership audit regime

Dec 29 - IRS releases annual revenue procedures for 2018

Dec 27 - IRS release on pre-paying 2018 state and local property taxes

Dec 22 - SEC statement on new tax law in the United States

Dec 22 - FBAR filings: Deadline extended for certain individuals with signature authority  

Dec 22 - Notice 2018-06: IRS extends health coverage form deadline for employers, providers  

Dec 22 - President signs tax bill into law

Dec 21 - Notice 2018-05: Transition rules for withholding agents extended for 2018, 2019

Dec 21 - Rev. Rul. 2018-03: Film packages and domestic production activities deduction under section 199

Dec 21 - KPMG report: State, local tax changes (table summarizing 2017 developments)

Dec 18 - Proposed regulations: CFC’s foreign currency gain, loss; election for mark-to-market accounting for section 988 transactions

Dec 18 - KPMG reports: Arkansas (REMICs); Indiana (databases); Ohio (gift baskets)

Dec 15 - Proposed regulations: Centralized partnership audit regime

Dec 15 - Ninth Circuit: No capital gains treatment of royalties, “all substantial rights” in patents not transferred

Dec 15 - IRS practice unit: Initial stock basis

Dec 14 - Notice 2018-03: Standard mileage rates, increases for 2018

Dec 14 - U.S. Tax Court: Foreign tax credits for “compulsory levies” paid by Mexican branch

Dec 14 - Notice 2017-71: More relief for partnerships, REMICs, others with late-filed Form 1065 and Form 1066 in 2017

Dec 14 - Notice 2018-02: Updated mortality improvement rates, tables for defined benefit pension plans (for 2019)

Dec 14 - Rev. Rul. 2018-02: No alternative fuel mixture credit for butane and gasoline mixture

Dec 13 - Rev. Procs. 2018-08, 2018-09: Safe harbor methods for determining casualty, hurricane-related losses of individuals

Dec 13 - IRS practice unit: Calculation of the section 956 inclusion

Dec 13 - KPMG report: Quarterly summary of accounting, financial reporting developments for companies

Dec 11 - New FAQs for QI / WP / WT

Dec 11 - KPMG report: IFRS accounting for taxes, levies in the United States

Dec 11 - KPMG reports: Colorado (combined reporting); Colorado (nexus); Indiana (sourcing); New Jersey (foreign taxpayer)

Dec 8 - IRS practice units: Tax items of U.S. persons residing abroad

Dec 8 - Notice 2017-75: Future regulations to offer relief from section 409A, payments accelerated to pay income taxes

Dec 6 - Notice 2017-74: Individual taxpayers without available marketplace “bronze-level plan”

Dec 6 - KPMG report: Partnership disguised sale rules may be changing

Dec 5 - Notice 2017-72: Qualified retirement plans, 2017 “required amendments list”

Dec 4 - KPMG reports: New York (information services); Pennsylvania (refund claims); Tennessee (taxpayer conferences); Utah (foreign operating company)

November 2017

Nov 30 - Notice 2017-71: Expanded relief for late-filed partnership, REMIC, and other related Forms 1065 and 1066 filers in 2017

Nov 29 - Proposed regulations: Interplay of centralized partnership audit regime and international tax rules

Nov 29 - Tier 2 tax rates, no changes for 2018

Nov 29 - U.S. Tax Court: Timely filed petition, postage from approved commercial vendor

Nov 27 - Puerto Rico: More guidance providing tax relief following Hurricane Maria

Nov 22 - Rev. Proc. 2017-60: Safe harbor, personal residence repairs of certain concrete foundations

Nov 21 - Extended time, health and pension plans affected by Hurricane Maria

Nov 21 - IRS practice units, common ownership or control under Code section 482

Nov 21 - IRS update to jurisdiction status table, country-by-country reporting

Nov 20 - PLR: F reorganization, from Country A branch of U.S. life insurance company to Country A section 953(d) company

Nov 20 - KPMG reports: Connecticut (combined reporting); Pennsylvania (net loss limits); Tennessee (cloud computing); Vermont (nexus)

Nov 14 - KPMG report: Accounting for income taxes considerations of adopting new revenue recognition guidance

Nov 13 - Rev. Proc. 2017-59: Changes in method of accounting, section 481 adjustment period

Nov 13 - Rev. Rul. 2017-22: Covered compensation tables for 2018 plan year

Nov 13 - KPMG reports: Arkansas (tangible property sales); Colorado (combined returns); Mississippi (economic nexus); Pennsylvania (subscription fees)

Nov 9 - Ninth Circuit: Debt vs. equity implications for foreign tax credits

Nov 9 - Notice 2017-70: Leave-based donation payments, 2017 California wildfires

Nov 7 - IRS audit-related rule changes, financial reporting of partnership tax underpayments

Nov 7 - Pennsylvania: Enacted legislation concerns NOL carryovers, remote sellers, sales tax

Nov 6 - KPMG reports: Indiana (software); Massachusetts (passthroughs); New York (HMO taxation)

Nov 3 - IRS identifies new LB&I “compliance campaigns”

Nov 1 - IRS reminder: ITIN renewals due by end of 2017

October 2017

Oct 31 - Announcement 2017-15: Hardship distributions, loans from retirement plans, hurricane and wildfire relief

Oct 31 - IRS reminder: Electronically filed 2016 tax returns due by November 18; disaster victims and others need to file on paper after November 18

Oct 31 - Notice 2017-67: Qualified small employer health reimbursement arrangements 

Oct 31 - Treasury updates low-income community eligibility data, New Markets Tax Credit

Oct 30 - Notice 2017-68: Expanded hurricane-related relief from “United States property” designation for CFCs

Oct 30 - KPMG report: New employee retention credit, hurricane-related relief

Oct 30 - KPMG reports: Colorado (contract manufacturing); New Jersey (basis adjustment); Ohio (remote sellers); Oregon (bicycle excise tax)

Oct 26 - Kautter appointed IRS “Acting Commissioner” effective November 13

Oct 24 - Insurance initiatives in 2017-2018 priority guidance plan

Oct 23 - KPMG reports: Illinois (manufacturing exemption); Maryland (employee activities); New York (sales tax refunds)

Oct 20 - IRS “business plan” for 2017-2018 includes “burden reducing” projects

Oct 20 - Puerto Rico: Updated guidance on tax deadlines, following Hurricane Maria

Oct 19 - IRS practice unit: Withholding under FIRPTA, sales by individuals

Oct 19 - Rev. Proc. 2017-58: Inflation adjustments for 2018

Oct 19 - Notice 2017-64: Pension plans, cost-of-living adjustments for 2018

Oct 19 - Notice 2017-66: New clean renewable energy bonds, applications for reallocation to public power providers

Oct 19 - Notice 2017-59: Refund claim procedures, undyed diesel fuel removed from Milwaukee terminals

Oct 19 - LB&I directive for mining industry: Units of property, major components

Oct 19 - Second package of proposed regulations withdrawn; definition of “political subdivision” for tax-exempt bonds

Oct 18 - Final regulations: Tax treatment of federal financial assistance provided banks, domestic building and loan associations, and related parties

Oct 18 - Pennsylvania: NOL flat-dollar cap held to violate uniformity clause; taxpayer not allowed an uncapped NOL

Oct 17 - Proposed regulations under section 2704 are withdrawn

Oct 17 - IRS practice units about land development, check-the-box, USRPHC status

Oct 17 - QI / QDD / WP / WT applications for 2017; due November 17

Oct 16 - IRS relief: Taxpayers affected by California wildfires; new counties added

Oct 16 - Do not overlook possible tax implications of NAFTA re-negotiations

Oct 16 - KPMG reports: District of Columbia (digital goods); New Jersey (nexus); Oregon (Portland’s pay-ratio surtax); Multistate (voluntary disclosure)

Oct 16 - KPMG report: Tax reform implications for low-income housing credit

Oct 13 - IRS relief, taxpayers affected by California wildfires

Oct 13 - IRS nonacquiescence: Material participation in real estate activities under section 469

Oct 13 - KPMG report: State and local tax, technology-related guidance (table, third quarter 2017)

Oct 11 - Proposed regulations: Removal of signature requirement from section 754 elections

Oct 10 - IRS practice unit: Failure to file Form 5471, penalties for Category 2 and 3 filers

Oct 10 - Rev. Procs. 2017-56, 2017-57: Changes to defined benefit plan funding method

Oct 10 - U.S. Tax Court: Interest on deficiency when tax-exempt status is revoked

Oct 10 - U.S. Tax Court: No charitable contribution deduction for facade easement, not “in perpetuity”

Oct 9 - KPMG reports: California (water’s-edge election); Colorado (electronic sales); South Dakota (physical presence); Washington State (retail space)

Oct 6 - Notice 2017-61: Self-insured health insurance annual fee

Oct 6 - Notice 2017-62: Employer leave-based donation programs to aid Hurricane Maria victims

Oct 6 - Puerto Rico: Further guidance, relief in response to hurricanes

Oct 6 - Regulations: Exemptions and accommodations for preventive, contraceptive services

Oct 4 - Final report: Treasury regulations, responding to executive order to reduce tax burden

Oct 4 - Notice 2017-56: Disaster relief, “physical presence” test extended, individuals in hurricane-affected U.S. territories

Oct 4 - SEC provides regulatory relief for hurricane victims

Oct 3 - KPMG report: Casualty loss deductions related to hurricanes, claims by individual taxpayers; updated to reflect new law

Oct 3 - Final regulations: Mortality tables for defined benefit pension plans

Oct 3 - Delaware: Companies to be invited, unclaimed property voluntary disclosure program

Oct 2 - Notice 2017-57: Deferred effective date, foreign currency regulations under section 987

Oct 2 - Notice 2017-58: Hurricane-related filing extension; disclosures of “syndicated conservation easement transactions”

Oct 2 - Puerto Rico: Tax authority’s guidance on tax deadlines, following hurricanes

Oct 2 - U.S. Tax Court: Nonresident’s unemployment compensation held taxable income under treaty with Canada

Oct 2 - KPMG report: Accounting for uncertainty in income taxes under IFRS and U.S. GAAP

Oct 2 - KPMG reports: Alabama (business license); Illinois (internet sales); New York (combined reporting); Wisconsin (corporate tax)

September 2017

Sep 29 - President signs aviation tax and hurricane tax-relief legislation

Sep 29 - Rev. Proc. 2017-46: Updated list of countries, deposit interest paid to nonresident aliens

Sep 29 - Rev. Rul. 2017-19: Fringe benefit aircraft valuations for second half 2017

Sep 28 - IRS hurricane-relief, emergency housing for disaster victims

Sep 27 - KPMG report: Unified framework for comprehensive tax reform, initial observations

Sep 27 - Notice 2017-53: One-year extension of time to replace livestock, drought-related sales

Sep 27 - Notice 2017-55: Hurricane-related relief from section 956(c) “United States property” designation for CFCs

Sep 27 - Proposed regulations: Tax-exempt private activity bonds, issued by state and local governments, public approval requirements

Sep 26 - IRS summarizes hurricane-related tax relief 

Sep 25 - IRS extends diesel fuel penalty waiver; Hurricane Irma-related shortages

Sep 25 - Notice 2017-54: Per diem rates, substantiation of employee lodging, meals, incidentals (2017-2018)

Sep 25 - Notice 2017-46: Reporting TINs by FFIs under FATCA Model 1 intergovernmental agreements

Sep 25 - KPMG reports: Alaska (dividends received deduction); Texas (packaging supplies); Wyoming (electricity)

Sep 25 - Final regulations: Withholding from, information reporting on certain gambling winnings

Sep 22 - IRS provides tax relief, victims of Hurricane Maria in Puerto Rico, U.S. Virgin Islands

Sep 22 - LB&I directive: Research credit for increasing research activities under section 41

Sep 22 - KPMG report: State, local tax changes (third quarter 2017, table)

Sep 21 - Rev. Proc. 2017-52: New policy for letter rulings, transactions under section 355

Sep 19 - IRS provides hurricane-related tax relief for taxpayers in Georgia

Sep 19 - IRS offers fuel penalty relief; hurricane-related shortages of ultra low sulfur diesel fuel

Sep 18 - KPMG report: Casualty loss deductions, hurricane-related damage

Sep 18 - LB&I practice units about transfer pricing issues

Sep 18 - Proposed regulations: Truncated TINs for wage and tax statements furnished to employees

Sep 18 - KPMG report: GAO recommendations for low-income housing credit program

Sep 18 - KPMG report: Open-ended guidance, certain stock distributions of RICs (Rev. Proc. 2017-45)

Sep 18 - KPMG reports: Alabama (group losses); Illinois (financing entities); Massachusetts (internet vendors)

Sep 15 - IRS expands tax relief to hurricane victims in Florida

Sep 15 - Proposed regulations: Definitions of “registration-required obligation” and “registered form”

Sep 14 - KPMG report: Tax relief available for businesses affected by Hurricane Irma

Sep 14 - Notice 2017-52: Employer leave-based donation programs to aid Hurricane Irma victims

Sep 14 - IRS practice units: Foreign tax credits, sourcing of income, other topics

Sep 14 - South Dakota: State’s high court upholds “Quill” physical presence standard

Sep 12 - IRS provides tax relief for taxpayers affected by Hurricane Irma

Sep 12 - IRS allows retirement plan loans, hardship distributions relating to Hurricane Irma

Sep 12 - IRS waives dyed diesel fuel penalty; shortages due to Hurricane Irma

Sep 12 - Notice 2017-47: Penalty relief for late-filed partnership returns applies to REMICs

Sep 12 - Notice 2017-51: Marginal well production credit under section 45I; reference price (2016)

Sep 11 - U.S. Tax Court: Estate tax return of predeceased spouse, determining allowable DSUE

Sep 11 - KPMG reports: Indiana (throwbacks); New York (service receipts); Virginia (tax amnesty)

Sep 7 - Rev. Proc. 2017-47: Safe harbor for public utilities, “normalization rules” violations

Sep 6 - Virginia: Related-party addback rule and “subject to tax” exception

Sep 5 - IRS expands dyed diesel fuel penalty relief for Texas

Sep 5 - KPMG report: Disaster relief; tax implications when employers help employees

Sep 1 - Notice 2017-47: Penalty relief for late-filed partnership returns in 2017

Sep 1 - KPMG report: Tax relief available for businesses affected by Hurricane Harvey

August 2017

Aug 31 - Notice 2017-45: Nondiscrimination relief for “closed” defined benefit plans extended through 2018

Aug 30 - U.S. Tax Court: No refund, taxes not paid within lookback period

Aug 30 - IRS announces retirement plan loans, hardship distributions to hurricane victims

Aug 30 - IRS waives dyed diesel fuel penalty because of hurricane-related shortages

Aug 30 - List of countries for country-by-country reporting data exchanges 

Aug 28 - IRS provides tax relief, taxpayers in 18 Texas counties affected by Hurricane Harvey

Aug 28 - KPMG reports: Massachusetts (disaster losses); New Jersey (click-through nexus); North Carolina (interest deduction); Wisconsin (software licensing)

Aug 25 - Rev. Proc. 2017-44: Foreign insurance companies; effectively connected net investment income (2016)

Aug 22 - KPMG report: No deduction for amounts paid captive insurance company (U.S. Tax Court’s opinion)

Aug 22 - U.S. Tax Court: Lifetime gifts, marital deduction asserted in summary judgment motions

Aug 21 - Notice 2017-44: Model amendments adding bifurcated benefit distribution options, defined benefit plans

Aug 21 - U.S. Tax Court: Cement company’s depletion deduction rate for calcium carbonates

Aug 21 - U.S. Tax Court: No deduction for amounts paid to captive insurance company

Aug 21 - Insurance: CCA addresses qualification under section 816(a)

Aug 21 - Colorado: Use tax reporting requirements, proposed rules

Aug 21 - KPMG reports: Arkansas (tax credits); Minnesota (loss limitation); Texas (sales tax exemption); Texas (costs of goods sold)

Aug 14 - KPMG reports: New York (captive insurance); New York (internet access); Texas (apportionment); Washington State (real estate excise tax)

Aug 11 - FAQs: IRS Appeals conferences, attendance by IRS Compliance personnel

Aug 11 - IRS nonacquiescence: Like-kind “reverse exchange” when title held by exchange facilitator

Aug 11 - IRS now accepting country-by-country report (Form 8975)

Aug 10 - IRS reminder about heavy highway vehicle use tax return deadline; Form 2290 due August 31

Aug 9 - Multistate Tax Commission’s special voluntary disclosure program for remote sellers; sales and use tax and state income tax

Aug 8 - IRS letters sent to taxpayers with ITINs expiring in 2017

Aug 8 - Rhode Island: Expanded tax reporting requirements for non-collecting retailers; tax amnesty program

Aug 7 - U.S. Tax Court: Taxpayers limited in charitable contribution deduction, since not “qualified farmers”

Aug 7 - KPMG report: “Convenience of the employer” exclusion for meal deductions

Aug 7 - KPMG report: Implications of “Grecian Magnesite Mining” opinion for private equity funds

Aug 7 - KPMG report: Section 467 can have outsized impact on REITs

Aug 7 - KPMG reports: Colorado (local use tax); Massachusetts (drop-shipments); Minnesota (combined returns); Ohio (forward contracts)

Aug 4 - Notice 2017-42: Additional time to comply with section 871(m) regulations

Aug 3 - Notice 2017-41: Voluntary reporting of catastrophic health insurance coverage

Aug 3 - U.S. Senate confirms Treasury Assistant Secretary for Tax Policy

Aug 1 - Eighth Circuit: No RRTA tax on stock payments, union contract ratification payments

Aug 1 - U.S. Treasury: List of countries cooperating with international boycott

July 2017

Jul 31 - Illinois: Cook County (Chicago) sweetened beverage tax, update

Jul 31 - KPMG reports: Arizona (amusement taxation); New Hampshire (mergers); Nevada (return due date); Texas (franchise tax)

Jul 31 - Puerto Rico: New sales tax prepayments, first due date either August 15 or September 15

Jul 28 - Notice 2017-36: “Documentation regulations” under Reg. section 1.385-2 delayed by one year

Jul 28 - Insurance: PLR allows taxpayer to revoke section 953(d) election

Jul 28 - Puerto Rico: Estimated sales tax rules; room occupancy tax amendments

Jul 28 - Treasury to end myRA program, savings retirement program

Jul 27 - U.S. Tax Court: Intercompany loan balance, guaranty by CFC constitute “United States property”

Jul 27 - Administration and congressional Republican leaders release statement on tax reform

Jul 26 - U.S. Tax Court: Cancellation of APAs held IRS abuse of discretion; deduction allowed for bonus payments as employee compensation

Jul 26 - California: Sales and use tax exemption, manufacturing and R&D equipment

Jul 25 - Illinois: Unclaimed property law is significantly revised

Jul 25 - KPMG report: State and local tax, technology-related guidance (table, second quarter 2017)

Jul 24 - Final regulations: Annual fee imposed on manufacturers, importers of branded prescription drugs

Jul 24 - Final regulations: Health insurance premium tax credit under section 36B

Jul 24 - IRS Appeals to allow “virtual” conferences with taxpayers

Jul 24 - Hearing scheduled on proposed regulations; nuclear power plant decommissioning

Jul 24 - KPMG reports: California (manufacturing exemption); Ohio (nexus); Washington State (internet sourcing)

Jul 21 - Puerto Rico: Package of tax incentives enacted

Jul 18 - Regulations: Return due dates, extended due date amendments

Jul 17 - KPMG report: Foreign partners: U.S. Tax Court rejects IRS’s position in Rev. Rul. 91-32

Jul 17 - KPMG reports: Colorado (use tax); Illinois (soda tax); Indiana (sale of subsidiary); Washington State (B&O tax); Washington State (Seattle residents)

Jul 14 - D.C. Circuit: Taxpayer lawsuit challenging voluntary disclosure program barred 

Jul 13 - U.S. Tax Court: Foreign company’s capital gain not effectively connected income; Rev. Rul. 91-32 is rejected

Jul 13 - Washington State: Sales and use tax, economic nexus legislation enacted

Jul 12 - Proposed regulations withdrawn: Transfers of no net value

Jul 12 - Rev. Proc. 2017-43: Suspension of benefits applications; defined benefit plans in “critical and declining status”

Jul 11 - U.S. Tax Court: Landfill reclamation, clean-up costs under section 468 not limited to accrual-method taxpayers

Jul 10 - KPMG reports: Indiana (manufacturing exemption); New Hampshire (corporate rates); Washington State (online retailer)

Jul 7 - Notice 2017-38: Interim list of Treasury regulations, responding to
executive order to reduce tax burden

Jul 7 - Illinois: Legislature overrides governor’s budget veto; tax measures enacted

Jul 5 - Chicago: Collection of sweetened beverage tax, temporary restraining order

Jul 5 - Notice 2017-37, Rev. Proc. 2017-41: Defined contribution plans; 2017
cumulative list and on-cycle submission guidance; opinion letters for pre-approved plans

Jul 5 - U.S. Tax Court: Failure to satisfy substantiation requirements, complete disallowance of charitable contribution deduction

June 2017

Jun 30 - California: Documentary transfer tax; changes to legal entity holding title

Jun 30 - Form 8975 and instructions for country-by-country reporting

Jun 29 - Corrections to regulations on withholding, information reporting, backup withholding

Jun 29 -  Third Circuit: Taxpayer not allowed deductions under loss duplication rule

Jun 28 - North Carolina: Veto override, additional tax rate reductions enacted

Jun 27 - Puerto Rico: Municipal entrepreneur contribution in Caguas municipality

Jun 26 - Eighth Circuit: Charitable deduction for conservation easement denied; mortgages not subordinated before conveyance

Jun 26 - KPMG reports: Delaware (franchise tax); Maine (remote sellers); Oregon (sourcing) 

June 26 U.S. Tax Court: Pregame meals provided hockey team are de minimis fringe benefit

Jun 22 - PCAOB issues auditing standard to enhance auditor’s report

Jun 21 - IRS accepting renewals, ITINs to expire by end of 2017

Jun 21 - KPMG report: State, local tax changes (second quarter 2017, table)

Jun 19 - IASB interpretation, uncertainty over income tax treatments

Jun 19 - IRS practice unit: “Substantial compliance” doctrine, international information return penalties

Jun 19 - KPMG reports: Connecticut (July 3rd deadline); Michigan (passive holding company); Pennsylvania (cap on NOLs); Pennsylvania (soda tax)

Jun 19 - U.S. Tax Court: Jurisdiction to review penalty determination from partnership adjustment

Jun 16 - California: Legislation changing state’s tax appeal process, establishing new offices

Jun 16 - Ninth Circuit: IRS not immune from suit, fraudulent tax refund sting operation

Jun 15 - California: Proposed amendments, FTB’s revised market-sourcing regulation for asset managers

Jun 13 - Proposed regulations: Centralized partnership audit rules, initial impressions

Jun 13 - U.S. Tax Court: S corporation and employees/beneficiaries of ESOP shareholder are “related persons” under section 267

Jun 12 - IRS reminder: Rules for filing FBAR, reporting foreign accounts for 2016

Jun 12 - KPMG reports: Indiana (sourcing); New Mexico (Pub. L. 86-272 protection); South Carolina (membership fees); Washington State (B&O import exemption); Washington State (airlines)

Jun 9 - Kansas: Veto override repeals pass-through measure, raises individual income tax rates

Jun 9 - Rev. Proc. 2017-34: Simplified method, extension of time for electing portability of deceased spousal unused exclusion

Jun 7 - IRS practice unit: Functional currency determination

Jun 7 - Ninth Circuit: Disregarded entities can be pass-thru partners, under TEFRA audit procedures

Jun 5 - U.S. Supreme Court: “Church plan” exemption from ERISA applies regardless who established it

Jun 5 - KPMG reports: Minnesota (nexus); New Jersey (addback); Ohio (promotional items); Pennsylvania (apportionment)

Jun 1 - IRS requires electronic payment of user fees for letter rulings, closing agreements, and other rulings

May 2017

May 30 - Court of Federal Claims: No netting of overpayment, underpayment interest under same-taxpayer rule

May 26 - Notice 2017-32: Inflation adjustment factor (2017), carbon dioxide sequestration under section 45Q

May 25 - Oregon: Draft of proposed commercial activity tax

May 23 - Trump Administration releases budget proposals

May 22 - U.S. Supreme Court: Certiorari denied in state tax cases, retroactive tax changes

May 22 - KPMG reports: California (apportionment); New York (web-based videos); Oklahoma (fracking); Texas (cell phone provider)

May 18 - IRS reminder: QI / WP / WT agreement renewal deadline is May 31

May 18 - U.S. Tax Court: Assets included in estate despite “deathbed tax planning”

May 15 - KPMG reports: Montana (market-based sourcing); Tennessee (nexus); Texas (apportionment); Utah (online sales)

May 12 - Ninth Circuit: Basis of intangible assets acquired in connection with failed thrifts 

May 11 - President announces nominee for Treasury Assistant Secretary for Tax Policy

May 9 - Insurance: PLR again allows use of foreign statement reserves

May 9 - Rev. Proc. 2017-38: IRS to issue rulings about distributions of controlled corporation stock

May 8 KPMG reports: California (“doing business”); Iowa (consolidated group); Texas (natural gas); Washington (movie theater)

May 4 - Rev. Proc. 2017-37: HSA inflation-adjusted amounts for 2018

May 3 - Notice 2017-30: Temporary relief, taxable fuel removals from Milwaukee terminals due to energy emergencies

May 3 - Rev. Rul. 2017-09: Tax treatment of “north-south” transactions

May 3 - IRS release: Small startups can apply research credit against payroll tax liability

May 2 - Tenth Circuit: Lawsuits challenging activities leading to a U.S. federal tax assessment

May 2 - Treasury announces allocation availability of New Markets Tax Credit awards

May 1 - KPMG report: Truck fleets: Federal excise tax review opportunity, heavy vehicles tax

May 1 - KPMG reports: Montana (NOLs); New York (phone app); Pennsylvania (tax amnesty); Tennessee (sales tax); Virginia ("subject to tax" exception)

April 2017

Apr 27 - Federal Circuit: VoIP provider not allowed refund of federal communications excise tax

Apr 27 - Notice 2017-29: Extended due date, disclosures relating to “syndicated conservation easement transactions”

Apr 24 - IRS practice unit: Physical presence test, qualifying for section 911 tax benefits

Apr 24 - KPMG reports: Louisiana (commercial activity tax); Minnesota (apportionment); Ohio (particulate removal services)

Apr 21 - President directs Treasury to begin tax simplification process

Apr 21 - IRS practice unit: Expense allocation/apportionment in section 904 foreign tax credit limitation calculation

Apr 21 - IRS request comments on priority guidance plan for 2017-2018

Apr 21 - Notice 2017-24: Enhanced oil recovery credit

Apr 21 - Rev. Rul. 2017-10: Fringe benefit aircraft valuations for first half 2017

Apr 20 - Rev. Proc. 2017-33: Guidance for section 179 property, depreciation deduction, Indian reservation depreciation

Apr 19 - Rev. Proc. 2017-30: List of automatic changes; updated provisions

Apr 19 - U.S. Tax Court: Tax treatment of variable prepaid forward contracts (VPFCs) that were modified

Apr 17 - KPMG reports: California (NOL limitations); Pennsylvania (support services); Tennessee (software); Texas (method of accounting)

Apr 13 - IRS reminder: New deadline for reporting foreign accounts

Apr 11 - IRS practice unit: Foreign tax credit general principles

Apr 11 - Section 45: Renewable electricity, refined coal production inflation factors, reference prices (2017)

Apr 10 - KPMG reports: California (market-based sourcing); Massachusetts (internet retailers); Oregon (P.L. 86-272 protection); Washington (look-through sourcing); Washington (bakery use tax collection)

Apr 7 - IRS acquiescence, S corporation's payment of personal expenses of officer/sole shareholder constitute repayment of shareholder loans, not wages

Apr 7 - IRS nonacquiescence, completed contract method of accounting, housing development projects

Apr 7 - IRS nonacquiescence, retail stores’ placed-in-service date

Apr 5 - Final regulations: Fiduciary standard for retirement investment advice; applicability date is extended

Apr 5 - U.S. Tax Court: Employee tax return information is discoverable to absolve employer of employment tax liabilities

Apr 3 - Rev. Proc. 2017-31: Updated list of countries, deposit interest paid to nonresident aliens

Apr 3 - KPMG report: Transfer pricing documentation deadlines for 2017

Apr 3 - KPMG reports: Arizona (electric cooperative); Connecticut (internet retailers); Iowa (nexus consolidated return); Louisiana (budget plan)

March 2017

Mar 31 - IRS extends renewals, applications involving QDDs through May 2017

Mar 31 - KPMG report: FASB shortens premium amortization period for certain callable debt securities

Mar 30 - Notice 2017-23: Interim guidance for making payroll tax credit election

Mar 29 - KPMG report: Income tax implications of “Brexit”

Mar 28 - Notice 2017-17: Request for comments on procedures for method changes

Mar 27 - Announcement 2017-04: Relief from excise taxes to comply with DOL's temporary enforcement of certain fiduciary rules

Mar 27 - Foreign captives held not to be insurance companies exempt under section 501(c)

Mar 27 - KPMG reports: Arizona (rental of tangible personal property); Colorado (use-tax notice reporting); New York (sales and use tax); North Carolina (market-based sourcing); Multistate (federal due date conformity)

Mar 24 - Rev. Proc. 2017-29: Automobile depreciation limits for 2017

Mar 23 - KPMG report: State, local tax changes (first quarter 2017, table)

Mar 20 - Rev. Proc. 2017-25: SB/SE Fast Track Settlement program established

Mar 20 - Rev. Proc. 2017-28: Employee consent used by employer to claim FICA, RRTA refund

Mar 20 - Second Circuit: Underreporting of income, subject to self-employment income tax

Mar 20 - KPMG reports: Arkansas (partnership apportionment); California (R&D sales and use tax); New Jersey (added back taxes); Pennsylvania (canned software support services)

Mar 17 - Fourth Circuit: Railroad’s challenge to South Carolina property tax returned to lower court

Mar 17 - IRS reminder to individual taxpayers, required minimum distributions deadline April 1

Mar 16 - Businesses affected by winter storm, more time to file six-month extension

Mar 16 - KPMG report: Identifying the customer in service concession arrangements

Mar 16 - White House releases “preliminary” budget

Mar 15 - Treasury position nominees announced

Mar 13 - Notice 2017-21: Housing expense limit adjustments, foreign locations for 2017

Mar 13 - Rev. Proc. 2017-26: Section 911(d)(1) eligibility requirements waived for South Sudan

Mar 13 - KPMG reports: Alabama (streaming services); California (water’s edge); South Dakota (internet retailers)

Mar 13 - KPMG report: FASB separates service cost from other pension cost components

Mar 9 - KPMG report: FASB proposes simplifying accounting for share-based payments to nonemployees

Mar 6 - KPMG reports: California (doing business); Colorado (use-tax reporting); Michigan (unitary group); New Jersey (“investment company” status); New Jersey (sales-leaseback)

Mar 1 - IRS practice unit: Foreign, domestic loss implications for the foreign tax credit

Mar 1 - U.S. Tax Court: No charitable deduction for aircraft, substantiation requirements not satisfied

February 2017

Feb 28 - KPMG report: Vesting schedule and non-compete agreement, substantial risk of forfeiture

Feb 28 - Updated qualified intermediary (QI) system

Feb 27 - Notice 2017-20: Relief for “small employer health reimbursement” notice

Feb 27 - KPMG reports: District of Columbia (paid leave); Georgia (books); Kentucky (insurance); Utah (pallets)

Feb 24 - Draft instructions for Form 8975, Country-by-Country Report

Feb 23 - KPMG report: FASB clarifies scope of derecognition of nonfinancial assets

Feb 20 - KPMG report: New due date for FBAR; "regulatory pause" leaves reporting rules in place

Feb 20 - KPMG report: Physician member of surgery center has passive income; no SECA liability

Feb 20 - KPMG reports: Alabama (banks); Arkansas (digital goods); Pennsylvania (software); Virginia (tax amnesty)

Feb 20 - FAQ guidance for branches to qualify for QDD status

Feb 20 - Qualified intermediary and WP/WT agreement renewals due 31 March

Feb 16 - Mulvaney confirmed to be OMB Director

Feb 16 - Sixth Circuit: IRS’s application of substance-over-form doctrine rejected

Feb 14 - KPMG report: Revised due dates, extension periods for various returns and forms

Feb 14 - IRS practice units: Hedge funds, penalties for U.S. partners failing to file Form 8865

Feb 14 - Mnuchin sworn in as Treasury Secretary

Feb 13 - KPMG reports: Colorado (nexus); Massachusetts (insurance tax); New Jersey (throwout rule); Pennsylvania (NOLs)

Feb 10 - IRS nonacquiescence to Fifth Circuit decision, active participation exception for ranch operations

Feb 10 - PLR: Like-kind exchange, cellular towers for cable signal distribution systems

Feb 7 - Delaware: Unclaimed property reforms are enacted

Feb 7 - Rev. Rul. 2017-05: Covered compensation tables for 2017 plan year

Feb 6 - KPMG report: Federal excise tax credit opportunity; off-highway business use

Feb 6 - KPMG reports: New York (taxable service); Texas (depreciation); Washington (manufacturer exemption); New Mexico and Oregon (service receipts)

Feb 3 - IRS practice unit: Basket transactions

January 2017

Jan 31 - LB&I launches 13 “campaigns” focusing on issue identification, audit guidance

Jan 31 - KPMG report: Accounting for income tax considerations, section 987 regulations

Jan 30 - Executive Order to reduce regulations

Jan 30 - IRS practice units: Exchange gains/losses from currency transactions and other topics

Jan 30 - IRS practice unit: Section 6038A summons when U.S. company is 25% foreign-owned

Jan 30 - KPMG reports: Arizona (mining equipment); Arkansas (unclaimed property); Michigan (unitary group); Nebraska (unclaimed property); South Dakota (unclaimed property); Multistate (pay-ratio reporting)

Jan 27 - KPMG report: FASB simplifies goodwill impairment test

Jan 25 - KPMG report: Final and temporary regulations under chapter 4; FFI agreement updates

Jan 24 - Treasury regulations published in today’s Federal Register

Jan 23 - Trump Administration temporary freeze on regulations

Jan 23 - Eighth Circuit: No federal jurisdiction on out-of-state challenge to Ohio state tax

Jan 23 - KPMG report: SEC and FASB on accounting for income taxes

Jan 23 - KPMG report: Transfer of trade or business through asset sale

Jan 23 - KPMG reports: Indiana (manufacturing exemption); Massachusetts (apportionment); South Dakota (nexus); Texas (taxable services)

Jan 19 - Regulations: Dividend equivalents from sources within the United States (text of regulations)

Jan 19 - Final regulations: Qualifying income exception; partnership activities and minerals or natural resources (text of regulations)

Jan 19 - Rev. Proc. 2017-23: Guidance on country-by-country report filing process

Jan 19 - Rev. Proc. 2017-21: Updated withholding foreign partnership, foreign trust agreement

Jan 19 - Rev. Proc. 2017-19: Safe harbor, energy-savings performance contract

Jan 19 - Rev. Proc. 2017-24: Tax relief relating to certain student loan discharges

Jan 19 - Notice 2017-16: Health coverage tax credit relief

Jan 19 - Proposed regulations: Centralized partnership audit regime

Jan 19 - Temporary regulations: Transfers to partnerships with related foreign partners, controlled transactions (initial analysis)

Jan 18 - Revised Form 7004 application for automatic extension

Jan 18 - Final regulations: Modified carryover basis rules under section 1022

Jan 18 - Notice 2017-14: Expanded hardship exemptions, health insurance

Jan 18 - Proposed regulations: Defining dependent, rules for adoption and other purposes

Jan 18 - Rev. Proc. 2017-22: Clarifying safe harbor for transportation, infrastructure grants (TIGER Discretionary Grants)

Jan 17 - Delaware: “Unclaimed property” reforms are proposed

Jan 17 - Final regulations: Recognition period, C corporation property becoming property of REIT 

Jan 17 - IRS launches QI / WP / WT application and account management system

Jan 17 - Notice 2017-15: Estate and gift exclusions, GST exemptions for same-sex spouses

Jan 17 - Proposed regulations: Revised 401(k) plan definitions, qualified matching and nonelective contributions

Jan 17 - Rev. Rul. 2017-03: State-assumed interest rates, insurance company post-2015 reserves

Jan 16 - KPMG report: Final and temporary regulations under Chapters 3 and 61

Jan 16 - KPMG reports: Georgia (manufacturing exemption); New York (unclaimed property); New York (MTA surcharge); Ohio (transcription services); Multistate (economic nexus)

Jan 16 - KPMG report: FASB reinstates “presumption of control” for not-for-profit general partners

Jan 16 - KPMG report: Possible issues for real estate under House Republican “blueprint”

Jan 13 - Regulations: Corporate inversions and transactions structured to avoid section 7874

Jan 13 - Rev. Proc. 2017-18: Remedial amendment period for section 403(b) plan correcting amendments

Jan 13 - California: Corporate member with 0.2% ownership interest found not “doing business” in state

Jan 12 - Draft Form 8975 for country-by-country reporting

Jan 11 - KPMG report: FASB proposal for simplified balance sheet classification of debt

Jan 11 - KPMG report: FASB proposes additional inventory disclosures

Jan 9 - Fourth Circuit: No deduction, upon corporate merger for stock previously issued to executive when not subject to substantial risk of forfeiture at grant

Jan 9 - Texas: “Tangible personal property” for franchise (margin) tax purposes

Jan 9 - KPMG reports: Arkansas (manufacturing exemption); Tennessee (apportionment); Utah (losses); Wyoming (remote retailers)

Jan 6 - KPMG report: Final qualified intermediary (QI) agreement

Jan 6 - Notice 2017-12: IRS account transcript as substitute for estate tax closing letter

Jan 6 - FASB clarifies the definition of a “business”

Jan 4 - IRS practice unit, section 367(d) transactions and cost sharing arrangements

Jan 4 - Notice 2017-09: De minimis error safe harbor, information reporting penalties

Jan 3 - Annual revenue procedures for 2017

Jan 3 - Regulations: Bond requirements, filing periods concerning excise taxes on alcoholic beverages

2016 Articles

December 2016

Dec 30 - FATCA regulations on information reporting and backup withholding; final QI and FFI agreements

Dec 30 - KPMG report: FASB finalizes technical corrections to revenue standard

Dec 29 - Regulations: Information returns, withholding on certain gaming and gambling activities

Dec 28 - Proposed regulations: Mortality tables for defined benefit plan purposes

Dec 28 - Proposed regulations: Nuclear power plant decommissioning

Dec 27 - Final regulations: Reporting requirements for shareholders of PFICs

Dec 23 - Notice 2017-10: "Syndicated conservation easement transactions" identified as tax avoidance "listed transactions"

Dec 22 - New York City: Eligibility for broker-dealer apportionment is clarified

Dec 22 - Notice 2017-07: Revised effective date, temporary regulations under section 987 concerning QBU foreign currency gains, losses

Dec 22 - U.S. Tax Court: “Contemporaneous written acknowledgment” for charitable contribution

Dec 21 - KPMG report: Year-end financial reporting, quarterly outlook (2016)

Dec 20 - Notice 2017-06: Extended waiver period, automatic changes to accounting method, to comply with final tangible property regulations 

Dec 20 - IRS field advice memo: Adjustments to life insurance reserves determined as change in basis

Dec 20 - KPMG report: State, local tax changes (fourth quarter 2016, table)

Dec 19 - First Circuit: Economic substance of transactions involving foreign tax credits

Dec 19 - Insurance company is owner of trust fund and underlying assets

Dec 19 - Notice 2016-81: Defining “chassis” and “body” for excise tax purposes

Dec 19 - Notice 2017-01: Exemption from user fee, employee plan determination letter applications

Dec 19 - Rev. Rul. 2017-01: Base period T-bill rate

Dec 19 - U.S. Tax Court: Recapture of cash grants under section 48D, therapeutic discovery project

Dec 19 - KPMG reports: California (unitary business); Indiana (sourcing); South Carolina (federal adjustments); Tennessee (economic nexus); Tennessee (disregarded status)

Dec 16 - FBAR filings: Deadline extended to April 2018 for certain individuals; automatic six-month extension for all filers

Dec 16 - Regulations: Defining predecessor, successor; limiting recognition of gain under section 355(e)

Dec 16 - Rev. Proc. 2017-12: Internal TLAC instrument treated as indebtedness

Dec 16 - KPMG report: 2016 AICPA national conference; SEC and PCAOB developments

Dec 15 - Final regulations: Goodwill, going-concern value transferred to foreign corporations

Dec 15 - IRS to allow online management for QIs, WPs and WTs

Dec 15 - Notice 2017-04: Clarifying “beginning construction” provision, renewable electricity tax credits

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