Court Strikes Down IRS Tax Return Preparer Regulations
In Loving v. IRS, Civ. A. No. 12-385 (D.D.C. 2013), the District Court for the District of Columbia struck down the IRS's 2011 tax return preparer regulations (T.D. 9527, 2011-2 C.B. 1 (Jun. 3, 2011))....
View ArticleTax Alert: FTB Disallows California Qualified Small Business Stock Benefits
The California Franchise Tax Board (FTB) recently issued FTB Notice 2012-03, stating that the FTB will disallow the exclusion or deferral of gain under California's qualified small business stock...
View ArticleCourt Strikes Down IRS Tax Return Preparer Regulations
In Loving v. IRS, Civ. A. No. 12-385 (D.D.C. 2013), the District Court for the District of Columbia struck down the IRS's 2011 tax return preparer regulations (T.D. 9527, 2011-2 C.B. 1 (Jun. 3, 2011))....
View ArticleTax Alert: FTB Disallows California Qualified Small Business Stock Benefits
The California Franchise Tax Board (FTB) recently issued FTB Notice 2012-03, stating that the FTB will disallow the exclusion or deferral of gain under California's qualified small business stock...
View ArticleSection 385 Proposed Regulations
On April 4, 2016, Treasury and the IRS proposed sweeping regulations under § 385 of the Code. Issued the same day as the anti-inversion temporary regulations, the proposed § 385 rules would go much...
View ArticleA Concise Summary of the New Tax Law
This summary describes some of the more significant changes made to U.S. federal tax laws by H.R. 1, the bill signed into law by President Trump on December 22, 2017. Except where otherwise noted, the...
View ArticleIRS Notice 2018-26: Important New Guidance on the Mandatory Repatriation Tax
This document discusses Notice 2018-26, the third IRS Notice providing guidance on the new mandatory repatriation tax under § 965. Most importantly, the Notice sets forth extensive anti-avoidance rules...
View ArticleThe New Foreign Tax Credit Proposed Regulations – An Executive Summary
Released on November 30, 2018, the foreign tax credit proposed regulations provide a comprehensive new framework for calculating the foreign tax credit in light of several changes made by the Tax Cuts...
View ArticleTreasury and IRS Propose Welcome (and Some Unwelcome) Guidance on the Base...
Treasury and the IRS have issued proposed regulations filling a number of gaps and providing necessary guidance on the Base Erosion and Anti-Abuse Tax (BEAT). In general, the guidance is reasonably...
View ArticleTreasury and IRS Release Final and Proposed Foreign Tax Credit Regulations
On December 2, 2019, Treasury and the IRS released final and proposed regulations on the foreign tax credit. As expected, the final regulations finalize the 2018 proposed regulations relating mainly to...
View ArticleProposed Guidance on the Production Sourcing Rules under New Section 863(b)
The Tax Cuts and Jobs Act (TCJA) repealed the long-standing “50/50” sourcing rule for United States exporters of manufactured products. Under the new rules, which source income of a “producer” solely...
View ArticleCARES Act Tax Provisions: Congress Approves Tax Relief for Businesses and...
Enacted on March 27, the Coronavirus Aid, Relief, and Economic Security Act—or CARES Act—?contains several important tax provisions for businesses and individuals. Notable business tax provisions...
View ArticleTreasury Finalizes Section 901(m) Foreign Credit Rules
On March 20, 2020, Treasury and the IRS released final regulations under Section 901(m). The regulations were published in the Federal Register on March 23, and generally apply to covered asset...
View ArticleThe FDII Final Regulations Are Here: An Executive Summary and Observations
Treasury and the IRS released final section 250 regulations on July 9, 2020, primarily focused on the deduction for foreign-derived intangible income (FDII). The final regulations make significant...
View ArticleU.S. Tax Legislation Alert: Wyden Bill Proposes…
Last month, Senate Finance Committee Chair Ron Wyden of Oregon and fellow Finance Committee Democrats Sherrod Brown of Ohio and Mark Warner of Virginia released a draft proposed overhaul of the...
View ArticleThe New Corporate AMT: Impact on International Operations
Introduction On August 16, President Biden signed into law the Inflation Reduction Act of 2022, P.L. 117-169 (IRA). The law addresses a range of issues, from climate change to energy security to...
View ArticleNew Proposed FTC Regulations Provide Limited Relief
In the newly released Proposed Foreign Tax Credit (FTC) Regulations, Treasury provided some measure of relief on cost recovery and royalty withholding, two of the most troublesome aspects of the Final...
View ArticleNotice 2023-63 Proposes Comprehensive Guidance on the New R&D Capitalization...
Released on September 8, 2023, IRS Notice 2023-63 provides wide-ranging and potentially controversial guidance on the capitalization and amortization of research and experimentation expenses under...
View ArticleFenwick Writes Comment Letter on Notice 2023-63 on Amortization of Specified...
Following the IRS’s issuance of guidance in Notice 2023-63 regarding R&D capitalization under Section 174, a working group of several Fenwick tax group attorneys commented to the IRS and the U.S....
View ArticleFive Tax Cases that May Impact Your Business 2024
The book has closed on 2023, but several recent tax-related rulings are sure to have ripple effects into 2024 and beyond—particularly with respect to transfer pricing and foreign tax credits. Here are...
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