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Warren bill fundamentally changes financial account reporting requirements and substantially increases IRS funding

USA - May 28 2021 On May 24, 2021, Sen. Warren introduced Senate Bill 1788, the “Restoring the IRS Act” (the Proposed Legislation). The Proposed Legislation generally…

Bradley M. Seltzer, Jonathan A. Sambur, Mary E. Monahan, Rich Sun, Robert S. Chase II, Saren Goldner.

Rev. Proc. 2021-26 provides accounting method change procedures for CFCs seeking to use the alternative depreciation system

USA - May 26 2021 Recently released Revenue Procedure 2021-26 (the Revenue Procedure) provides taxpayers with guidance regarding accounting method changes made on…

Aaron M. Payne, H. Karl Zeswitz, Mary Kate Nicholson, Michael D. Resnick.

Supreme Court puts IRS on notice [2016-66] in CIC Services, LLC —The Anti-Injunction Act has its limits

USA - May 25 2021 On May 17, 2021, the Supreme Court held that the Anti-Injunction Act (AIA), section 7421(a) of the Code, does not preclude a pre-enforcement challenge…

Bradley M. Seltzer, Daniel G. Strickland, Graham R. Green, H. Karl Zeswitz, M. Kristan Rizzolo, Mary E. Monahan, Robert S. Chase II, Sarah E. Paul.

State of play: A May methods update

USA - May 17 2021 At last week’s ABA May Tax Meeting, government attorneys from both the Internal Revenue Service National Office Income Tax & Accounting division…

Michael D. Resnick.

No harm, no foul: IRS guidance provides path to claim PPP-related deductions for taxpayers who followed its earlier—but now obsolete—advice

USA - April 30 2021 The Internal Revenue Service (IRS) recently issued Revenue Procedure 2021-20 (Revenue Procedure), providing guidance for taxpayers who received…

Daniel G. Strickland, H. Karl Zeswitz, Mary Kate Nicholson, Robert Christoffel, Robert S. Chase II.