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Back from the dead: Corporate minimum tax resurfaces at eleventh hour in Inflation Reduction Act of 2022

USA - July 29 2022 On July 27, 2022, the Senate announced agreement on a reconciliation package entitled the Inflation Reduction Act of 2022 (the IRA), the artist…

Michael D. Resnick

A Timely Update: The IRS and Treasury release Rev. Proc. 2022-14 updating list of automatic accounting method changes

USA - February 4 2022 Section 446(e) requires a taxpayer to obtain IRS consent prior to changing its accounting method. A change in method of accounting may include either…

Michael D. Resnick

An apparent 180 degree turn by the Service with research credit claims

USA - January 10 2022 On January 3, 2022, the IRS Office of Chief Counsel released an Interim Guidance memorandum (the Interim Guidance), along with a set of FAQs, to…

Mary Kate Nicholson, Michael D. Resnick

The devil is in the details: Final infrastructure framework announced, fingers crossed for continued R&E deductibility

USA - September 23 2021 Democratic leadership announced today that an agreement has been reached to fund the pending infrastructure and budget reconciliation measures. There…

J. Tyler Moser, Michael D. Resnick

Last minute addition to your summer reading list: Rev. Proc. 2021-34, IRS guidance for implementing the final Section 451 regulations

USA - August 17 2021 On August 12, 2021, the IRS released Rev. Proc. 2021-34, setting forth procedural guidance to implement the final Section 451 regulations (Final…

Michael D. Resnick