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Signed, sealed, delivered: Biden signs Inflation Reduction Act enacting “new” corporate minimum tax

USA - August 17 2022 On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the IRA) into law. Among the most notable IRA provisions is a 15%…

Kyle C. Colonna, Jason D. Dexter, Ellen McElroy

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…

Ellen McElroy

Chain Reaction Newsletter - 4/26/2022

USA - April 26 2022 On February 15, 2022, the IRS revised Form 14457, Voluntary Disclosure Practice Request and Application, highlighting the expanded virtual currency…

Randy Buchanan, Christina E. Jones, Sarah E. Paul, Jonathan A. Sambur

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…

Ellen McElroy

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…

Ellen McElroy, Mary Kate Nicholson