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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, Ellen McElroy, H. Karl Zeswitz, Mary Kate Nicholson.

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…

Ellen McElroy.

Fork it over: IRS guidance reaffirms crypto position regarding significance of dominion and control in determining “virtual” accessions to wealth following hard forks

USA - April 22 2021 On April 9, 2021, the Internal Revenue Service (Service) released Chief Counsel Advice 202114020 (the Guidance) regarding the tax consequences to an…

Randy Buchanan, Rich Sun, Sarah E. Paul.

Made to order: IRS serves up much needed guidance for taxpayers seeking to utilize Congress’ two-year expansion of the 100% business meals deduction

USA - April 14 2021 On Thursday, April 8, the IRS served up Notice 2021-25 (the Notice) providing guidance for taxpayers seeking to take advantage of the temporary…

Ellen McElroy.

IRS warns taxpayers using obsolete section 199 deductions

USA - March 4 2021 On February 25, the IRS issued a warning to taxpayers seeking to secure missed domestic production activities deductions under the now obsolete…

Ellen McElroy, H. Karl Zeswitz, Mary Kate Nicholson.