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IRS Extends Five Year Eligibility Limitation

The Internal Revenue Service (“IRS”) issued Notice 2017-6 on December 20, 2016, which extends for one year the five year eligibility limitation

Tax Treatment of Deferred Revenue in a Taxable Stock Acquisition

The general rule under Internal Revenue Code §451 is that an item of income shall be included in gross income for the taxable year or receipt unless

IRS Increases De Minimis Safe Harbor Threshold

The IRS issued Notice 2015-82 on November 24, 2015, stating that taxpayers without an applicable financial statement can elect to deduct purchases of tangible

Affiliated Groups Can Elect to File Combined Returns in Michigan

Recent Michigan tax legislation (S.B. 367 effective December 30, 2013) allows an “affiliated group” to elect to be treated as a “unitary

PA Provides Guidance for Deducting Section 179 Property

Section 179 allows a taxpayer to make an election to expense eligible tangible property in the year of acquisition as opposed to capitalizing and depreciating

IRS Explains How to Claim Expanded Work Opportunity Tax Credit For Qualified Veterans

The VOW to Hire Heroes Act of 2011 (VOW), enacted November 21, 2011, added two new categories of veterans to the qualified veteran target group. The Work