IRS releases guidance to taxpayers for changing accounting methods to conform to financial accounting revenue recognition standards
On May 10, 2018, the IRS released Revenue Procedure 2018-29 (hereinafter Rev. Proc. 2018-29) to provide new, automatic procedures for taxpayers changing
New Revenue Procedure for Contributors Making Donation to Tax-Exempt Organizations
New Revenue Procedure 2018-32 modifies, consolidates and supersedes Rev. Proc. 81-6, Rev Proc. 81-7, Rev. Proc. 89-23 and Rev. Proc. 2011-33 in providing
IRS-Issued Guidance on Blended Corporate Tax Rates
With the new tax law in effect on January 1, 2018, and many corporations having fiscal year-ends that differ from a calendar (December 31) year-end, the
A Tax Cut and Jobs Act Call for Guidance on Implementing the 20% Qualified Business Income Deduction
The Tax Cuts and Jobs Act (the Act), enacted December 22, 2017, provided many taxpayer-friendly benefits, including a 20% deduction against flow-through
Increased Penalties for Failure to File an FBAR to Report Foreign Financial Assets
The Financial Crimes Enforcement Network (FinCEN) recently announced inflation-adjusted penalties for failure by U.S. persons to file a Report of Foreign
One-Time Fuel Credit Claims Begin April 2 for 180 Days
The IRS recently released Notice 2018-21 that provides, among other things, guidance to taxpayers regarding the Biodiesel Mixture Credit, the Alternative
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