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IRS Issued Final Regulations on the GILTI High-Tax Exclusion

Are you a U.S. shareholder of a controlled foreign corporation (CFC)? The final regulation on Global Intangible Low-Taxed Income (GILTI) high-tax exclusion

Update on Executive Order Deferring Withholding of Employee Social Security Taxes – What Should an Employer Do?

It’s been almost two weeks since President Trump’s August 8 executive order “directing the Secretary of the Treasury to use his authority”

Executive Order Deferring Withholding of Employee Social Security Taxes

On Saturday, August 8, President Trump issued an Executive Order “directing the Secretary of the Treasury to use his authority” under Section

The Supreme Court and Affordable Care Act Constitutionality - Protecting Your Ability to Recover Prior Year Federal Taxes

The U.S. Supreme Court has agreed to hear a case regarding the constitutionality of the Affordable Care Act (ACA). Without going into all the details,

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Deductions Disallowed for Expenses Related to Payroll Protection Program Loan Forgiveness

On April 30, 2020 the IRS released Notice 2020-32 (the Notice) answering a major tax question involving the Paycheck Protection Program (PPP); understandably,

American as Baseball Games and Apple Pie – the Business Meal Deduction

If there is one negative aspect of the 2017 Tax Cuts and Jobs Act (TCJA) that taxpayers have had trouble stomaching more than the reduction in the state

2020 Congressional Research Service Report on TCJA Impact on Families

The Congressional Research Service (CRS), which serves as a nonpartisan shared staff to members of Congress and congressional committees, and operates

Guidance Provided for Organizations Claiming Credit for UBIT Paid on Repealed Tax

On December 20, H.R. 1865 - Further Consolidated Appropriations Act, 2020 was signed into law, retroactively repealing Code §512(a)(7) of the Internal

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Energy Efficient Commercial Building Deduction Extended Through 2020

On December 20, 2019, President Trump signed a $1.4 trillion spending bill that funds the government through fiscal year 2020. The bill also extends the

Contractors Could Benefit from the 10% Election

As the compliance season for preparation of 2019 income tax returns kicks off, companies are likely looking for last-minute ways to lower their tax liabilities.

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