Tag Archive: "IRS"
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Recordkeeping Under the Alternative Cost Method
Taxpayers are encouraged to begin documenting now their approach to the Alternative Cost Method.
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Deep Thoughts on Common Improvement Cost Strategies in 2023
New guidance under Rev. Proc. 2023-9 offers real estate developers flexible choices in choosing a cost allocation method.
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Tax Deadlines Extended for Disaster Area Taxpayers in California, Alabama and Georgia
In late February, the Internal Revenue Service (IRS) announced that taxpayers in most of California (all but seven counties) and for parts of Alabama and Georgia would have until October 16, 2023 to file their individual and business tax returns and to make certain tax payments. The previous tax deadlines were already postponed to May […]
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Time to Review Your Development Costing Methods
Real estate owners should review new IRS guidance for development cost methods.
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Significant Tax Law Change to Research and Experimental Costs
Significant changes to IRC Section 174 that impact the tax treatment of Research and Experimental Expenditures are here. Taxpayers need to be prepared for the impact.
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Improvements on the Horizon at the Internal Revenue Service?
According to National Taxpayer Advocate, Erin M. Collins, improvements are being made at the IRS and there is reason for optimism.
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IRS Provides Relief for Those Affected by California Weather
In response to the severe flooding that has affected many California residents beginning January 8, 2023, the IRS has announced an extension for tax filings and payments for those affected by the disaster. The disaster area covers the counties of Colusa, El Dorado, Glenn, Humboldt, Los Angeles, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Orange, Placer, […]
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A Couple More Updates on the 2022 Schedules K-2 and K-3
In addition to the new domestic filing exception discussed last week, the 2022 instructions for Schedules K-2 and K-3 added the following exceptions to completing Parts V, VI and VII:
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Tax Court Nullifies Conservation Easement Penalty Notice
The U.S. Tax Court ruled last week that IRS Notice 2017-10 was issued without properly following the required Administrative Procedure Act (APA) notice-and-comment procedures. This ruling nullifies the guidance that was provided in the Notice, which designated certain syndicated conservation easements as “listed transactions” and required them to be disclosed to the IRS on Form […]
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IRS Provides Temporary Relief for Schedules K-2 and K-3 (Kinda)
The IRS created Schedules K-2 and K-3 to accommodate the international provisions enacted with the Tax Cuts and Jobs Act of 2017 and to provide consistency in the reporting to partners and shareholders. Schedule K-2 will be an extension of Schedule K and will be used to report items of international tax relevance from the […]