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The US Tax Court disallowed R&D credit claims because the taxpayer did not produce evidence to support requirements under section 41.
The proposed regulations would impact S corporations owned by ESBTs that have non-resident alien beneficiaries.
Colorado adopts RUUPA with minor variations; shortens dormancy for many property types, and eliminates the standard deduction.
Justices express concern over North Carolina’s tax on the undistributed trust income earned for the benefit of a resident.
The new Qualified Opportunity Zone regulations answer many questions that favor taxpayers, though some questions remain.
Rev. Proc. 2019-18 lets professional sports teams treat certain personnel contracts and draft picks as having a zero value when traded.
Budget bill address GILTI, qualified manufacturers, sales tax nexus, personal income tax rate extensions and property tax rate caps.
The reduced corporate tax rate enables a pass through entity to increase net R&D credit benefit by making a section 280C(c)(3) election.