The sponsors of those plans are permitted to reduce the pension benefits payable to plan participants and beneficiaries if certain conditions are satisfied.

Generally, accrual method taxpayers must include advanced payments from gift card sales in the year of receipt.

The IRS on Aug. 24 updated the Internal Revenue Manual (IRM) to reflect changes to the way the Appeals Division functions...

The California Franchise Tax Board has issued a legal ruling that describes the circumstances in which taxpayers may claim the OSTC against income tax or a deduction for state taxes paid to another state.

The IRS released a technical advice memorandum concluding that a taxpayer's construction activities and the resulting gross receipts represented domestic production gross receipts (DPGRs)...

The IRS ruled that the taxpayer's status as a corporation did not terminate in spite of the administrative dissolution.

In Announcement 2014-41, the IRS extended to June 30, 2015, the deadline to submit on-cycle applications for opinion and advisory letters for defined benefit mass submitter lead and specimen plans.

The IRS argued that such a restricted consent does not prevent the IRS from making adjustments to tax.

The taxpayer in the case sold property to commercial builders or individual buyers who would then construct homes on the property.

The IRS recently released final regulations (T.D. 9782) under Section 5000C relating to the 2% tax on payments made by the U.S. government to foreign persons pursuant to certain contracts.

The IRS and Treasury recently released final and temporary regulations (TD 9812) under Section 7874.

Both the House and Senate have passed budgets that would allow the tax-writing committees to use reconciliation procedures to expedite tax legislation.

In a Chief Counsel Advice memorandum (CCA 201623006), the IRS national office addressed whether the Financial Industry Regulatory Authority (FINRA) is a "corporation or other entity...

The IRS has finalized proposed regulations issued in 2014 regarding the characterization of amounts when a distribution includes Roth amounts and goes to multiple destinations.

The Cumulative List informs plan sponsors of requirements the IRS has specifically identified for review in determining whether Cycle A plans have been properly updated to reflect law changes.

Section 162(m) limits a public corporation's deduction for a taxable year for compensation paid to certain executives to $1 million for each executive.

On May 2, 2017, the Michigan Tax Tribunal granted a passive holding company's motion for summary disposition and held that it did not have the requisite nexus with the city of Detroit for purposes of the CDIT.

On May 31, 2017, the Minnesota Tax Court overturned as unconstitutional the taxation of certain trusts as Minnesota "resident trusts" and held that application of the statutory definition of "resident trust"...

On April 10, 2017, New York enacted its 2017-18 budget legislation which extends the state's top personal income tax rate for an additional two years and closes several tax loopholes.

The Ohio Board of Tax Appeals (BTA) held that a taxpayer's sales were properly sitused to Ohio for purposes of the Commercial Activity Tax because the "ultimate destination" of the goods sold by the taxpayer...