Most NIL Collectives Likely Ineligible for Tax-exempt Status, IRS Advises
An IRS Office of Chief Counsel legal memorandum (AM 2023-004) dated May 23, 2023, asserted that many name, image, and...
No Loss Deduction from Drastic Drop in Digital Asset’s Value
Nov 6, 2023
The IRS Office of Chief Counsel (OCC) concluded in a Chief Counsel Advice memorandum (CCA) that a significant decrease in...
IRS to Modernize Regs. for Tax Sales of Seized Property
Nov 2, 2023
The IRS and Treasury issued proposed regulations Friday that would modernize provisions concerning the government’s sale of taxpayers’ property after...
ERC Suspended: What Happens Next
Oct 30, 2023
On Thursday, the IRS suspended the processing of new employee retention credit (ERC) claims to combat the prevalence of fraud. These measures...
Long-awaited Guidance Provided for Amortization of R&E Expenditures
Oct 26, 2023
The IRS intends to issue proposed regulations governing the capitalization and amortization of specified research and experimental (SRE) expenditures under...
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