Tax Updates

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R&D credit claim transition period extended

Oct 18, 2022

The IRS extended for another year, until Jan. 10, 2024, the transition period during which it will allow taxpayers 45...

Lawmakers Press IRS to Extend Late Fee Relief

Oct 14, 2022

Lawmakers are pressing the Treasury Department and the Internal Revenue Service to extend the deadline for COVID-19-related taxpayer penalty relief...

IRS raises per diem standard rates for business travel

Oct 11, 2022

The special per diem rates by which taxpayers may substantiate ordinary and necessary business expenses of travel away from home...

Permanent component of a temporary difference: ASC Topic 740 analysis

Oct 4, 2022

In its November 2021 20-year review of financial restatements, Audit Analytics reports that accounting for income taxes has been among the top...

Guaranteed payments vs. distributive share of income

Sep 30, 2022

Historically, the income tax treatment of a distributive share of partnership ordinary income did not differ significantly from that of...