For years, all taxpayers have had to look forward to from the Internal Revenue Service was their annual tax refund. Then, along came COVID and suddenly 2020 offered Economic Impact Payments, one in ...

Editor’s Note: The 2017 tax reform legislation modified the treatment of advance payments. See Q for details. Example 1: Scott owns a computer sales business. In 2024, he receives payment for a ...

Our Federal Tax Group discusses the tax treatment of deferred revenue or advance payments in M&A transactions. The tax treatment of deferred revenue differs from the treatment for financial accounting ...

The Internal Revenue Service had to scramble to reconcile the monthly advance payments of the Child Tax Credit it distributed in 2021 with the amount of credits later reported by recipients. Many of ...

Section 367(d) generally provides that when a US person (USP) transfers IP to a foreign corporation in an otherwise tax-free exchange under sections 351 or 361, the US transferor is treated as having ...

The IRS issued final regulations (T.D. 9941) under Secs. 451(b) and (c), as amended by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, providing guidance on the timing of income inclusion ...

In REG-104872-18, the IRS has proposed removing regulations on advance payments and long-term contracts to reflect amendments to Sec. 451 by the law known as the Tax Cuts and Jobs Act, P.L. 115-97.