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  • Immediate Action Required to Preserve Rights to Section 301 Duty Refunds
    On September 10, litigation challenging the lawfulness of the “China tariffs” under Section 301 of the Trade Act of 1974 was filed at the U.S. Court of International Trade (CIT). Specifically, the complaint covers List 3 tariffs, which impose a 25% duty on goods originating in China. If successful, the case could result in a […]
  • Businesses Should Prepare Now to Issue New IRS Form 1099-NEC by January 31, 2021
    Businesses that would typically provide a Form 1099-MISC to independent contractors (and certain others) and the IRS need to be aware of new IRS Form 1099-NEC. For non-employee compensation paid during 2020, payers must provide Form 1099-NEC (instead of Form 1099-MISC) to the recipients and to the IRS no later than January 31, 2021. In […]
  • Treasury Issues S Corporation Guidance for Subpart F and GILTI along with QBAI Guidance in Notice 2020-69
    Summary In September of 2020, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) issued Notice 2020-69 (the Notice). The Notice announces that Treasury intends to issue regulations addressing the application of Sections 951 and 951A to certain S corporations with accumulated earnings and profits (AE&P) as described in Section 316(a)(1). In […]
  • Final and Proposed Reliance Regulations on Business Interest Expense Under Section 163(j)
    Download PDF Version On July 28, 2020, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued long-awaited final regulations about the limitation on the deduction for business interest expense under Section 163(j) as amended by the Tax Cuts and Jobs Act (TCJA)  and the Coronavirus Aid, Relief, and Economic Security […]
  • Year-End Income Tax Provision – Are Your Tax Internal Controls Ready for a Virtual Close?
    The ongoing repercussions of the COVID-19 pandemic continue to disrupt the work lives of many professionals. While pockets of the nation begin to reopen, some companies are opting to have their employees continue to work from home for the foreseeable future. At the same time, companies that have reopened offices at reduced capacity have many […]

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