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  • Equitable Allocation of Straddle Year Income Tax Liability Does Not Apply in Bankruptcy

    The U.S. District Court for the District of Delaware held that corporate income tax liability attributable to transactions before the filing of a bankruptcy petition are nevertheless administrative expenses because the corporation’s taxable year ended after the bankruptcy petition was filed.

  • IRS Guidance on Recapturing Excess Employment Tax Credits

    The IRS has issued a temporary regulation and a proposed regulation to allow the agency to administratively recapture any excess amounts that employers may have received as refundable employment tax credits rather than being forced to file suit to recover those excess amounts.

  • New IRS Rules for Reporting Non-Employee Compensation

    On July 6, 2020, the IRS issued Tax Tip 2020-80 to remind business taxpayers that, commencing with payments made in 2020, they must report any payments of over $600 per year for services by non-employees on Form 1099-NEC (for Non-Employee Compensation), a form last used by the IRS in 1982. Box 7 of the pre-2020 FormMore

  • McGlinchey Launches Podcast That Brings You “More”

    McGlinchey Stafford is pleased to announce the launch of its podcast, “More With McGlinchey,” available now where you listen to podcasts. “We know our clients look to us to cut through the noise in distilling the issues that matter to them,” said Rudy Aguilar, McGlinchey’s Managing Member. “We’re committed to providing information where our audienceMore

  • IRS Proposes New Like-Kind Exchange Regulations

    The 2017 Tax Cut and Jobs Act (TCJA) limited like-kind exchanges occurring after 2017 to “real property held for productive use in a trade or business or investment if such real property is exchanged for real property of a like kind …” Taxpayers can no longer defer gain on the exchange of personal property orMore

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