The Treasury Department and the IRS have expanded COVID-19 relief in Notice 2020-23 released April 9, 2020.
Taxpayers that have payment obligations and filing deadlines between April 1, 2020, and before July 15, 2020, may...more
Because of the presidential emergency declared regarding the COVID-19 virus pandemic, the IRS published on March 20, 2020, Notice 2020-18, amending a prior notice that limited the amount of a federal income tax payment that...more
On March 18, 2020, the United States Treasury Department issued Notice 2020-17 to provide relief from tax deadlines because of the COVID-19 emergency. A taxpayer with a federal income tax payment due April 15, 2020, may...more
The IRS Large Business and International Division ("LB&I") announced a campaign on February 27, 2020, to examine taxpayers' returns claiming income tax credits and deductions for research expenditures under IRC Sections 41...more
A taxpayer may claim a credit against its federal income tax liability for research expenses paid or incurred during the tax year.
The definitions of research expenses for financial reporting purposes and federal income...more
All congressional committees that have issued explanations of the pending Tax Cuts and Jobs Act may not be speaking with one voice about supporting the federal income tax credit for research expenses. That is cause for...more
Can a multistate corporation elect to use the Multistate Tax Compact’s apportionment reporting method in place of the Michigan Business Tax Act’s mandated formula without the Department of Treasury’s permission? The Michigan...more