Tax News Highlights

Sept. 12, 2013

IRS Provides Limited Penalty Relief for Form 1099-K Filings  

The IRS extends relief to Forms 1099-K filed in 2013 and 2014.

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IRS Releases Taxpayer-Favorable Proposed Regulations Affecting Research Credit 

The IRS issued taxpayer-favorable proposed regulations that clarify and expand the types of expenses that are within the scope of IRC Section 174, which provides many of the definitions of items that are eligible for the research credit under Section 41.

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IRS Proposes Regulations to Implement Loss Importation Rules

The IRS released proposed regulations implementing the loss importation rules of IRC Sections 334 and 362, which are designed to prevent corporations from obtaining U.S. tax benefits from the acquisition of property with built-in losses in certain tax-free transactions.

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Howard M. Wagner
Partner, National Tax Services