November 16, 2020 – Alerts

The IRS intends to issue proposed regulations to permit a partnership or an S corporation to deduct specified income tax payments made to a domestic state or local jurisdiction.

In Notice 2020-75, the IRS clarifies that state and local income taxes

The Internal Revenue Service’s Large Business & International Division has announced another compliance campaign, its 64th such campaign since the first set of campaigns was unveiled in 2017. This latest campaign will focus on the Tax Cuts and Job Act legislation enacted in late 2017.

These compliance campaigns reflect LB&I’s movement toward issue-based examinations and