Avalara, Inc. has acquired Transaction Tax Resources, Inc. (TTR) for approximately $377 million in cash. TTR, known as the tax answer company, primarily serves enterprise businesses and their internal tax teams, offering U.S. sales and use tax rates, laws, software, and customer support required for the biggest and most complex companies. Avalara is a provider of […]
Policy analysts have stated that taxpayers would save roughly the same 20.5% in tax on their contributions to their 401(k)s. This works out to close to $4,000 for a 45-year-old making the maximum annual contribution. It’s not yet clear if the credit ...
This document contains final regulations that provide guidance under section 274 of the Internal Revenue Code (Code) regarding certain recent amendments made to that section. Specifically, the final regulations address the elimination of ...
The American Institute of CPAs (AICPA) has submitted recommendations to the Department of the Treasury and the Internal Revenue Service (IRS) to address the need for guidance related to new section 4960 related to the excise tax on executive compensation paid by tax-exempt organizations. The excise tax is imposed on applicable tax-exempt organizations and related […]
The final regulation addresses many comments received on the 2015 and 2019 proposed regulations. Specifically, they provide guidance on the gift and generation-skipping transfer tax consequences of contributions to an ABLE account, as well as ...
The 2017 TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. However, taxpayers may still deduct business expenses related to food and beverages if ...
Also, as part of IRS’s continued focus in this area, the IRS has become aware of variations of the abusive micro-captive insurance transactions. Examples of these variations include certain Puerto Rico and offshore captive insurance arrangements that ...
The Internal Revenue Service Chief Counsel has released Chief Counsel Notice 2021-001 (CC Notice), which contains information regarding Chief Counsel’s settlement initiative for certain pending Tax Court cases involving abusive syndicated ...