On December 20, 2018, the Internal Revenue Service (the “IRS”) and the Treasury Department released proposed regulations (the “Proposed Regulations”) under Section 864(c)(8), a provision providing for U.S. federal taxation of a foreign partner’s…

On December 14th, the IRS and Treasury released Notice 2019-1 addressing questions about previously taxed E&P (PTEP) in the post-TCJA world. The Notice is a 21-page preview of the impending proposed regulations under sections 959 and 961,…

Alvarez & Marsal’s Compensation and Benefits practice recently released its 2019 study on compensation practices in the oil and gas oilfield services (OFS) industry. Our study analyzed the total value of CEO and CFO compensation packages, annual…

For those of us not satisfied with only one voluminous set of regulations per week, the IRS has heard our cries. On Wednesday, the IRS released 312 pages (including the preamble) of proposed regulations on foreign tax credits (FTCs). This guidance…

On Monday, November 26, the Treasury and IRS released a 439-page package containing proposed regulations under IRC section 163(j), which provides a limitation on business interest deductions. The Tax Cuts and Jobs Act of 2017 (TCJA) repealed “old”…

BEPS implementation, U.S. Tax Cuts and Jobs Act changes, digital taxation proposals, European state aid investigations… What is a multinational corporation to do in these uncertain times? In recent years, governmental entities, most notably the…

Among all the oddities of the Tax Cuts and Jobs Act of 2017 (TCJA), Congress’s preservation of Section 956 for corporate taxpayers has been among the most head-scratching. Earlier this week, the IRS acknowledged taxpayers’ concerns and issued…

Don’t panic, the IRS has laid out a process for examining transfer pricing in its Transfer Pricing Examination Process (TPEP), Publication 5300. The TPEP lays out three phases to a transfer pricing audit. (1) The planning phase determines the scope…

One of the least-discussed but most-consequential provisions of the Tax Cuts and Jobs Act of 2017 is the Qualified Opportunity Zone program. Championed by a bipartisan group of U.S. Senators, “O-Zones” present investors with an opportunity to…

With many taxpayers currently finalizing their Section 965 toll-charge calculations, a common concern has been that IRS guidance exists largely in proposed form. Treasury Regulations proposed in August will not be finalized until well after many…

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act of 2017 (TCJA), bringing about the most sweeping changes to the Internal Revenue Code since 1986. Total rewards professionals are now reconsidering the value of various…

Just after 4 p.m. on Thursday, September 13, 2018, the IRS released its second set of proposed international regulations under the Tax Cuts and Jobs Act of 2017 (TCJA). These proposed regulations provide the first piece of Treasury guidance…

While the Tax Cuts and Jobs Act (TCJA) has been marketed as “reform,” it is better described as an expansion of Federal tax law, with many legacy rules remaining intact but now overlaid with additional requirements. One example of this is how…

Every industry, at some point, will experience a downturn. Those companies that strategically plan for these events, foreseen or unforeseen, are more likely to survive and thrive in a difficult market. In some respects, all industries are cyclical,…

On August 21, 2018, the IRS issued Notice 2018-68, which provides some much-anticipated guidance on the application of amendments to section 162(m) of the Internal Revenue Code (Section 162(m)). Section 162(m) provides that compensation exceeding $1…

This article is the second in a series discussing the new Internal Revenue Code (IRC) Section 199A Qualified Business Income (QBI) deduction and will discuss the key definitions and terminology contained in the proposed regulations in providing an…

Few people have heard of the U.S. Bureau of Economic Analysis (BEA), an agency of the Commerce Department. The BEA provides the U.S. government with statistical information regarding the U.S. economy. To aid in this endeavor, it does periodic…

On August 3, 2018, the IRS released proposed regulations (REG 104397-18) on the modifications made to additional first-year depreciation deductions as provided by the Tax Cuts and Jobs Act (“TCJA”). TCJA enacted 100 percent bonus depreciation on “…

On August 8, 2018, the IRS issued proposed reliance regulations concerning the 20 percent deduction for certain pass-through business income under IRC Section 199A, which was enacted under the Tax Cuts and Jobs Act of 2017 (TCJA) on December 22,…

The U.S. Court of Appeals for the Ninth Circuit today announced the withdrawal of a decision filed July 24, 2018, in the Altera Corp. v. Commissioner case "to allow time for the reconstituted panel to confer on this appeal." Background…