The Federal Income Tax Committee is responsible for TEI’s educational and advocacy efforts for U.S. federal income tax matters.
Register Now – TEI's Federal Tax Course – Level 1
Beginning on Monday, April 25, TEI’s Education Fund will sponsor its 2022 Federal Tax Course – Level 1 at the Kellogg Hotel & Conference Center on the grounds of Michigan State University in East Lansing, Michigan. The course, which is designed for individuals with less than five years’ experience in federal income tax matters, will feature a best-in-class faculty and unparalleled networking opportunities.
FEDERAL TAX
Staff Liaison:
Kelly Madigan, Tax Counsel
202.464.8351
The Federal Income Tax Committee is responsible for TEI’s educational and advocacy efforts for U.S. federal income tax matters.
TEI Submits Comments on Notice 2023-63, Section 174, and Software Development
On July 24, 2024, TEI submitted comments on Notice 2023-63 and section 174, with a particular focus on rules related to software development for future proposed regulations. TEI requested rules for determining the proper unit of account with respect to SREs and further guidance on what does and does not constitute software development. TEI included numerous examples that would clarify which software-related costs need to be capitalized under section 174.
TEI Submits Comments on Stock Repurchase Excise Tax Proposed Regulations
On June 11, 2024, TEI submitted comments on the proposed regulations on the stock repurchase excise tax. TEI requested clarification on the method for electing to apply the proposed regulations retroactively to issuances and repurchases that occurred after December 31, 2022, but before the publication of the proposed regulations.
TEI Submits Comments on Form 6765, Credit for Increasing Research Activities
On October 31, 2023, TEI submitted comments on the proposed changes to Form 6765, Credit for Increasing Research Activities. TEI's comments included both general comments and comments on specific lines. The general comments focused on concerns over the unreasonable workload and burden imposed by the proposed changes.
TEI Submits Comments on Notice 2023-64 and CAMT
On October 12, 2023, TEI submitted comments in response to a request for comments in Notice 2023-64 regarding the Corporate Alternative Minimum Tax. TEI's comments included recommendations for the AFSI calculation with regard to marked-to-market gains and losses, the potential duplication of income with respect to CFCs, depreciation method changes, and foreign parented entities.
TEI Submits Comments on Notice 2023-63 and Section 174
On November 24, 2023, TEI submitted comments in response to a request for comments in Notice 2023-63 regarding section 174. TEI's comments included concerns over scope, cost allocation methods, software development definitions, the parties required to capitalize costs when research is performed under contract, and the treatment of costs incurred pursuant to long-term contracts.
TEI Comments on Proposed Regulations on the Transferability of Certain Credits
On August 14, 2023, TEI submitted comments in response to a request for comments in proposed regulations under section 6418 regarding the transferability of certain credits to unrelated taxpayers.
TEI Comments on Proposed and Temporary Regulations on Elective Payments for Certain Credits
On August 14, 2023, TEI submitted comments in response to a request for comments in proposed and temporary regulations under section 6417 regarding elective payments for certain credits. TEI's comments included concerns over burdensome pre-filing registration requirements and over limitations on the taxpayers able to make elective payment elections, namely partners in partnerships and shareholders in S corporations.
TEI Submits Comments on Notice 2023-2 and the Stock Repurchase Excise Tax
On March 20, 2023, TEI submitted comments in response to a request for comments in Notice 2023-2, which provided guidance on the stock repurchase excise tax. The comments requested carve-outs from the tax for redemptions of non-participating, non-convertible preferred stock and addressed the funding rule and related per se rule that were introduced in the notice. In particular, the comments requested either the removal of the rules from future guidance or a significant narrowing of the rules as they are overbroad and go beyond the literal language and purposes of the statute.