RECENT REGULATIONS, CASES, AND RULINGS

摘要

We are now over one year into the new tax law. Unfortunately, we are still awaiting further guidance on certain nuances of the new tax law. Under the new tax law, corporations that may have had losses and have not paid taxes in years are now eligible for prior minimum tax credit refundable over three years. Also, net operating losses cannot be carried back but can now be carried forward indefinitely, Congress, however, slapped the wrists of corporations by not allowing them to deduct more than $1 million for the five highest paid executives. Congress in effect wanted to show the public that they discouraged the payment of extremely high salaries to top executives.