This Week In Tax: The IRS is formalizing its process relating to the publication of FAQs — find out how the impact of significant FAQs on newly enacted tax legislation has been elevated. Plus, does Know-how qualify as a capital asset? Read on:
Given the rapid proliferation of new tax legislation, the IRS has been relying on issuing so-called Frequently Asked Questions (“FAQs”) to expedite its advice to taxpayers and the tax professional community rather than issuing regulatory guidance, which, by its nature, is a lengthy process.
Extra! Extra! Read all about it! Certain self-created know-how may still qualify for favorable capital gains tax treatment! Effective 2018, the Tax Cuts and Jobs Act (“TCJA”) eliminated capital gain treatment for certain self-created intangible assets.