‘Retail glitch fix’ gets guidance
Methods for claiming bonus depreciation and 15-year class life for qualified improvement property provide relief but come with a deadline.
Results for ""TCJA""
Simplified accounting rules issued for small businesses
The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.
FDII and GILTI regulations finalized
The IRS issued final regs. on the foreign-derived intangible income deduction and the global intangible low-taxed income provisions enacted by the TCJA.
Consolidated groups get NOL guidance
The IRS issued proposed and temporary regulations explaining how consolidated groups should apply the changes to the net operating loss rules enacted by the CARES Act.
Tips for untangling CARES Act tax quandaries
The global pandemic has offered many lessons in impermanence, including how parts of the tax reform legislation that seemed monumental upon its passage two and a half years ago have been temporarily rolled back to provide badly needed relief.
AICPA tax comment letters include pandemic-related advocacy
The AICPA Tax Policy and Advocacy team produced six tax-related comment letters in June with a goal of assisting accounting professionals and taxpayers.
Prop. regs. would govern silo rules for exempt organizations
UBTI is computed separately for each unrelated trade or business.
Former kiddie tax rules restored
Congress reverses changes made to the kiddie tax in the Tax Cuts and Jobs Act, allowing affected taxpayers to amend their returns.
Proposed regs. explain disallowed transportation fringe benefits
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
COVID-19 tax guidance for businesses
The IRS provided guidance on how businesses can take advantage of CARES Act tax provisions.
Deducting home office expenses
Help tax clients fulfill exacting requirements.
Proposed rules govern deductions and reporting for restitution
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.
CARES Act QIP change requires action
Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.
COVID-19 pandemic prompts many tax changes
Here are legislative and IRS responses to the coronavirus outbreak.
Prop. regs. would govern silo rules for exempt organizations
The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.
Business interest expense election guidance for farming, real estate
Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year.
Year-end government spending bill contains many tax provisions
Certain health care taxes are repealed, IRAs are revamped, and disaster relief and other provisions are extended.
Proposed regs. issued on meal and entertainment expense deductions
The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.
Start or review an accountable plan
Employees’ business expense reimbursements are excluded from gross income.
Taxpayer-favorable changes in the bonus depreciation regs.
The rules apply to the 100% additional first-year depreciation deduction in Sec. 168(k), which is in effect through 2022.
