The change this year from immediate expensing under Sec. 174 sends ripples through affected taxpayers’ returns and may affect financial reporting.
Results for ""TCJA""
When deciding whether to convert a traditional IRA to a Roth, several factors should be considered, including some that might not be immediately obvious.
Here’s an item-by-item review of the many tax provisions in the recently enacted Inflation Reduction Act, which creates a new corporate AMT and a host of energy tax credits.
A tax-focused CPA breaks down provisions of the Inflation Reduction Act, including the corporate minimum tax, the 1% excise tax on share buybacks, IRS enforcement funding, and more in this podcast episode with transcript.
The US Government Accountability Office found disparities in the distribution of some tax items, but notes impediments to knowing taxpayers’ race, ethnicity, and sex.
Parents pursuing an adoption can use a CPA’s advice.
The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.
Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.
Married taxpayers have estate planning options others don’t.
The $10,000 maximum deduction for state and local taxes is upheld by the Second Circuit.
A law change and some regulations take effect while an array of provisions expire.
The Tax Court denies IRS arguments of a ‘double deduction.’
To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.
The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
New procedures follow final regulations to implement simplifications by the law known as the Tax Cuts and Jobs Act.
Final regulations address calculation of qualified business asset investment.
An AICPA vice president analyzes the recently passed Infrastructure Investment and Jobs Act and previews what’s to come regarding budget reconciliation and key tax provisions.
The IRS posted FAQs with sample worksheets and instructions for taxpayers to use when calculating and reporting certain net long-term capital gains from partnership interests held in connection with the performance of services that must be recharacterized as short-term capital gains.
Form 1040 virtual currency query revised for 2021 ... Certain pre-TCJA cryptoasset trades are not like-kind ... IRS addresses ARPA pension aid rules
Final regulations clarify the treatment of qualified improvement property in FDII and GILTI, and foreign tax credit transition rules address post-2017 NOL carrybacks to pre-2018 tax years.