The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
Results for ""TCJA""
The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
Despite generally lower tax bills, many taxpayers are seeing smaller-than-expected refunds — or no refunds at all. And some taxpayers are now subject to underwithholding penalties, despite limited relief from the IRS.
A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.
A special rule allows the TCJA's higher exclusion amount to continue to apply in some instances after the provision's scheduled sunset.
IRS clarifies nondeductibility, UBTI inclusion of qualified parking fringe benefit ... Tesla reaches credit phaseout sales threshold ... Standard mileage rates for 2019
The law known as the Tax Cuts and Jobs Act affects many aspects of these so-called fiduciary returns.
The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.
Practitioners still have a lot of questions about tax reform — including everything from dealing with binding and nonbinding Tax Cuts & Jobs Act (TCJA) guidance to individual planning considerations. Annette Nellen joins this episode of the podcast to address those issues.
Proposed regulations raise new considerations for applying bonus depreciation to acquisitions of used property.
Starting this year, C corporations can claim a foreign-derived intangible income deduction of 37.5%.
For the first time this tax season, many taxpayers will be claiming the Sec. 199A deduction, which provides a deduction for 20% of qualified business income.
In this Q&A, experts discuss the challenges CPA firms face from these developments and the steps they can take to mitigate professional liability risk.
Practitioners should be aware of changes to the due-diligence requirements for returns that claim the earned income tax credit, the American opportunity tax credit, and/or the child tax credit.
Personal exemption claims are deemed for health care provisions ... Suspension of moving expense reimbursement exclusion is clarified
The hybrid nature of these specified occupations may allow taxpayers in them to claim the 20% deduction of Sec. 199A from qualified business income.
The cash method and other favorable rules are now more widely available with Tax Cuts and Jobs Act changes.
Advance guidance clarifies that the TCJA's disallowance of deductions for entertainment, amusement, or recreation does not address business meals.
An altered landscape awaits CPA preparers and their clients.
The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.