Amortizing R&E expenditures under the TCJA

The change this year from immediate expensing under Sec. 174 sends ripples through affected taxpayers’ returns and may affect financial reporting.

When is a Roth conversion beneficial?

When deciding whether to convert a traditional IRA to a Roth, several factors should be considered, including some that might not be immediately obvious.

A deeper dive into the Inflation Reduction Act’s tax provisions

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 closer look at tax items in the Inflation Reduction Act

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.

Tax equity research lacks demographic data, GAO reports

The US Government Accountability Office found disparities in the distribution of some tax items, but notes impediments to knowing taxpayers’ race, ethnicity, and sex.

Adopting a child: Tax planning considerations

Parents pursuing an adoption can use a CPA’s advice.

SALT cap challenge is denied Supreme Court review

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.

Biden proposes higher corporate tax rate, 20% billionaire minimum tax

Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.

How married couples can use trusts in estate planning

Married taxpayers have estate planning options others don’t.

Second Circuit: SALT cap is not unconstitutional

The $10,000 maximum deduction for state and local taxes is upheld by the Second Circuit.

What’s new for 2022 in federal taxes

A law change and some regulations take effect while an array of provisions expire.

Alimony deduction allowed for health care premiums purchased with pretax wages

The Tax Court denies IRS arguments of a ‘double deduction.’

SALT payments before year end a priority for passthroughs

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.

Standard mileage rates to go up in 2022

The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.

IRS issues accounting-method change procedures for small businesses

New procedures follow final regulations to implement simplifications by the law known as the Tax Cuts and Jobs Act.

Rules for QIP under FDII and GILTI

Final regulations address calculation of qualified business asset investment.

Infrastructure analysis: The ERC’s end, and what’s next

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.

Carried interest reporting FAQs and guidance posted

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.

Line items

Form 1040 virtual currency query revised for 2021 ... Certain pre-TCJA cryptoasset trades are not like-kind ... IRS addresses ARPA pension aid rules

Final regs. issued on qualified improvement property under FDII, GILTI

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.