IRS issues 2020 standard mileage rates
On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
Results for ""TCJA""
Year-end government spending bill contains many tax provisions
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
You might be a tax shelter if …
Does your business fall under the definition of a syndicate? Chris Hesse, chair of the AICPA’s Tax Executive Committee, reveals where the traps lie for business taxpayers and their CPA advisers.
Proposed regs. would govern Sec. 162(m) executive compensation limits
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
AICPA seeks guidance on adjustments for conversions from S corp. to C corp.
A reduced corporate tax rate could encourage changeover.
Helping clients after they are divorced
CPAs should review several key financial planning steps with newly single clients.
Per-diem method clarified in light of TCJA changes
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.
Final regs. eliminate estate and gift tax clawback
The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.
Use of standard mileage rate, other rules are updated for TCJA
The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.
Taxes and Washington’s unfinished business
Tax planning and return filing readiness depend in no small part on the actions of Congress and the IRS and Treasury in the countdown to 2020. Ed Karl, AICPA vice president–Taxation, gives some inside-the-Beltway prognostications.
Alimony tax gap swells to $3.2 billion, TIGTA finds
The difference resulted in $248 million of tax underreporting.
Like-kind exchanges and personal property
A recent law change invites new strategies.
Taxpayers may revoke or make late bonus depreciation elections
Late elections or revocations made during the time prescribed in Rev. Proc. 2019-13 will be treated as automatic changes in method of accounting with a Sec. 481(a) adjustment.
AICPA seeks guidance on adjustments for conversions from S corp. to C corp.
In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.
Regulations clarify bonus depreciation treatment
The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.
Tax accounting rules issued for advance payments
Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.
2019 tax software survey
Learn how the industry-leading products stacked up in CPAs’ estimation through a tax season with many far-reaching law changes.
Child dependency claims by noncustodial parents
Practitioners can help taxpayers avoid common miscues under the special rule of Sec. 152(e).
Alimony tax gap swells to $3.2 billion, TIGTA finds
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
Sales tax compliance post-Wayfair
The U.S. Supreme Court’s decision last year in South Dakota v. Wayfair prompted many states to enact new sales tax legislation or promulgate new regulations based on economic nexus. Find out how to help your clients comply.
