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.
Results for ""TCJA""
The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.
To help exempt organizations “silo,” or separately compute, their unrelated business or trade income, three experts who will be giving a presentation on the topic at the upcoming Not-for-Profit Industry Conference offer their thoughts.
Highly paid employees require some exempt organizations to pay an excise tax.
After taxpayer confusion, final regulations bring clarity.
District court’s holding for tax debtors contributes to courts’ divergence in the wake of Sebelius.
Examples from several states show that rolling conformity is not as clear-cut as it sounds.
The IRS granted individual taxpayers a waiver from the penalty for underestimated tax due solely to the amendment to Sec. 461(l)(1)(B) in the CARES Act repealing the excess business loss limitations for years before 2021.
The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
The IRS finalized proposed regulations on certain carried interests to account for changes made by the Tax Cuts and Jobs Act (TCJA). The TCJA extended from one year to three years the holding period for making carried interests eligible for capital gain treatment.
The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted average annual gross receipts of $25 million ($26 million for 2020 and 2021).
Amid challenging circumstances, the AICPA’s tax policy and advocacy efforts provided successful results that benefited the accounting profession and taxpayers in 2020.
The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.
The IRS issued final rules on the $1 million executive compensation limits enacted by the law known as the Tax Cuts and Jobs Act, finalizing proposed rules with a few changes in response to comments.
Mike Landsberg, CPA/PFS, discusses what he’s seeing in terms of charitable giving this year, how the CARES Act has affected giving, and how clients can use giving to save on taxes while contributing to causes that matter to them.
The AICPA's Eileen Sherr, CPA, CGMA, MT, discusses recent IRS guidance regarding the tax treatment of loans under the SBA’s Paycheck Protection Program.
The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.
The IRS finalized proposed regulations on the qualified plan loan rollover rules amended by the law known as the Tax Cuts and Jobs Act with just one change in response to a comment.
The IRS issued final regulations that define real property for like-kind exchange purposes and what qualifies as incidental personal property that will not disqualify an exchange.
The IRS issued final rules on the Sec. 245A extraordinary disposition rule and the Sec. 951A disqualified basis and disqualified payment rules, as well as reporting requirements to facilitate the rules.