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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.
CPA financial planners named charitable giving, business structure and estate plans as the areas of clients’ financial plans they have had to adjust most frequently following the passage of the TCJA, according to a recent survey.
The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.
Despite the repeal of an itemized deduction for foreign real property taxes, some benefit may still be available to certain U.S. taxpayers living and working overseas.
Employers that offer this benefit to qualified employees can receive a credit worth up to 25% of the cost.
The IRS announced procedures for taxpayers to change their accounting method to comply with the amendment of Sec. 451(b) enacted by the tax law known as the Tax Cuts and Jobs Act.
The IRS issued proposed regulations on the determination of the foreign tax credit after the changes in the law made by the Tax Cuts and Jobs Act.
The IRS issued a notice providing interim guidance for the 2019 calendar year on income tax withholding from wages and from retirement and annuity distributions.
FEATURE
Tackling TCJA changes this tax seasonReturn preparers must be ready for how the Tax Cuts and Jobs Act has modified many common features of individual and business returns.
PODCAST
Why CPAs can’t wait on automation toolsWhat do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.