The Tax Cuts and Jobs Act of 2017 greatly increased the availability of the child tax credit. Find out the definition of dependent for those purposes and for taking advantage of “surviving spouse” status.
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Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return.
The Tax Cuts and Jobs Act made some widely applicable but, perhaps, lesser-known changes to accrual accounting rules.
New basis-consistency requirements make defensible valuations even more important.
Rev. Proc. 2019-13 allows a deduction in succeeding years of excess unrecovered basis remaining after the Sec. 280F first-year limitation.
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.
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