Inflation adjustments and tax tables issued for 2019
The IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts.
Tax
New IRS commissioner brings practitioner’s perspective to role
Veteran tax attorney Charles Rettig gives his first public address as new IRS commissioner, speaking to CPAs Tuesday at the AICPA National Tax Conference in Washington.
Social Security wage base set for 2019
The Social Security Administration said that the amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax for 2019 will be $132,900, increased from 2018’s maximum of $128,400.
Tax preparer due diligence rules are finalized
The IRS issued final regulations on the penalty that applies to tax return preparers who fail to exercise due diligence in preparing returns for taxpayers who are claiming head-of-household filing status, the earned income tax credit, the child tax credit, the additional child tax credit, or the American opportunity tax credit.
Inflation adjustments issued for qualified retirement plans
The IRS released updated figures for retirement plan contribution limits for 2019.
The new QBI deduction is finally clearer
Proposed regulations issued on Sec. 199A bring welcome guidance.
Income omission triggers 6-year limitation period
Reporting of some S corporation gross receipts is not adequate disclosure of all receipts, the Tax Court holds.
Small firm engagement letters
Engagement letters provide a critical line of defense against scope-of-service liability claims.
Final rules govern adequate substantiation for charitable contributions
The regulations also contain new definitions of qualified appraisals and qualified appraisers for noncash contributions.
Understanding the new kiddie tax: Additional examples
Examples of how the tax owed for children subject to the kiddie tax can change from 2017 to 2018.
Understanding the new kiddie tax
The Tax Cuts and Jobs Act made significant changes to the kiddie tax. See how the tax is determined under the new rules.
Deduction disallowed for criminal restitution for fraudulent loan
The Tax Court denies that $400,000 was incurred in the trade or business of being an employee or in a transaction entered into for profit.
Line items
Deemed personal exemption amount introduced ... Guidance on automatic method changes for TCJA small business relief ... Rules issued for elementary and secondary school 529 plan distributions
Proposed rules would exempt corporate US shareholders from Sec. 956
The IRS issued proposed regulations providing that Sec. 956, which requires an income inclusion by U.S. shareholders of controlled foreign corporations (CFCs) that invest in U.S. property, should not apply to corporate shareholders.
Health reimbursement arrangement rules are issued in proposed form
The Treasury, Labor, and Health and Human Services departments proposed rules for health reimbursement arrangements, which can be used in coordination with individual health insurance if certain requirements are met.
Association addresses digital economy tax issues
The Association of International Certified Professional Accountants released a policy paper urging global solutions to the tax treatment of transactions in the digital economy, emphasizing its own Guiding Principles of Good Tax Policy.
How the suspension of personal exemptions affects health-care-related provisions
IRS guidance clarifies what it means to claim a personal exemption deduction.
Proposed regs. reflect amendments to all-events test and advance payments
The IRS is proposing to remove regulations on advance payments and long-term contracts to reflect amendments to Sec. 451 included in the law known as the Tax Cuts and Jobs Act.
Meals continue to be deductible under new IRS guidance
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
States sue over SALT deduction cap
New $10,000 limit is attacked on constitutional and state sovereignty grounds.
