Trust and estate income tax returns under the TCJA
The law known as the Tax Cuts and Jobs Act affects many aspects of these so-called fiduciary returns.
Tax
IRS clarifies new qualified equity grants
Income recognition from exercise or settlement of employer stock options and RSUs may be deferred for up to five years.
Medical marijuana dispensary is denied increases to its COGS
The taxpayer, as a reseller, could not include indirect inventory costs in its cost of goods sold.
Maximizing the higher education tax credits
A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.
Schreiber receives profession’s highest honor in taxation
Gerard H. Schreiber Jr., a partner in Schreiber & Schreiber in Metairie, La., received the 2018 Arthur J. Dixon Memorial Award, the highest honor bestowed by the accounting profession in the area of taxation.
Lewis recognized for Tax Division contributions
Troy K. Lewis received the Tax Division Distinguished Service Award for outstanding contributions to the division.
Line items
IRS clarifies nondeductibility, UBTI inclusion of qualified parking fringe benefit ... Tesla reaches credit phaseout sales threshold ... Standard mileage rates for 2019
IRS finalizes centralized partnership audit regulations
The IRS issued final regulations on the centralized partnership audit regime, which generally assesses tax at the partnership level.
Taxpayers will file QBI deduction computation with IRS next year
The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.
Bonus depreciation safe-harbor rules for vehicles issued
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.
Identity protection PIN program expands
The IRS announced that it is expanding its identity protection personal identification number (IP PIN) program to taxpayers in seven additional states.
How tax reform has changed busy season preparation
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.
Addressing risks related to the TCJA and Wayfair
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.
Understanding the FDII deduction
Starting this year, C corporations can claim a foreign-derived intangible income deduction of 37.5%.
Claiming the R&D credit against payroll tax or AMT
Smaller taxpayers now are afforded greater flexibility.
Sec. 199A: Regulations shed light on QBI deduction
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.
Tax preparer due-diligence rules are finalized
Preparer penalties now also apply to erroneous head-of-household filing status.
Snipes’s collection alternative refused
The IRS did not abuse its discretion in rejecting a proposal by the film actor and producer to settle a tax debt for less than 4 cents on the dollar, the Tax Court holds.
Taxpayers are again denied theft loss for ‘pump and dump’ fraud
The taxpayers could not prove on remand there was no reasonable prospect of recovery by the end of the tax year.
Bonus depreciation now available for used property
Proposed regulations raise new considerations for applying bonus depreciation to acquisitions of used property.
