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.
Tax
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.
Cryptocurrency gift strategies for not-for-profits
Not-for-profits should proceed carefully as they consider whether to accept gifts of virtual currency. And here’s how they should proceed if they do.
Line items
Proposed rules issued for qualified opportunity funds ... IRS announces 2019 retirement plan limits ... OASDI wage base increases
IRS issues updates on post-shutdown activities
The IRS posted guidance for the public explaining how it will be operating now that the shutdown has ended, to catch up on its backlog in audits, collections, tax return processing, and Tax Court cases.
Government shutdown ends in time for tax season
The partial shutdown of the federal government ended just in time to allow the full IRS workforce to return to work for the start of tax season.
Paid preparer’s checklist expands to include head-of-household, other tax credit questions
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.
Qualified business income deduction regs. and other guidance issued
The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.
What CPAs need to know about Sec. 199A guidance and SSTBs
One of the areas that accountants are most interested in regarding tax reform is Sec. 199A guidance — and, more specifically, how the deduction for qualified business income relates to a specified service trade or business. Tony Nitti, CPA, addresses some popular questions on that topic.
