The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
Individual income taxation
The IRS issued final regulations containing rules on the Sec. 163(j) interest expense limitation, including rules for specific passthrough entities and regulated investment companies.
In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method for determining the value of an employee’s personal use of a vehicle during the pandemic.
Download and print our annual quick guide, a tax season reference, highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
COVID-19 relief measures confront return preparers with novel predicaments. [Updated with tax provisions from the Consolidated Appropriations Act, 2021, the COVID-19 relief package signed into law in late December 2020.]
The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.
With many workers unaware of the implications when remote work crosses state lines, CPAs may face frustration and confusion in clients.
The AICPA's Eileen Sherr, CPA, CGMA, MT, discusses recent IRS guidance regarding the tax treatment of loans under the SBA’s Paycheck Protection Program.
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
Employers must be wary of the trust fund recovery penalty if they take advantage of deferrals in the CARES Act.
The Tax Court holds that taxpayers made an absolute gift.
Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.
When it comes time to put on your year-end planning hat, will you be prepared to provide the best tax and financial planning advice to clients? Take this quiz to see if you’re ready to tackle year-end planning for 2020.
The donations had donative intent, were reasonably valued, and were supported with documentation that substantially complied with the regulations, the Tax Court finds.
Here are the rules for the treatment of negative QBI and some planning ideas for mitigating its effect on the QBI deduction.
The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.
The IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 tax returns in the 2022 filing season. Many of the over 60 items increased from 2020.
The Social Security Administration announced that the maximum amount of wages subject to the old age, survivors, and disability insurance tax will increase to $142,800 in 2021 from $137,700 in 2020.
The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.
Eligible individuals with disabilities received guidance from the IRS on the rules regarding ABLE accounts. Tax-favored ABLE accounts allow eligible individuals to save money to meet qualified disability expenses.