The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
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TOPICS
Tax
Guidance issued on payments to charitable organizations
The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.
Partnership capital reporting requirements postponed until 2020
The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020).
BEAT regs. are finalized, new regs. are proposed
The IRS issued detailed guidance on the Sec. 59A base-erosion and anti-abuse tax (BEAT), which was added to the Code by the law known as the Tax Cuts and Jobs Act.
Deadline for health care information statements extended
As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.
IRS cannot stack frivolous-return penalties for 6 photocopies
The copies were clearly labeled as such in attachments to the taxpayer’s correspondence with the IRS and so did not purport to be returns, the Tax Court holds.
Helping clients after they are divorced
CPAs should review several key financial planning steps with newly single clients.
Line items
Travel per-diem rates updated … IRS offers expatriate tax relief … Voluntary compliance shrinks slightly
Father’s treatment of partnership interest expense does not bind son
The son, who inherited and received as gifts the interests in real estate partnerships, could treat nonrecourse debt as acquisition indebtedness, the Tax Court holds.
Accounting method choice cuts both ways
Change is hard, especially without a Form 3115, Application for Change in Accounting Method.
AICPA seeks guidance on adjustments for conversions from S corp. to C corp.
A reduced corporate tax rate could encourage changeover.
Safe harbor allows QBI deduction for rental real estate businesses
An earlier notice’s proposed rules are finalized with revisions and clarifications.
Business tax quick guide — tax year 2019
Download and print this quick guide for use during tax season, and look for our quick guide for individual taxpayers in the January 2020 issue.
Robotic process automation for tax
See what “bots” can do for tax practices and departments.
Short-term use prevents grouping real property activities
District court holds management contracts did not establish required period of customer use.
Per-diem method clarified in light of TCJA changes
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.
Final regs. eliminate estate and gift tax clawback
The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.
Use of standard mileage rate, other rules are updated for TCJA
The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.
IRS commissioner seeks to enhance taxpayer contacts, target enforcement
Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible Internal Revenue Service restructuring, more-targeted enforcement efforts and IRS use of data analytics.
Taxes and Washington’s unfinished business
Tax planning and return filing readiness depend in no small part on the actions of Congress and the IRS and Treasury in the countdown to 2020. Ed Karl, AICPA vice president–Taxation, gives some inside-the-Beltway prognostications.
Features
FROM THIS MONTH'S ISSUE
How to craft the CPA career you want
Want to pursue a work life that brings you purpose and joy? Learn how in this article from the Journal of Accountancy’s November issue.
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