IRS guidance clarifies what it means to claim a personal exemption deduction.
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TOPICS
Tax
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.
Sarenski awarded for longtime contributions to tax and financial planning
Theodore J. Sarenski, CEO and president of Blue Ocean Strategic Capital LLC, received the AICPA’s Sidney Kess Award for Excellence in Continuing Education.
Line items
Trust and estate administration expenses still deductible under the TCJA … Preparer due-diligence regs. to be updated for TCJA
New life for IRA qualified charitable distributions
The TCJA’s higher standard deduction makes before-tax giving more attractive.
Qualified business income deduction regs. proposed
‘Reliance’ regs., other guidance cover many questions about the TCJA’s 20% deduction for noncorporate entities.
States sue over SALT deduction cap
New $10,000 limit is attacked on constitutional and state sovereignty grounds.
Former shareholders liable for tax on constructively fraudulent transfer
The Ninth Circuit overrules the Tax Court a second time in a transferee liability case.
Qualified joint ventures for spouses
A married couple can avoid the partnership filing requirements for a business they co-own by electing to be treated as a qualified joint venture.
Many tax-exempt organizations no longer need to list donor information
Change does not apply to 501(c)(3)organizations.
Tax reform law deals pro gamblers a losing hand
The Tax Cuts and Jobs Act shut down net losses on a Schedule C from wagering as a trade or business. Find out how the stakes have changed.
IRS issues 2018–2019 per-diem rates
The IRS issued its annual update of the special per-diem rates for business travel away from home from Oct. 1, 2018, through Sept. 30, 2019.
Rules issued on paid family and medical leave credit
The IRS released guidance on the new Sec. 45S tax credit for employers that provide paid medical and family leave.
IRS extends deadlines in N.C. counties affected by Hurricane Florence
The IRS announced that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.
IRS issues proposed regs. for GILTI inclusions
The IRS issued proposed regulations implementing Sec. 951A’s global intangible low-taxed income provision, which requires a US shareholder of a controlled foreign corporation to include this income in the shareholder’s gross income.
Taxpayers denied insolvency exclusion of COD income
Cash held by a couple’s son as their nominee tipped their balance sheet to positive, the Tax Court holds.
Mitigating risk related to tax reform
While tax planning opportunities associated with the law may be a windfall to a CPA firm’s bottom line, vulnerability to professional liability claims exists.
Trust and estate tax planning article wins JofA Best Article Award
Sonja E. Pippin, associate professor in the Department of Accounting and Information Systems at the University of Nevada, Reno, received the JofA’s Lawler Award for the best article of 2017.
Vacation home rentals and the TCJA
Allocation of certain expenses between personal and rental use may need to change under the law known as the Tax Cuts and Jobs Act.
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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