Tax

IRS issues proposed regs. on 100% bonus depreciation

The IRS issued proposed regulations providing guidance on Sec. 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act, to increase the allowable first-year depreciation deduction for qualified property from 50% to 100%.

SEPs: Simple but not always optimal

Simplified employee pension (SEP) plans can be attractive in the short term but over the long term can be expensive, inefficient, and inflexible.

PEO is statutory employer

The Tax Court allows a refund of overpaid Social Security taxes to professional employer organization Paychex.

Line items

Select Check is now Tax Exempt Organization Search ... New FASB and IFRS standards get method change procedure ... Rev. Proc. 2018-25 updates passenger auto depreciation, lessee income inclusion for TCJA

AICPA: 2019 Form W-4 needs to be simplified

The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.

SPONSORED REPORT

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.