Tax

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.

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.

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.

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.

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.

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FEATURE

Tackling TCJA changes this tax season

Return preparers must be ready for how the Tax Cuts and Jobs Act has modified many common features of individual and business returns.