This first part of our annual update focuses on trust and gift tax issues. The update discusses final regulations clarifying the deductions available to a trust or estate, how California taxes trusts’ income, qualified terminable interest property trusts, and other matters.
A company has a “naked credit” when it has a full valuation allowance against its net deferred tax assets but also has deferred tax liabilities that have an indefinite life. New regulations providing guidance on the application of the Sec. 163(j) interest expense limitation may change how some companies calculate their naked credit.
DEDUCTIONS
Business meal deductions after the TCJA
This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.
TAX RELIEF
Quirks spurred by COVID-19 tax relief
This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.