On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
Results for ""TCJA""
The IRS’s updated e-Services platform is intended to facilitate more efficient and cost-effective communications with practitioners.
FASB ASC Subtopic 740-10 requires that each tax position meet a more-likely-than-not test and that the tax benefits be correspondingly reduced if the result is not certain; it is important to understand the administrative issues and problems created by this requirement.
This article discusses the areas that may continue to pose TCJA implementation challenges for companies.
Investors must file to report QOF investments held at the beginning and end of the current tax year, current-tax-year capital gains deferred by investing in QOFs, and QOF investments disposed of during the current tax year.
This discussion provides an overview of the current Sec. 382 regime, and then discusses the significant changes in the proposed regulations and their implications.
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
The QOZ program will generally require year-end action on the part of the fund managers.
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
The IRS officially released final regulations providing guidance on determining foreign tax credits. The regulations include changes necessitated by the law known as the Tax Cuts and Jobs Act.
The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.
This discussion considers some of the key differences that affect post-mortem planning when looking at entity selection.
This article discusses the tax shelter exclusion and how certain farm and nonfarm businesses will be considered tax shelters because they qualify as “syndicates.”
There are various planning opportunities for nonstandard donations and potentially unintended consequences if the donation is not made following the rules governing the specific area of tax.
Many taxpayers do not realize that the R&D tax credit is available to businesses of all sizes in many lines of business, not just major corporations conducting tests in research laboratories.
Partnerships making guaranteed payments may want to consider restructuring them as priority profit allocations.
EMPLOYMENT TAXES IRS publishes Tier 2 tax rates for 2020 The IRS announced that the rate of Tier 2 tax on employees for 2020 under Sec. 3201(b) is 4.9% of compensation. The rate on employers under Sec. 3221(b) is 13.1% of compensation. The rate on employee representatives is under Sec.
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling away from home using the per-diem rates.
The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the law known as the Tax Cuts and Jobs Act with the lower unified credit, which is scheduled to go into effect in 2026, eliminating a possible future clawback of the higher exclusion amount.
EMPLOYEE BENEFITS Nondiscrimination relief for certain defined benefit plans The IRS provided additional temporary nondiscrimination relief for closed defined benefit plans that generally meet the eligibility conditions in Notice 2014-5. The notice provides that if a plan satisfies specified conditions, then the plan is deemed to have satisfied certain of