This article reviews how some scholarships might be considered taxable income to a student.
Results for ""TCJA""
This discussion focuses on the GILTI and BEAT implications for the benefit received by a U.S. corporation reporting a worthless stock deduction under Sec. 165(g) for a CFC’s stock.
This item discusses the limitation on audit protection that arises as a result of Sec. 965, enacted as part of the TCJA, which imposes a one-time “transition” tax on unrepatriated E&P of certain FCs.
Rev. Proc. 2019-18 allows teams that fit within the safe harbor to treat the contracts as having a zero value for determining gain or loss.
The TCJA's reduction of corporate tax rates and the increase for QBI deductions is likely to pique interest in the claim-of-right provision.
Taxpayers can rely on either the proposed or final Sec. 199A regulations for 2018, and CPAs must evaluate which would be most beneficial for each client.
This item addresses key issues concerning old and new tax rules related to tax-exempt trusts, including most pension funds.
This article focuses on two resources often used in financing medical care: home equity loans and distributions from retirement plans and IRAs.
Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return.
The sale of life insurance policies, commonly referred to as life settlement transactions, is becoming an increasingly popular and heavily marketed way for policy owners to realize the value in their life insurance policies. This article discusses the financial and tax ramifications of life settlement transactions and how CPAs can help clients obtain the best results from them.
By using the summer to go through the process of reflecting, rebooting, and reengaging, CPAs can find ways to better serve clients, especially with a year of experience in the TCJA’s tax reforms under their belts.
The TCJA revised Sec. 451(c), changing the timing of taxation for certain advance payments, including advance payments for future mineral production and delivery.
The use of a loan to facilitate the restricted stock purchase may be considered the grant of an option rather than the grant of restricted stock.
In many instances, married taxpayers are subject to a “marriage tax penalty,” paying more in federal income tax than they would if they were unmarried. This article examines the current state of the marriage tax penalty after the changes made by the TCJA.
This item provides a quick overview of several tools available to taxpayers who have made mistakes.
Review the various approaches states use to account for the GILTI and FDII regimes introduced by the TCJA.
While the statutory language to the high-tax exception was unchanged by the TCJA, other amendments affect the determination of whether an item of income meets the high-tax exception.
This item discusses certain TCJA changes to domestic provisions relevant to tax accounting.
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
Because of the considerable tax consequences, the new law will encourage plaintiffs and defendants to refrain from including a nondisclosure agreement in their sexual harassment settlements.