This item provides a quick overview of several tools available to taxpayers who have made mistakes.
Results for ""TCJA""
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.
EMPLOYEE BENEFITS IRS issues monthly corporate yield curve and segment rates The IRS issued guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Sec. 417(c)(3), and the 24-month average segment rates under Sec. 430(h)(2). In addition, the IRS provided guidance as to the interest
Similar to a Rube Goldberg contraption, the Internal Revenue Code is needlessly complex. Here are a few ideas for simplification and a request for readers to suggest others.
The IRS issued proposed regulations on the operation of new Sec. 1446(f), which requires withholding on the transfer of a partnership interest described in Sec. 864(c)(8) (gain or loss of foreign persons from the sale or exchange of certain partnership interests).
This discussion reviews the mechanics of the gross receipts test, highlights several potential traps for the unwary, and raises several common but still unanswered questions.
Updated procedures provide a streamlined way to comply with Sec. 451(b), which does not involve filing Form 3115 or attaching a separate statement to the tax return.
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.
The TCJA substantially modified Sec. 163(j) so that the business interest expense in a tax year is limited to the sum of the taxpayer’s business interest income, 30% of the taxpayer’s adjusted taxable income, and the taxpayer’s floor plan financing interest.
Now that IRS forms have been created to reflect the changes of the TCJA, a professor-prepared tax return assignment gives faculty an opportunity to introduce their students to new tax law complexities.
This discussion addresses the proposed changes to the operation of Sec. 956, potential planning opportunities under the proposed regulations, and certain outstanding issues.
This discussion highlights the treatment of an “electing real property trade or business” for purposes of the interest expense deduction limitation of Sec. 163(j).
An erroneously claimed qualified business income deduction under Sec. 199A can expose a taxpayer to a substantial underpayment penalty.
This item summarizes some fundamental income tax considerations for employers related to stock-based compensation under U.S. federal income tax laws.
It is important to note the role trust accounting income plays when preparing the annual income tax return for the trust, a role that has become more prominent since the enactment of the TCJA.
The disparate tax treatment between trusts and individuals has grown even more pronounced than it was before the TCJA was enacted.