The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.
Results for ""TCJA""
An exercise helps students grasp the interplay of earned taxable income and net unearned income in calculating the kiddie tax as revised by the TCJA.
The IRS released guidance to further recap and clarify the rules for transfer and consent agreements.
The TCJA provides a way to avoid the unexpected termination of the S election when certain ESBT situations occur.
This second part of a two-part article covers court cases, proposed regulations, and other IRS guidance issued over the last year on gifts and estates.
The IRS posted informal guidance on its website to explain how trusts that file Form 990-T and have unrelated business income can claim the deduction.
This article discusses what assets are treated as collectibles subject to the 28% rate, the netting process for collectibles gains and losses, how gains on the sale of collectibles are taxed, and practical strategies that taxpayers can use to lessen the impact of the 28% rate.
Combined with higher standard deductions under the TCJA, most people do not have enough medical expenses and other qualifying itemized deductions to exceed the standard deduction.
Individuals, who are not afforded the benefit of using indirect foreign tax credits, are unable to reduce their Sec. 965 liability with foreign taxes generated at the foreign company level.
The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017.
Because of a change in the TCJA, disposal of personal property and its exchange with other personal property of like kind is now a taxable event.
A practitioner who is a true trusted business adviser should consider what the business owner wants to achieve when making this decision.
This article is the first of two parts of an annual update on developments in trust, estate, and gift taxation. Part 1 discusses developments affecting trusts and the generation-skipping transfer tax, as well as inflation adjustments.
This discussion provides a high-level overview of the affiliated service group rules.
This item summarizes the complexities of a digitalized economy for MNCs and considers the multifaceted implications to U.S. MNCs with respect to financial statements and tax reporting.
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.
Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.
This annual survey shows how CPAs rate the tax preparation software they used during last tax season and how it handled the recent tax law changes.
This article is a semiannual review of recent developments in individual federal taxation, covering cases, rulings, and guidance on a variety of topics.
Recently issued proposed regulations on the transfer of life insurance contracts create significant uncertainty regarding their application to tax-free asset acquisitions.