This semiannual update on current developments in the area of individual taxation includes a number of cases on material participation, hobby losses, charitable contributions, the Sec. 199A regulations, and several other important areas.
Results for ""TCJA""
The IRS issued proposed regulations on the determination of the foreign tax credit after the changes in the law made by the Tax Cuts and Jobs Act.
This item summarizes some of the important changes impacting the New Jersey corporation business tax and when these changes took effect or will become effective.
Post-TCJA, practitioners and taxpayers should be aware of potential state conformity issues in areas including interest expense deductions, qualified business income, net operating losses, and alternative minimum taxes.
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.
This discussion focuses on the computation of tested income or loss and comments on the mechanics of the computation, clarifies common misconceptions, and uncovers snags that may catch unsuspecting practitioners who have little experience navigating the GILTI provision.
This article reviews and analyzes recent rulings and decisions involving partnerships and discusses developments in partnership formation, debt and income allocations, distributions, and basis adjustments.
This item provides an overview of the Sec. 958 constructive ownership rules, explores the “glitch" and its consequences, and discusses planning options to mitigate the negative effects.
Veteran tax attorney Charles Rettig gave his first public address as new IRS commissioner, speaking to CPAs at the AICPA National Tax Conference in Washington.
The IRS concluded that a derivative that referenced a stock index was “substantially similar or related property” to the stock of an exchange-traded fund that held the components of the index.
The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.
This article offers guidance on maximizing the use of corporate state NOLs, recording deferred tax assets and valuation allowances for them, and incorporating their value in the pricing of M&A transactions.
The proposed regulations clarify the elections available to all taxpayers regarding bonus depreciation.
With the repeal of technical terminations, partnerships can only terminate for U.S. federal income tax purposes if no part of any business, financial operation, or venture continues to be conducted by any of its partners.
The Sec. 162(m) grandfather rule provides multiple opportunities outside of the exemption for performance-based compensation.
In a changing landscape, U.S. C corporation multinationals should consider reevaluating their value chain.
Practitioners should be aware of changes to the due-diligence requirements for returns that claim the earned income tax credit, the American opportunity tax credit, and/or the child tax credit.
This article discusses changes that might affect clients that are divorced, are in the process of divorcing, or that have prenuptial or post-nuptial agreements.
This article discusses the modifications made to Sec. 174 and Sec. 41, which will affect taxpayers’ R&D tax credit claims for tax years after Dec. 31, 2021.
Notice 2018-76 generally allows a taxpayer a 50% business deduction for meals associated with an entertainment activity to the extent that the meals are purchased separately from the entertainment, or the cost is stated separately from the entertainment cost on the receipt.