The proposed regulations provided much-anticipated rules for RICs with REIT income for purposes of Sec. 199A.
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Although small taxpayer testing may be time-consuming, the tax and time benefits of a small taxpayer classification may be critical to certain taxpayers.
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.
This article reviews how some scholarships might be considered taxable income to a student.
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 article discusses the treatment of unearned revenue from a financial accounting and tax point of view and how unearned revenue can affect the seller and the buyer in an M&A transaction.
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 interplay between Sec. 163(j) and state expense disallowance leaves taxpayers in a position of having to make important decisions in a vacuum of guidance.
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.
Plans adopted by some states sidestep the new federal Sec. 164(b)(6) limitation, which may not apply to income taxes imposed on a PTE.