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.
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This discussion considers some of the key differences that affect post-mortem planning when looking at entity selection.
This article discusses the tax shelter exclusion and how certain farm and nonfarm businesses will be considered tax shelters because they qualify as “syndicates.”
There are various planning opportunities for nonstandard donations and potentially unintended consequences if the donation is not made following the rules governing the specific area of tax.
Many taxpayers do not realize that the R&D tax credit is available to businesses of all sizes in many lines of business, not just major corporations conducting tests in research laboratories.
Partnerships making guaranteed payments may want to consider restructuring them as priority profit allocations.
EMPLOYMENT TAXES IRS publishes Tier 2 tax rates for 2020 The IRS announced that the rate of Tier 2 tax on employees for 2020 under Sec. 3201(b) is 4.9% of compensation. The rate on employers under Sec. 3221(b) is 13.1% of compensation. The rate on employee representatives is under Sec.
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling away from home using the per-diem rates.
The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the law known as the Tax Cuts and Jobs Act with the lower unified credit, which is scheduled to go into effect in 2026, eliminating a possible future clawback of the higher exclusion amount.
EMPLOYEE BENEFITS Nondiscrimination relief for certain defined benefit plans The IRS provided additional temporary nondiscrimination relief for closed defined benefit plans that generally meet the eligibility conditions in Notice 2014-5. The notice provides that if a plan satisfies specified conditions, then the plan is deemed to have satisfied certain of
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.
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.