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.
Results for ""TCJA""
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.
This item provides a quick overview of several tools available to taxpayers who have made mistakes.
The TCJA made a significant cange to the tax treatment of grants received from governmental entities, including location incentives for relocating or expanding existing facilities.
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.