IRS clarifies deductibility of business meals
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
Expenses & Deductions
Proposed regs. outline new business interest expense limitation
The IRS issued proposed regulations on the business interest expense limitation in Sec. 163(j), which was amended by the law known as the Tax Cuts and Jobs Act.
Tax pitfalls of owning a marijuana business
Essentially, for federal tax purposes, marijuana businesses pay income taxes on their gross profit instead of their net income because below-the- line deductions are not allowed.
IRS defines covered employees and grandfathered employment contracts under Sec. 162(m)
The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.
Meals continue to be deductible under new IRS guidance
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
Revisiting the application of Sec. 280G on partnerships and LLCs
Depending on how a taxpayer’s ownership is structured, the sale of a partnership interest can have a Sec. 280G impact on partners or members that are C corporations.
Timing of the tax deduction for worthless intangibles
The challenge taxpayers frequently face is determining the date of sale, abandonment, or worthlessness.
IRS provides initial guidance on new Sec. 162(m)
The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.
Foreign-derived intangible income deduction: Tax reform’s overlooked new benefit for U.S. corporate exporters
One new opportunity created by the TCJA is the foreign-derived intangible income deduction in Sec. 250(a).
IRS issues first guidance on new business interest limitation
The IRS issues guidance on business interest limitation under the new tax act.
How the 2017 tax overhaul changed Sec. 162(m)
This article discusses how the TCJA altered corporations’ responsibilities and the potential compensation implications.
Application of Sec. 199A deduction to health care
While businesses involving the performance of services in the health care field were generally understood as not qualifying for the Sec. 199A deduction, further analysis could provide a favorable result.
Deducting deferred bonuses
Numerous rules and restrictions govern the timing of deductibility of bonuses accrued in one year and paid in another.
Casualty losses and expenditures under Sec. 162 or 165
Two Code provisions, Sec. 162 and Sec. 165, offer a potential deduction for a taxpayer who has property that has been damaged by a casualty.
Sec. 199 deduction for qualified film and the IRS compliance campaign approach
The IRS has created an LB&I compliance campaign that affects multichannel video programming distributors and television broadcasters.
IRS memorandum provides clarity on treatment of debt-issuance costs
The IRS concluded that a taxpayer could deduct the unamortized debt-issuance costs related to its existing debt upon its exchange for new debt.
Items and factors to consider in setting reasonable compensation
All companies should maintain supporting documentation for payments.
How tax overhaul would change business taxes
The tax reform bill that Congress is expected to vote on this week contains numerous changes that will affect businesses large and small.
House bill features many business tax changes
The House tax reform bill contains a large number of proposed changes that would affect businesses.
Fuel blending and the Sec. 199 deduction
This column discusses whether fuel blending may be treated as a domestic production activity for purposes of the DPAD deduction.
