Corporations - Deductions

TOPICS / CORPORATIONS

November 27, 2018

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.

November 1, 2018

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.

November 1, 2018

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.

October 3, 2018

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.

October 1, 2018

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.

September 1, 2018

Timing of the tax deduction for worthless intangibles

The challenge taxpayers frequently face is determining the date of sale, abandonment, or worthlessness.

August 22, 2018

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.

August 2, 2018

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).

June 1, 2018

How the 2017 tax overhaul changed Sec. 162(m)

This article discusses how the TCJA altered corporations’ responsibilities and the potential compensation implications.

June 1, 2018

IRS issues first guidance on new business interest limitation

The IRS issues guidance on business interest limitation under the new tax act.

May 1, 2018

Deducting deferred bonuses

Numerous rules and restrictions govern the timing
of deductibility of bonuses accrued in one year and paid in another.

May 1, 2018

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.

May 1, 2018