Employer reimbursements made in 2018 of qualified moving expenses incurred prior to 2018 in connection with a move that occurred prior to Jan. 1, 2018, may be excluded from employees’ wages and gross income despite the suspension of the exclusion for tax years 2018 through 2025.
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TOPICS
C Corporation Income Taxation
IRS releases guidance on new paid family and medical leave tax credit
Sec. 45S requires that an eligible employer for purposes of claiming the family and medical leave credit must have in place a written policy meeting certain requirements.
Recognizing when the IRS can reallocate income
The IRS can take advantage of several rules to ensure related-party transactions do not result in tax evasion or an improper reflection on income.
IRS announces new LB&I campaigns
The IRS LB&I identified 10 new campaigns that expand the focus areas under its issue-based examination program.
IRS issues guidance on REITs’ treatment of certain foreign income inclusions
Sec. 856(n)(1)(a) specifies that passive foreign
exchange gain (as defined in Sec. 856(n)(3)) for any tax year is not gross income for purposes
of Sec. 856(c)(2).
Converting from an S corp. to a C corp.
This item discusses the many tax ramifications of converting.
Question-and-answer guidance issued on paid family and medical leave credit
The IRS released guidance on the new Sec. 45S tax credit for employers that provide paid medical and family leave.
Capital gains deferral benefits of qualified opportunity zones
The TCJA created an incentive program that allows a taxpayer to elect to exclude from gross income
capital gain if it is properly reinvested in a qualified opportunity zone.
Using R&D credits to reduce payroll taxes: An overlooked opportunity for startups
This article discusses who qualifies to take the credit, how to make the election, the calculation and allocation of the credit, and how to report it.
Changing from cash to accrual accounting after revoking an S election under TCJA
A terminated S corporation may remain a cash-basis taxpayer if its average gross receipts for the three previous tax periods are less than $25 million.
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.
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.
Move to territorial system may not discourage profit shifting
The shift to a territorial system was designed to help dissuade U.S. companies from moving profits overseas, but it may make the practice more rewarding instead.
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.
Qualified small business stock gets more attractive
The new lowered corporate tax rate will probably lead to more C corporations and a resulting increase in taxpayers’ interest in the Sec. 1202 100% exclusion on gain from the sale of QSB stock.
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.
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.
Reassessing the tax benefits of IC-DISCs
Due to TCJA tax rate differential changes, taxpayers may find that the tax benefits of using an IC-DISC
no longer outweigh the compliance and maintenance costs.
IRS issues Sec. 965 transition tax regs.
The IRS issued proposed regulations on the Sec. 965 transition tax that requires U.S. shareholders of deferred foreign income corporations to pay tax on post-1986 deferred income.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
