Expenses & Deductions
The IRS released new proposed regulations on the treatment under Sec. 199A of previously suspended losses, “Sec. 199A dividends” paid by a RIC, and the treatment of amounts received from split-interest trusts and CRTs.
The IRS issued final regulations on the QBI deduction under Sec. 199A and an anti-avoidance rule under Sec. 643 that will require multiple trusts to be treated as a single trust in certain cases.
This article lists the changes together, along with some unexpected nuances.
This semiannual update on current developments in the area of individual taxation includes a number of cases on material participation, hobby losses, charitable contributions, the Sec. 199A regulations, and several other important areas.
Legal and professional fees incurred in a divorce action were nondeductible personal expenses since the "origin of the claim" in the divorce action was not related to the taxpayer’s trade or business.
The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.
This article discusses changes that might affect clients that are divorced, are in the process of divorcing, or that have prenuptial or post-nuptial agreements.
Jeff Bilsky, CPA, senior practice leader for BDO’s national partnership taxation group, sat down recently for a question-and-answer session on guidance that has been issued on the Sec. 199A qualified business income deduction.
The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
This article discusses the limitations that apply to
specified service trades or businesses.
The suspension of the deduction for expenses from hobby activities in the years 2018 through 2025 makes it all the more important for taxpayers to be
able to establish a profit motive for their activities.
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
A recent Tax Court case highlights pitfalls frequently encountered by small businesses that engage in related-party transactions without appropriate planning.
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
A taxpayer could not deduct the original sales price
of clothing donated to charity when the clothing was bought at a discount.
This semiannual review covers changes made by the TCJA, cases and guidance involving hobby losses, qualifying as a real estate professional, innocent spouse relief, and other key topics affecting individuals.
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
Traps for the unwary: Tax Cuts and Jobs Act changes
Qualified business income deduction regs. and other guidance issued