Gambler is big winner in Tax Court
The Cohan rule is used to determine the losses of a compulsive gambler.
Deductions
2021 standard mileage rates decrease
The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.
Final regulations on the meals and entertainment deduction
The IRS issued regulations to address the changes made to the meals and entertainment deduction under the TCJA.
Deductions for meal and entertainment expenses
The IRS finalized rules disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.
QBI deduction: Interaction with various Code provisions
This discussion focuses on how Sec. 1231 and various loss disallowance provisions affect the QBI deduction.
Changes to charitable giving rules for 2020
There is a unique opportunity this year for clients with charitable contribution carryforwards to 2020.
New set of Sec. 199A final regulations
The final regulations clarify what is considered QBI and how to calculate it in certain situations.
Tax Court allows appraisals that substantially comply with the rules
Substantial compliance is sufficient for qualified appraisal requirements.
IRS issues additional regs. on charitable organization payments in lieu of state and local taxes
The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
IRS releases final rules on business meals and entertainment
The IRS finalized rules implementing provisions of the law known as the Tax Cuts and Jobs Act, disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.
Tax incentives for college students: Part 2
This second of a two-part article discusses the taxability of scholarships and who gets the deduction for repaying the student loans.
Regulations and other guidance on the business interest expense limitation issued
Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year.
Tax incentives for college students: Part 1
This article examines planning issues when a student is a young child whose parents are saving for college and when the student is a young adult paying for college.
IRS issues 2020–2021 per-diem rates
The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home.
Taking business deduction for RV ends up costing taxpayers
Taking business expense deduction for RV is evidence of commercial use in warranty dispute.
Recent developments in individual taxation
This semiannual update of recent developments in the area of individual taxation includes cases on conservation easements, discharge of student loan debt, net operating loss deductions, and real estate professional status.
RIC shareholders get benefit on Sec. 199A
The IRS issued final regulations allowing regulated investment companies to report qualified real estate investment trust dividends as Sec. 199A dividends to their shareholders.
Final regs. issued on payments to charitable organizations
The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
When deductions are permitted for restitution payments
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.
IRS issues business interest expense limitation guidance
The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.
