Deductions
The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
The IRS issued final regulations containing rules on the Sec. 163(j) interest expense limitation, including rules for specific passthrough entities and regulated investment companies.
The Cohan rule is used to determine the losses of a
compulsive gambler.
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.
The IRS issued regulations to address the changes made to the meals and entertainment deduction under the TCJA.
The IRS finalized rules disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.
This discussion focuses on how Sec. 1231 and various loss disallowance provisions affect the QBI deduction.
There is a unique opportunity this year for clients
with charitable contribution carryforwards to 2020.
The final regulations clarify what is considered QBI and how to calculate it in certain situations.
Substantial compliance is sufficient for qualified appraisal requirements.
The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
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.
This second of a two-part article discusses the taxability of scholarships and who gets the deduction for repaying the student loans.
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.
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.
The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home.
Taking business expense deduction for RV is evidence
of commercial use in warranty dispute.
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.
The IRS issued final regulations allowing regulated investment companies to report qualified real estate investment trust dividends as Sec. 199A dividends to their shareholders.
The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
