Expenses & Deductions
The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.
This article discusses some specific issues to consider for tax year 2019.
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling away from home using the per-diem rates.
The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
This article examines the calculation of the UBIA of qualified property; offers guidance on special situations such as like-kind exchanges and the Sec. 754 election; and presents planning opportunities to maximize the UBIA of qualified property.
The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.
The QBI deduction raises new considerations for retirement contributions and accounting method changes for small businesses.
The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.
Under new Sec. 163(j), business interest expense deductions are limited, and a business interest expense that is disallowed in the current year is
carried forward to the succeeding tax year.
This article is a semiannual review of recent developments in individual federal taxation, covering cases, rulings, and guidance on a variety of topics.
The Eleventh Circuit holds a taxpayer is entitled to a deduction under Sec. 1341 for a payment made
to reimburse her ex-spouse for a portion of a settlement in an excess-compensation lawsuit.
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
The proposed regulations provided much-anticipated rules for RICs with REIT income for purposes of Sec. 199A.
This item discusses the general factors courts and the IRS have considered in determining whether a taxpayer is engaged in more than one trade or
business.
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
Dividends from REITs and income from PTPs generally qualify for the 20% deduction.
This discussion focuses on two notable business provisions in the TCJA affecting sports franchises: new like-kind exchange provisions under Sec. 1031 and the QBI deduction under Sec. 199A.
Computing total W-2 wages under Sec. 199A appears daunting, in part because three possible methods are available to do so.
Aggregation may allow a taxpayer to claim a greater QBI deduction than if the wages and capital limitation was applied separately.
