The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals.
Individual Income Taxation
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.
This article focuses on the role of family CPAs in IRS collection matters.
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
The IRS issued regulations to address the changes made to the meals and entertainment deduction under the TCJA.
This discussion focuses on how Sec. 1231 and various loss disallowance provisions affect the QBI deduction.
This article examines the student loan burden in the United States, reviews programs designed to assist borrowers with repayment, and discusses debt forgiveness issues.
A tax return filed without an IP PIN starts the running of the Sec. 6501(a) limitation period.
Rev. Proc. 95-27 uses a two-part test to define whether the modification of a building, other than a certified historic structure, is a demolition for purposes of Sec. 280B.
The Code provides favorable treatment for gains from investing in small business stock under Sec. 1202.
The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in 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.
There is a unique opportunity this year for clients with charitable contribution carryforwards to 2020.
Eligible individuals with disabilities received IRS guidance on rules regarding tax-favorable ABLE accounts to save money to meet qualified disability expenses.
The president and a director of a not-for-profit is not its beneficial owner and cannot be a shareholder of it.
Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.
The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.
Accounting programs can adapt the social media platform Instagram to promote learning outside the physical classroom.
A trust set up as part of a divorce settlement can ensure economic protection of the couple’s long-term obligations and provide tax benefits.
A settlement payment from a malpractice claim cannot be excluded from income.