Tax Computation

State PTE elections: A big picture perspective

Practitioners may face a difficult analysis in helping their clients understand their possible PTE election opportunities.

Illinois PTE tax would provide SALT cap workaround

This item discusses Illinois Legislature's S.B. 2531, which includes a PTE tax that allows a workaround to the federal $10,000 limitation for state and local tax deductions.

Partnerships and S corps. can deduct state and local taxes

The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as passthrough items for partners and shareholders.

Tax Insider Articles

Tax Clinic

New stock repurchase excise tax

The research credit: Funded research

Uncertainties remain in analyzing success-based fees

Corporate AMT: Unanswered questions about its foreign tax credit

More than three dozen IRS letter rulings allow late QOF self-certifications

DEDUCTIONS

Business meal deductions after the TCJA

This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.

TAX RELIEF

Quirks spurred by COVID-19 tax relief

This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.

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