Tax Compliance

Accelerating deductions with payroll tax accruals

This item focuses on how payroll tax accruals might be deducted in 2017 rather than 2018 without additional costs for the employer and no adverse tax consequences for the employees.

Accelerating FICA and FUTA Tax Deductions for Vacation and Bonus Pay

Rev. Rul. 2007-12 holds that if the all-events test and recurring-item exception of Sec. 461 are otherwise met, an accrual-method taxpayer may deduct FICA and FUTA tax expenses (payroll taxes) in the year that the deferred compensation to which they relate is earned, regardless of whether that deferred compensation is deductible in a later year under Sec. 404.

Accrued Payroll Tax Liability Is Deductible Even If Compensation Is Deferred Under Sec. 404

A recent ruling states that accrual-method taxpayers may deduct payroll tax liability incurred in the current year, for compensation deferred and deductible in the following year, under Sec. 404, provided the all-events test and recurring-item exception of Sec. 461 are met. Facts X, a corporation, uses an accrual method of

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Tax Clinic

Marrying ESG initiatives to business tax planning

Early access to wages may require new employment tax analyses

Determining gross receipts under Sec. 165(g)(3)

Recent changes to the Sec. 179D energy-efficient commercial buildings deduction

IRS provides guidance on perfecting S elections and QSub elections

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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