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2018 Tax Law

IRS Provides Simplified Accounting Rules for Small Businesses

September 8, 2020

New proposed regulations explain how small businesses can use the simplified accounting rules enacted by the TCJA. The 2017 law simplifies the application of the method of accounting rules for businesses (other than tax shelters) with average annual gross receipts... Read More

IRS Alert: Guidance on Business Interest Expense Limit

September 8, 2020

After the original proposed regulations were greeted with 120 comments from practitioners, the IRS has now issued final regulations on the Sec. 163(j) limit on the business interest deduction. The regulations provide guidance to taxpayers on: how to calculate the... Read More

Double Taxed on Repatriated Earnings? IRS Offers Relief

March 12, 2020

Corporations that have been paying the Sec. 965 repatriation tax may get further tax relief for those earnings. The IRS has determined that, in some circumstances, it may be appropriate to provide relief from double taxation when the same earnings... Read More

Repeal of Nonprofit Parking Tax

January 3, 2020

A curious revenue raiser in the Tax Cuts and Jobs Act was a complicated new tax on the free parking or transit passes provided by a nonprofit organization to its employees. Essentially, the organization was subject to the unrelated business... Read More

IRS Clarification: Who Can Take Bonus Depreciation on Used Property?

December 3, 2019

The IRS has finalized regulations released in August 2018 and proposed new regulations on bonus depreciation issues not previously addressed, including rules relating to used property, components, and consolidated groups. The 100% additional depreciation deduction, enacted by the Tax Cuts... Read More

company cars

New Guidelines Simplify the Process of Valuing Company Cars

October 16, 2019

Company cars can increase the tax bills of employees who use them for both business and personal purposes, and the rules are complicated. The IRS is a stickler in enforcing the allocation rules but now they have simplified the process... Read More

Personal Casualty Losses Now Only Deductible in Federal Disaster Areas

September 3, 2019

The deduction for individual casualty losses has always been restricted, but at least taxpayers had a chance of partially deducting the loss of personal assets. After the passage of the Tax Cuts and Jobs Act (TCJA), however, the opportunity for... Read More

Taxpayers Can Still Change Their Minds on 2017 Bonus Depreciation Elections

September 3, 2019

Taxpayers who either jumped at the chance to write off 100% of business investments or failed to do so right after the 2017 tax reform bill passed can now take a second look at that decision. The IRS has issued... Read More

grain glitch

Rules for Cooperatives, ‘Grain Glitch’ Fix Round Out QBI Deduction Guidance

August 5, 2019

High on the IRS’s priority guidance plan have been regulations to help show taxpayers how to claim the 20% Qualified Business Income (QBI) deduction for passthrough entities. The latest IRS rules address the QBI deduction for cooperatives and their patrons,... Read More

home office deductions

How Home Office Deductions Are Affected by SALT Limitation

June 3, 2019

SALT $10,000 Limit Complicates Home Office Deduction The Tax Cuts and Jobs Act’s unpopular $10,000 limitation on the deduction for state and local taxes are having a ripple effect on other tax computations. The provision makes taxpayers combine all of... Read More

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