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    2018 Tax Law

    Final Regs on Meals and Entertainment Expenses Offer More Flexibility

    October 26, 2020

    The release of final regulations on the business deduction for meals and entertainment concludes the IRS’s rulemaking that started with the repeal of the entertainment deduction in the 2017 TCJA. The 2017 law repealed the deduction for business entertainment expenses... Read More

    Proposed Carried Interest Regs Explain Scope of 3-Year Holding Period

    October 1, 2020

    One unfavorable tax change in the Tax Cuts and Jobs Act (TCJA) was the extension of the holding period for capital gains treatment from 1 to 3 years for carried interests. Carried interests are profits interests held by investment fund... Read More

    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

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