Feb 26, 2019 | Accounting & Audit Updates, Tax News
The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It’s a reminder that federal law controls payments for federal income tax purposes no matter how state law wants to view things. The Tax Cuts and Jobs...
Feb 21, 2019 | Accounting & Audit Updates, Tax News
The Tax Cuts and Jobs Act made many changes to the individual tax law, including the alternative minimum tax (AMT). One of the goals of the new tax law was to reduce the impact of the AMT or even to repeal it entirely. A modification was made — let’s see what it...
Feb 7, 2019 | Accounting & Audit Updates, Tax News
You may be trying to get your brain around how to figure out the basis of property that you receive as a gift. Here’s what you have to consider: The adjusted cost basis to the donor just before he or she made the gift to you; The fair market value...
Jan 29, 2019 | Accounting & Audit Updates, Tax News
The IRS has proposed regulations on the limitation on the business interest expense deduction as amended by the Tax Cuts and Jobs Act (TCJA). The IRS also has issued a safe harbor that allows taxpayers to treat certain infrastructure trades or businesses as real...
Jan 24, 2019 | Accounting & Audit Updates, Tax News
Safe Harbor Rules for Certain Real Estate Enterprises On January 18, the Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction, which is also...
Jan 22, 2019 | Accounting & Audit Updates, Tax News
Due to the Tax Cuts and Jobs Act, fewer individuals will be taking advantage of itemized deductions and will instead be claiming the standard deduction. However, if you are charitably inclined and are on the cusp of being able to take advantage of itemizing your...
