IRS Outlines Guidance on Business Interest Deduction The IRS has announced initial guidance for computing the business interest expense deduction under Code Sec. 163(j) effective for tax years beginning after 2017, and aspects that will be cov...
2018 Fiscal-Year Blended Tax Rates for Corporations The IRS has issued guidance on the changes to the federal income tax rates for corporations under Code Sec. 11(b) and the repeal of the alternative minimum tax (AMT) for corporations by the ...
IRS Provides Guidance for Reporting Fines, Penalties The IRS has provided transitional guidance regarding the new reporting requirements for certain fines, penalties, and other amounts under Code Sec. 6050X, which was added by the Tax Cuts and Jobs...
IRS Provides 2018 Luxury Auto Caps, Lease Inclusion Tables The IRS has issued "luxury car" depreciation caps for passenger automobiles first placed in service during calendar year 2018. For purposes of this guidance, "passenger automobiles"incl...
Qualified Opportunity Zones Designated The Treasury and the IRS have designated Opportunity Zones in 15 states and three territories. Private investments in these specific Qualified Opportunity Zones get preferential tax treatment under th...
IRS Provides Workbook for 2017TY Transition Tax; FAQs Updated The IRS has issued Publication 5292, How to Calculate Section 965 Amounts and Elections Available to Taxpayers, which provides guidance for determining the new transition tax on untaxed fore...
Additional Guidance on Foreign Earnings Transition Tax The Treasury and IRS have issued another piece of guidance on the foreign earnings transition tax under Code Sec. 965. The new provision, which was enacted as part of the Tax Cuts and Jobs Act (&...
Proposed Regs Would Expand ACA-Exempt Short-Term Insurance In response to President Trump’s Executive Order 13813, the Departments Health and Human Services, Labor and the Treasury (the Departments) are proposing regulations to expand the availability o...
NJ - Minister of music's residence not taxable A congregation could claim a New Jersey property tax exemption for a residence used by its Minister of Music because he served the congregation and played a significant part in the religious life at t...
NY - Taxpayer was responsible for LLC’S unpaid taxes A taxpayer was properly held responsible for a limited liability company’s (LLC’s) unpaid New York sales and use taxes because he was a 50% member in the LLC. Under the law, a person requi...
PA - Bonus depreciation bill passes senate Legislation passed by the Pennsylvania Senate decouples Pennsylvania’s income tax from federal bonus depreciation provisions in the Federal Tax Cuts and Jobs Act of 2017 (TCJA). As introduced, t...
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