Final Rules Limit Charitable Contributions Made for SALT Credits
The IRS has issued final regulations that require taxpayers to
reduce the amount any charitable contribution deduction by the
amount of any state and local tax (SALT) credit they receive or
expect to ...
Final and Proposed Regs on GILTI-Related Matters
Final regulations address the global intangible low-taxed income
(GILTI) provisions of Code Sec. 951A. The final regulations
retain the basic approach and structure of the proposed regulations
pu...
Employers Can Offer HRAs Integrated with Individual Coverage
Final rules allow employers to use health reimbursement
arrangements (HRAs) to reimburse employees for the purchase
individual insurance coverage, including coverage on an Affordable
Care Act Exchange...
Final Regs Address CPEO Requirements, Responsibilities
Final regulations provide requirements that a person must satisfy
to become and remain a certified professional employer organization
(CPEO), as well as the CPEO’s federal employment tax liabili...
IRS Releases Draft Instructions for 2018 Form 1040
The IRS has released Draft Instructions for the 2018 Form 1040.
Additionally, the IRS has cautioned taxpayers that the draft
instructions are subject to change. The IRS released a draft of the
2018 Fo...
Trump’s FY 2018 budget outlines tax reform proposals
Since taking office in January, President Trump has called for
comprehensive tax reform. The President’s recently released fiscal
year (FY) 2018 outlines some of his key tax reform principles. A...
How do I? Maximize start-up deductions for a new business
Starting a new business venture can prove exciting, but rather
costly. There are certain tax advantages that can help alleviate
some of the financial burden associated with entrepreneurship....
FAQ: What is the self-rental rule?
Under Code Sec. 469, passive losses can only be used to offset
passive income. Taxpayers who have losses from a passive
activity cannot use losses from a passive activity to offset
nonpassive inc...
How do I? Prove business expenses
Everyone in business must keep records. Among other things, good
records will help a business prepare the business tax returns, and
will support items reported on tax returns. Taxpayers also must
keep...
FAQ…do I need a receipt for every gift to charity
The IRS requires that taxpayers substantiate their donations to
charity. Whatever the donation is, whether money or a household
item or clothing, the substantiation rules must be followed. The
rules a...
IRS provides repair regulations relief for small businesses
In Rev. Proc. 2015-20, the IRS substantially simplified the
requirements for small businesses to adopt the tangible property
regulations (the "repair regulations") for 2014. The relief allows
small bu...
FAQs: How are qualified longevity annuity contracts reported?
The required minimum distribution (RMD) rules require participants
to start taking distributions when they turn age 70½. Treasury and
the IRS have developed a new concept to enable retirees to ...
IRS final rules encourage longevity annuity purchases
Life expectancies for many Americans have increased to such an
extent that most taxpayers who retire at age 65 expect to live for
another 20 years or more. Several years ago, a number of insurance
com...
How do I? As an employer, report health insurance coverage?
One of the most complex, if not the most complex, provisions of the
Patient Protection and Affordable Care Act is the employer shared
responsibility requirement (the so-called "employer mandate") and
...
FAQ: What is an information document request (IDR)?
When an IRS is conducting a detailed audit of a taxpayer, it may
want to see documents and records retained by the taxpayer. The
examiner will ask the taxpayer what type of documents are
maintained, a...
Treasury set to develop new retirement savings vehicle: myRAs
In his January 2014 State of the Union address, President Obama
instructed the Treasury Department to develop a new savings vehicle
called "myRA." The new savings arrangements share many similarities
...
FAQ: What are the tax rates on capital gains and dividends?
Despite the passage of the American Tax Relief Act of 2012 - which
its supporters argued would bring greater certainty to tax planning
- many taxpayers have questions about the tax rates on qualified
...
FAQ: To what extent are business meals deductible?
A business can deduct only ordinary and necessary expenses.
Further, the amount allowable as a deduction for business meal and
entertainment expenses, whether incurred in-town or out-of-town is
genera...
How do I? Deduct employee compensation given as year-end bonuses
Whether or not the IRS will allow a deduction for year-end bonuses
for services performed during that year depends not only on the
timing of the payment, but also the events surrounding the payment.
I...
Coming soon: greater tax-wise retirement options
Retired employees often start taking benefits by age 65 and, under
the minimum distribution rules, must begin taking distributions
from their retirement plans when they reach age 70 ½. Accordin...
How do I… Guard against taxpayer identity theft?
The number of tax return-related identity theft incidents has
almost doubled in the past three years to well over half a million
reported during 2011, according to a recent report by the Treasury
Insp...
Sweeping new IRS "repair regulations" impact most businesses
The IRS has released much-anticipated temporary and proposed
regulations on the capitalization of costs incurred for tangible
property. They impact how virtually any business writes off costs
that rep...
Common IRA contribution and distribution mistakes
Individual retirement accounts (IRAs) -- both traditional and Roth
IRAs -- are among the most popular retirement savings vehicles
today. Protecting the value of your IRA (and other retirement
accounts...
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