With the Tax Cuts and Jobs Act (TCJA) in full swing, and the release of many final regulations regarding TCJA provisions this past year, businesses can begin taking advantage of tax savings or tax deferrals with clearer guidance. The good news is there is still plenty of time until December 31 to...
Read MoreThe IRS has released final regulations and another round of proposed regs for the first-year 100% bonus depreciation deduction. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100% if the qualified property is placed in service through 2022, with the amount dropping each subsequent...
Read MoreEarlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage of the qualified business income (QBI) deduction. The QBI write-off was created by the Tax Cuts and Jobs Act (TCJA) for pass-through entities. The...
Read MoreThe IRS and Treasury issued final regulations on October 4, 2019, that changed the rules on deficit restoration obligations. In short, the regulations address when a partner can, or cannot, disregard the obligation to restore their deficit balance in a capital account. In particular, the...
Read MoreAfter IRS Commissioner Charles Rettig’s comments on May 30, 2019, practitioners and investors waited anxiously for additional guidance clarifying the tax treatment of cryptocurrency. On October 9, 2019, the IRS released the much anticipated guidance in Revenue Ruling 2019-24 and an outline...
Read MoreIn early August, the IRS began issuing Notice CP2000 to advise taxpayers owning virtual currency that the income or payment information the IRS received from independent third-party sources does not match the virtual currency income information reported on taxpayers’ federal income tax...
Read MoreAs always, there is a lot going on in the tax world that impacts businesses and their owners, this year in particular due to the Tax Cuts and Jobs Act. It was my privilege to again serve as editor of the AICPA’s Tax Adviser August Tax Clinic, a special section in the professional journal...
Read MoreInformation Release 2019-132, issued on July 26, 2019, advises virtual currency owners to expect a letter providing information on how to pay back taxes through filing amended returns. Virtual currency investors were identified through ongoing enforcement actions, including the summons on the...
Read MoreOn June 14, 2019, the U.S. Treasury and the IRS released proposed regulations related to global intangible low-taxed income (GILTI), one of the key international provisions provided in the Tax Cuts and Jobs Act (TCJA) of 2017. The proposed regulations provide a GILTI high-tax exception...
Read MoreThe Tax Cuts and Jobs Act (TCJA) created a significant new tax deduction for qualified business income (QBI) for so-called “pass-through” entities for 2018 through 2025. But it also created uncertainty about whether owners of rental real estate were eligible for the deduction. Recent...
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