Tax Deadline Extended for Victims of California Wildfire

The IRS has extended filing and payment deadlines for some California taxpayers affected by wildfires. Taxpayers in Shasta County may qualify for tax relief.   Extended Deadlines Individuals and businesses have until November 30, 2018, to file returns and pay any...

Tax Relief Granted to Hurricane Florence Victims (IR-2018-187)

IRS grants tax relief to individuals who reside or have a business in areas impacted by Hurricane Florence. Affected areas include: Beaufort, Brunswick, Carteret, Craven, New Hanover, Onslow, Pamlico and Pender. The IRS may add additional counties in the coming days....

IRS Proposes Regs to Address 100-Percent Depreciation Deduction

Proposed regulations address the new 100-percent depreciation deduction allowing businesses to write off most depreciable business assets in the year they are placed in service. Background The Tax Cuts and Jobs Act (TCJA) (P.L. 115-97) amended Code Sec. 168(k) to...

Proposed Regs on Section 199A Generate Mixed Reviews

The IRS’s proposed Regulations on Section 199A pass-through deduction are generating mixed reactions on Capitol Hill. The 184-page proposed regulations, REG-107892-18, aim to clarify certain complexities of the new, yet temporary, Code Sec. 199A deduction of up to 20...