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...
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...
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 known as Section 199A deduction. Click here to view...
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...
The IRS issued welcoming news for taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The penalty waiver applies to most taxpayers who paid at least 85% of their total tax liability...
The IRS released the optional standard mileage rates for 2019. Most taxpayers may use these rates to compute deductible costs of operating vehicles for: • business, • medical, and • charitable purposes. Some members of the military may also use these rates to...
