Proposed Regulations Provide Guidance on GILTI Inclusion Much-anticipated proposed regulations provide guidance for U.S. shareholders determining the amount of global intangible low-taxed income (GILTI) to include in gross income. The Tax Cuts and Jobs Act ...
IRS Provides Guidance on What Constitutes a Covered Employee Taxpayers can rely on new guidance related to the limitation on the deduction for employee compensation in excess of $1 million. Specifically, the guidance addresses:the definition of a covered employ...
Moving Expense Reimbursements Incurred Before 2018 Are Excluded Employer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes.The Tax Cuts...
North Carolina Victims of Hurricane Florence Granted Tax Relief President Donald Trump has declared a federal disaster area in North Carolina. The disaster is due to Hurricane Florence, which began on September 7, 2018.The disaster area includes the following coun...
Proposed Rules Address 100-Percent Depreciation Deduction Proposed regulations address the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service.BackgroundThe Tax Cu...
Regulations Proposed on Code Sec. 965 Transition Tax Proposed regulations provide rules for determining the Code Sec. 965 inclusion amount of a U.S. shareholder of a foreign corporation with deferred foreign income. The tax imposed on the incl...
IRS Replaces Proposed Rules on Partnership Audit Regime The IRS has released proposed regulations governing the centralized partnership audit regime. These regulations replace some existing proposed rules to reflect changes made by the Tax Technical Correc...
Hardest Hit Fund Safe Harbor Modified The IRS has modified the safe harbor for computing deductible mortgage interest under Code Sec. 163 and real property taxes under Code Sec. 164(a)(1) by homeowners participating in...
Discharge Relief Available for Private Student Loan Debtors The IRS has provided relief to taxpayers who took out private student loans to finance attendance at a school owned by Corinthian College, Inc. (CCI) or American Career Institutes, Inc. (ACI). Under t...
IRS Unveils Draft Form 1040 Taxpayers will be able to file federal income taxes starting next filing season on a new postcard-sized Form 1040. The IRS officially released the draft 2018 Form 1040 on June 29.Draft Form 1040The ne...
Preparer Due Diligence Rules Include Head of Household Eligibility The IRS has proposed amendments to the tax preparer due diligence regulations to reflect a recent law change. The Tax Cuts and Jobs Act ( P.L. 115-97) expanded the scope of the due diligence pena...
IRS Highlights “Security Six” Safeguards The IRS, along with Security Summit partners, offered important tips dubbed "Security Six"protections to help tax professionals protect their computers and email as well as safeguard sensitive ta...
LA - Guidance provided on changes to IRC §965 repatriation income Louisiana has issued guidance on how to report IRC §965 repatriation income for state tax purposes, and how to claim the federal income tax deduction on the income taxed at the federal level. Und...
MS - Centrally assessed property regulation amended The Mississippi Department of Revenue has amended its regulation for centrally assessed property to:remove language regarding proof for exceptions; andto make technical changes.Reg. 35.VI.2.07, Missis...
TX - Guidance for nonprofit and exempt organizations issued The Texas Comptroller of Public Accounts has issued a publication that identifies some qualified nonprofit and tax-exempt organizations and discusses their exemptions from limited sales and use tax, h...
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