
Tax Alert
New regulations flexible on tax deduction limit calculation methods
Final regulations allow any reasonable method to be applied in calculating deduction amounts allowed under sections 250, 172, and 163(j).
Final regulations allow any reasonable method to be applied in calculating deduction amounts allowed under sections 250, 172, and 163(j).
Treasury and the IRS have issued final regulations on determining the amount of the deduction for FDII and GILTI.
Recently issued final section 199A regulations clarify the treatment of suspended losses and provide guidance on certain RIC dividends.
The proposed regulations provide long-awaited guidance for the disallowance of qualified transportation benefits and commuting expenses.
The new proposed regulations clarify what constitutes ‘real property’ for purposes of section 1031 to help implement changes in TCJA.
Section 4960 proposed rules add examples and clarity while generally following interim guidance and providing taxpayer-friendly exceptions.
Exempt organizations may carryback siloed NOLs to tax years beginning before 2018 and apply them to net unrelated business income.
Procedures provide guidance for the retroactive expensing of qualified improvement property and reconsidering of elections.
Provides more time to elect out of 163(j) interest deduction limitation for taxpayers with certain real property or farming businesses.
The five-year carryback rule applies to insurance companies, both life and non-life, although both categories are singled out in the Act.
Immediate and retroactive expensing of qualified improvement property creates tax saving opportunities for taxpayers.
CARES Act provides general increase to the limitation amount (i.e., the maximum allowable deduction) and special rule for partnerships
Coronavirus Aid, Relief and Economic Security Act provides liquidity by providing five-year NOL carryback and other help for corporations.
New proposed regulations provide helpful examples of business entertainment and meals deductions still permissible after TCJA restrictions.
Guidance provides clarity to current and former small business farmers on procedural options for exemption from UNICAP for certain plants.
Instructions for claiming a refund or credit, or adjust Form 990-T for qualified transportation fringe of unrelated business income tax.
The IRS is willing to consider relief from double taxation resulting from the application of section 965 in limited circumstances.
New Jersey becomes the sixth state to adopt an entity-level tax establishing a workaround to the federal SALT deduction limitation.
The comment letter explains that certain S corporations that experienced an ownership change should also qualify under these rules.
House bill, if enacted, would increase SALT deduction cap in 2019 for certain taxpayers and repeal SALT deduction cap for 2020 and 2021