Ideas & Insights

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.

The CARES Act includes beneficial tax relief. Coupled with sophisticated planning, now is the time to revisit your individual tax strategy.

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.

Deferral of the $500,000 business loss limitation may create immediate complications for 2018 and 2019 tax returns.

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.

Questions surround new tax legislation in response to COVID-19. RSM’s Tax Policy Now examines extended deadlines, paid leave and cash flow.

New proposed regulations provide helpful examples of business entertainment and meals deductions still permissible after TCJA restrictions.

Tax Policy Now podcast examines filing tax returns now or pursue an extension, given the wait for Treasury Department legislative action.

Guidance provides clarity to current and former small business farmers on procedural options for exemption from UNICAP for certain plants.

Advisor must document amounts used to “investigate” an actual buy or sell – a study may make sense if amounts are substantial.

In early September, Mexico released a proposed tax reform package with significant changes in the country’s international tax regime.

Instructions for claiming a refund or credit, or adjust Form 990-T for qualified transportation fringe of unrelated business income tax.