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IRS Finalizes Rules on Business Interest Expense Deduction Limits
The Internal Revenue Service released the final regulations and other guidance on the limitation on the deduction for business interest expenses under the Tax Cuts and Jobs Act of 2017, which was amended by the CARES Act earlier this year. The 2017 tax overhaul limited the business deduction as a way of helping pay for the $1.5 trillion set of tax cuts, but the $2 trillion legislative package approved in March by Congress temporarily ...
Read MoreAn Update on Like-Kind Exchanges
The recently released proposed regulations on Sec. 1031 like-kind exchanges (REG-117589-18) provide much needed clarification for taxpayers who have conducted cost segregation studies on exchanged properties. The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, removed personal property from part of the preferential deferred tax treatment for like-kind exchanges. While most people understood the intent of that edict, it created some ...
Read More2020 Depreciation Limits for Cars and Trucks Are Issued
The IRS issued the limitations on depreciation deductions for passenger automobiles first placed in service in 2020 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2020 (Rev. Proc. 2020-37). For these purposes, passenger automobiles include trucks and vans. The amounts in the revenue procedure are inflation-adjusted as required by Sec. 280F(d)(7), using the automobile component of the chained consumer ...
Read MoreThe 5 C's of Leadership During COVID-19
Many organizations plan for a potential crisis, but most didn’t predict a pandemic. Yet, even in difficult times, we can often find silver linings. Perhaps it’s the things we learn about ourselves or others, different ways of doing things, or gaining new perspectives. The challenge for leaders is to find those silver linings, celebrate them, and use them as inspiration. Recently, at CLA, we reflected on what lessons we have learned ...
Read More5 Tips for Running a Successful Remote Close
Even before the outbreak of COVID-19, CFOs and finance leaders faced an increasingly complex landscape, driven by a multitude of social, political and economic threats. Few could have been prepared for the impact of a global pandemic that has changed the very nature of business as usual. Today, with the majority of their workforce operating remotely, many forward-thinking finance teams across the world have or are preparing to push the button ...
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