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Tax Strategy: The Details on Tax Reform 2.0
The House Ways and Means Committee finally released the three tax bills that they hope the House will pass prior to the midterm elections, constituting what they are calling Tax Reform 2.0. We have long known that one of the bills would focus on making permanent many of the temporary individual provisions of the Tax Cuts and Jobs Act of 2018. House Bill 6760 provides the details on making those provisions permanent. We had very ...
Read MoreIRS Offers Guidance on Meals and Entertainment Deduction after Tax Reform
The Internal Revenue Service released guidance Wednesday on the business expense deduction for meals and entertainment in the wake of the Tax Cuts and Jobs Act, which was supposed to eliminate deductions for expenses pertaining to activities generally considered entertainment, amusement or recreation. The IRS said taxpayers can still deduct 50 percent of the cost of business meals if the taxpayer (or an employee of the business) is ...
Read MoreFASB Proposes Tweaks for Leasing Standard
The Financial Accounting Standards Board is proposing to make a number of narrow improvements in the lease accounting standard as public companies get ready for it to take effect at the end of the year. The proposal aims to reduce some of the costs and implementation headaches of applying the leasing standard. It would also clarify a specific requirement in the standard related to lessor accounting with sales taxes and other similar ...
Read MoreTreasury and IRS Propose Regulations for Increasing Depreciation Deduction to 100%
The Treasury Department and the Internal Revenue Service proposed regulations to increase and expand the first-year depreciation deduction for qualified property from 50 to 100 percent, carrying out a provision of the Tax Cuts and Jobs Act. The tax code overhaul, which Congress passed last December, increased the first-year depreciation deduction from 50 to 100 percent for qualified property acquired and placed in service after Sept.
Read MoreQualified Business Income Deduction Regs. Proposed
The IRS issued proposed regulations regarding the qualified trade or business income deduction under Sec. 199A, which was enacted by P.L. 115-97, the law known as the Tax Cuts and Jobs Act (TCJA) (REG-107892-18). At the same time, it issued Notice 2018-64, which provides guidance on how to compute W-2 wages for purposes of the deduction, along with FAQs. The proposed rules include a way that taxpayers can group or aggregate separate ...
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