Proposed Regs Provided for Code Sec. 163(j) Limit
The IRS has proposed regulations on the limitation on the business
interest expense deduction under Code Sec. 163(j), as amended by
the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has
Deductions Denied to Medical Marijuana Dispensary
A nonprofit corporation that operated a medical-marijuana
dispensary legally under California law was not allowed to claim
deductions for business expenses on its federal return. Code Sec.
2019 Standard Mileage Rates Released
The IRS released the optional standard mileage rates for 2019. Most
taxpayers may use these rates to compute deductible costs of
operating vehicles for:...
Proposed Regs Address Foreign Tax Credit Changes
Highly anticipated foreign tax credit regulations have been issued
that provide guidance on the significant changes made to the
foreign tax credit rules by the Tax Cuts and Jobs Act ( P.L.
Guidance on 2019 Withholding Rules
The IRS has provided interim guidance for the 2019 calendar year on
income tax withholding from wages and withholding from retirement
and annuity distributions. In general, certain 2018 withholding
FAQ: When does a gift require a gift tax return?
If you've made, or are planning to make, a big gift before the end
of 2009, you may be wondering what your gift tax liability, if any,
may be. You may have to file a federal tax return even if you do
FAQ: What kinds of moving expenses are deductible?
Only "qualified moving expenses" under the tax law are generally
deductible. Qualified moving expenses are incurred to move the
taxpayer, members of the taxpayer's household, and their personal
FAQ: Must the S corp election be made each year?
The small business corporation (S corp) is one of the most popular
business entities today, offering its shareholders the flow-through
tax treatment of a partnership and the limited liability of a
How Do I? ... Keep a log for automobile expenses
If you use your car for business purposes, you may have learned
that keeping track and properly logging the variety of expenses you
incur for tax purposes is not always easy. Practically speaking,
How Do I? Compute the Kiddie Tax for 2009
Under the so-called "kiddie tax," a minor under the age of 19 (or a
student under the age of 24) who has certain unearned income
exceeding a threshold amount will have the excess taxed at his or
FAQ: Is foreign business travel deductible?
A taxpayer's expenses incurred due to travel outside of the United
States for business activities are deductible, but under a stricter
set of rules than domestic travel. Foreign travel expenses may
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