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Sec. 199A: Questions and answers

Jeff Bilsky, CPA, senior practice leader for BDO’s national partnership taxation group, sat down recently for a question-and-answer session on guidance that has been issued on the Sec. 199A qualified business income deduction.

Government shutdown would halt many IRS operations

A partial government shutdown at midnight on Friday would affect the IRS, which has not been fully funded for fiscal year 2019.

2019 standard mileage rates announced

The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.

Proposed regs. govern tax on base-erosion payments

The IRS issued proposed rules on the Sec.59A base-erosion anti-abuse tax (BEAT), one of a number of new international tax provisions added by the law known as the Tax Cuts and Jobs Act.

IRS explains disallowance of qualified transportation fringe benefits for parking

The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.

Initial guidance issued on Sec. 83(i) deferral election for private company equity grants

The IRS issued initial guidance on the application of Sec. 83(i), which allows certain employees to defer recognition of income attributable to the receipt or vesting of qualified stock.

Accounting method change procedures for book-tax conformity rule

The IRS announced procedures for taxpayers to change their accounting method to comply with the amendment of Sec. 451(b) enacted by the tax law known as the Tax Cuts and Jobs Act.

Proposed foreign tax credit regulations issued

The IRS issued proposed regulations on the determination of the foreign tax credit after the changes in the law made by the Tax Cuts and Jobs Act.

IRS issues guidance on withholding for 2019

The IRS issued a notice providing interim guidance for the 2019 calendar year on income tax withholding from wages and from retirement and annuity distributions.

Proposed regs. outline new business interest expense limitation

The IRS issued proposed regulations on the business interest expense limitation in Sec. 163(j), which was amended by the law known as the Tax Cuts and Jobs Act.

Estate and gift exclusion clawback addressed in proposed regs.

The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.

UNICAP rules on negative adjustments finalized

The IRS issued final regulations on the use of negative adjustments under Sec. 263A’s simplified methods for determining costs that must be capitalized.

Inflation adjustments and tax tables issued for 2019

The IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts.

New IRS commissioner brings practitioner’s perspective to role

Veteran tax attorney Charles Rettig gives his first public address as new IRS commissioner, speaking to CPAs Tuesday at the AICPA National Tax Conference in Washington.

Social Security wage base set for 2019

The Social Security Administration said that the amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax for 2019 will be $132,900, increased from 2018’s maximum of $128,400.

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