(212) 736-0055

Schedule Your Small Business Success Consultation

Archive for November 16th, 2020

srusso

Final Regulation Addresses Tax Withholding on Certain Periodic Retirement and Annuity Payments

Final Regulation Addresses Tax Withholding on Certain Periodic Retirement and Annuity Payments The IRS has issued a final regulation addressing tax withholding on certain periodic retirement and annuity payments under Code Sec. 3405(a), to implement amendments made by the Tax Cuts and Jobs Act ( P.L. 115-97) (TCJA). The regulation affects payors of certain periodic payments, plan […]

Read more
srusso

Final Regulations Clarify Deductions Allowed to Estates, Non-Grantor Trusts

Final Regulations Clarify Deductions Allowed to Estates, Non-Grantor Trusts The IRS has released final regulations clarifying that the following deductions allowed to an estate or non-grantor trust are not miscellaneous itemized deductions: costs paid or incurred in connection with the administration of an estate or non-grantor trust that would not have been incurred if the […]

Read more
srusso

Final Regulations on Foreign Person’s Transfer of Partnership Interest

Final Regulations on Foreign Person’s Transfer of Partnership Interest The IRS has issued final regulations that address the gain or loss of certain foreign persons on the sale or exchange of an interest in a partnership that is engaged in a trade or business in the United States. The regulations provide guidance on determining the […]

Read more
bwhelan

Final Regulations Reflect TCJA Changes to Entertainment and Meal Deductions

Final Regulations Reflect TCJA Changes to Entertainment and Meal Deductions Final regulations reflect the significant changes that the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) made to the Code Sec. 274 deduction for travel and entertainment expenses. These regulations finalize, with some changes, previously released proposed regulations, NPRM REG-100814-19. Changes to Code Sec. 274 under the TCJAFor […]

Read more
srusso

Final Regulations Released on Qualified ABLE Programs and Accounts

Final Regulations Released on Qualified ABLE Programs and Accounts The Treasury and IRS have released final regulations that provide guidance for Achieve a Better Living Experience (ABLE) programs under Code Sec. 529A to help eligible individuals pay for qualified disability expenses. The regulations provide guidance on: the requirements for ABLE programs, requirements for establishing and contributing to […]

Read more
apresti

IRS Finalizes 100 Percent Bonus Depreciation Regulations

IRS Finalizes 100 Percent Bonus Depreciation Regulations The IRS has adopted previously issued proposed regulations ( REG-106808-19) dealing with the 100 percent bonus depreciation deduction. In addition, some clarifying changes have been made to previously issued final regulations ( T.D. 9874). Changes to the proposed and earlier final regulations are largely in response to various comments submitted […]

Read more
lvarela

IRS Issues Final Regulations on Wage Withholding, Redesigned W-4

IRS Issues Final Regulations on Wage Withholding, Redesigned W-4 The IRS has issued final regulations that provide guidance for employers on federal income tax withholding from employees’ wages. The final regulations: address the amount of federal income tax that employers withhold from employees’ wages; implement changes made by the Tax Cuts and Jobs Act (TCJA) […]

Read more
srusso

Social Security Wage Cap and Benefit Amounts Increase for 2021

Social Security Wage Cap and Benefit Amounts Increase for 2021 For 2021, the Social Security tax wage cap will be $142,800, and Social Security and Supplemental Security Income (SSI) benefits will increase by 1.3 percent. These changes reflect cost-of-living adjustments to account for inflation. 2021 Wage CapThe Federal Insurance Contributions Act (FICA) tax on wages […]

Read more
wnaegele

PPP Loan Forgiveness Applications – Update

November 12, 2020 Dear Clients, Colleagues and Friends, Your Paycheck Protection Program (PPP) loan forgiveness strategy may impact your 2020 year-end tax planning. P&N is here to assist you in evaluating your specific circumstances so that you may make an informed decision regarding your PPP loan forgiveness application. PPP loan forgiveness applications are currently being […]

Read more