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Steve Grgas

Deductions Denied to Medical Marijuana Dispensary

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. 280E, which prevents any trade or business that consists of trafficking in controlled substances from deducting any business expenses, applied. Meaning of […]

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Steve Grgas

Guidance Issued on Nondeductible Portion of Parking Fringe Expenses and UBTI

Guidance Issued on Nondeductible Portion of Parking Fringe Expenses and UBTI The IRS has provided guidance and examples for calculating the nondeductible portion of parking expenses. In addition, the IRS has provided guidance to tax-exempt organizations to help such organizations determine how unrelated business taxable income (UBTI) will be increased by the nondeductible amount of […]

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Lisa Varela

Guidance on Tax Benefit for Stock Options and Restricted Stock Units

Guidance on Tax Benefit for Stock Options and Restricted Stock Units The IRS has released initial guidance on the new Code Sec. 83(i), added by the 2017 Tax Cuts and Jobs Act ( P.L. 115-97). Code Sec. 83 generally provides for the federal income tax treatment of property transferred in connection with the performance of […]

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Steve Grgas

Proposed Regulations Provide Guidance on Base Erosion and Anti-Abuse Tax (BEAT)

Proposed Regulations Provide Guidance on Base Erosion and Anti-Abuse Tax (BEAT) Proposed regulations provide much anticipated guidance on the base erosion and anti-abuse tax (BEAT) under Code Sec. 59A and related reporting requirements. The regulations are proposed to apply generally to tax years beginning after December 31, 2017, but taxpayers may rely on these proposed […]

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Steve Grgas

Accounting Method Procedures Simplified for Complying with AFS Deadline for All Events Test

Accounting Method Procedures Simplified for Complying with AFS Deadline for All Events Test The IRS will grant automatic consent to accounting method changes to comply with new Code Sec. 451(b), as added by the Tax Cuts and Jobs Act ( P.L. 115-97). In addition, some taxpayers may make the accounting method change on their tax […]

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Steve Grgas

Relief from “Once-In-Always-In” Condition for Excluding Part-Time Employee Deferrals Under 403(b) Plan

Relief from “Once-In-Always-In” Condition for Excluding Part-Time Employee Deferrals Under 403(b) Plan The IRS has issued transition relief from the “once-in-always-in” condition for excluding part-time employees under Reg. §1.403(b)-5(b)(4)(iii)(B). Under the “once-in-always-in” exclusion condition, once an employee is eligible to make elective deferrals, the employee may not be excluded from making elective deferrals in any […]

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Steve Grgas

Guidance on 2019 Withholding Rules

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 rules provided in Notice 2018-14, I.R.B. 2018-7, 353, will remain in effect for the 2019 calendar year, with one exception. The […]

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December 2018 Newsletter

Elias Koumniotes discusses, “AICPA, ABA Urge Extensive Changes to Proposed Transition Tax Rules”.  Andrew Presti examines, “Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon”.  Brian Whelan takes a look at, “Rules Issued on Paid Family and Medical Leave Credit”.

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Annemarie Aguanno

Rules issued on paid family and medical leave credit

Rules issued on paid family and medical leave credit https://www.journalofaccountancy.com/news/2018/sep/irs-rules-paid-family-medical-leave-credit-201819789.html The IRS on Monday issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to […]

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Andrew Presti

Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon

Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon The IRS is expected to soon release proposed regulations for tax reform’s new business interest limitation. “They are so broad that nearly every domestic taxpayer will be impacted,” Daniel G. Strickland, an associate at Eversheds Sutherland, told Wolters Kluwer. The first set of proposed regulations […]

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