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Latest Tax Alerts

Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More

Regulations to be Issued on Controlled Foreign Corporations’ Previously Taxed Earnings and Profits

The IRS and the Treasury intend to provide regulations ... Read More

Proposed Regs Provided for Code Sec. 163(j) Limit

The IRS has proposed regulations on the limitation ... Read More

Deductions Denied to Medical Marijuana Dispensary

A nonprofit corporation that operated a medical-marijuana ... Read More

Guidance Issued on Nondeductible Portion of Parking Fringe Expenses and UBTI

The IRS has provided guidance and examples for calculating ... Read More

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

Proposed regulations provide much anticipated guidance on ... Read More

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

The IRS will grant automatic consent to accounting method ... Read More

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 ... Read More

Guidance on 2019 Withholding Rules

The IRS has provided interim guidance for the 2019 calendar ... Read More

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Proposed Regs Address Foreign Tax Credit Changes

By: Donald Sager, CPA, Partner

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

• allocation and apportionment of the deductions under Code Secs. 861 through 865, and adjustments to the foreign tax credit limitation under Code Sec. 904(b)(4);
• transition rules for overall foreign loss, separate limitation loss, and overall domestic loss accounts under Code Sec. 904(f) and (g), and for the carryover and carryback of unused foreign taxes under Code Sec. 904(c);
• addition of separate foreign tax credit limitation categories for foreign branch income and global intangible low-taxed income (GILTI), and other updates to the foreign tax credit limitation rules; ... Read More

2019 Standard Mileage Rates Released

By: Thomas J. Zanata, CPA

The IRS released the optional standard mileage rates for 2019. Most taxpayers may use these rates to compute deductible costs of operating vehicles for:

• business,
• medical, and
• charitable purposes.

Some members of the military may also use these rates to compute their moving expense deductions. 2019 Standard Mileage Rates The standard mileage rates for 2019 are:

• 58 cents per mile for business uses;
• 20 cents per mile for medical uses; and
• 14 cents per mile for charitable uses. ... Read More

Guidance on Tax Benefit for Stock Options and Restricted Stock Units

By: Lisa Varela

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 services. Code Sec. 83(i) allows certain employees to elect to defer recognition of income attributable to the receipt or vesting of qualified stock for up to five years.

The guidance clarifies three key issues related to Code Sec. 83(i)
• the application of the requirement that eligible corporations must make grants to not less than 80 percent of all employees who provide services to the corporation in the United States;
• the application of federal income tax withholding to the deferred income related to the qualified stock; ... Read More