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: Does filing my tax return early make sense?
Although individual income tax returns don't have to be filed until
April 15, taxpayers who file early get their refunds a lot sooner.
The IRS begins accepting returns in January but does not start
What's new this tax season on 2008 returns?
While 2009 holds great promise for new tax relief to help
individuals and businesses recover from the current economic
crisis, one of the first orders of business for all taxpayers in
the New Year is ...
Jumpstarting the 2009 tax year
Happy New Year! As 2009 gets underway, and you prepare for the 2008
filing season, it's important not to overlook a number of valuable
tax planning opportunities that apply right away to the 2009 tax
Tax tips in a falling stock market
In a period of declining stock prices, tax benefits may not be
foremost in your mind. Nevertheless, you may be able to salvage
some benefits from the drop in values. Not only can you reduce your
How Do I? Calculate self-employment taxes?
Individuals with $400 or more of net earnings from self-employment
must pay self-employment tax, in addition to any income tax imposed
on the same income. This article can help you estimate any
Vehicle tax credits: Not just for hybrids anymore
Move over hybrids - buyers of Volkswagen and Mercedes diesel
vehicles now qualify for the valuable alternative motor vehicle tax
credit. Previously, the credit had gone only to hybrid vehicles.
FAQ: Should I borrow from my 401(k)?
The flagging state of the economy has left many individuals and
families to cope with rising gas prices and food costs, struggle
with their mortgage and rent payments, and manage credit card debt
How to pay off your tax debt
Often, individuals end up with an unexpected tax liability on April
15. There are several options available to pay off your tax debt,
stop accruing penalties and interest and secure peace of mind.
How do I? Compute bonus depreciation
The American Recovery and Reinvestment Act of 2009 (2009 Recovery
Act) extended the 50-percent additional first-year bonus
depreciation allowed under the Economic Stimulus Act of 2008,
providing a gen...
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
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