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IRS Issues Final Regulations for Non-Grantor Trust Deductions

The IRS has issued final regulations on the deductions available to estates and non-grantor trusts. Under the Tax Cuts and Jobs Act, which was enacted
Tax
Dan Jozwiak | 10.15.2020

A Closer Look at Meals and Entertainment Expenses

Two of the most common business expenses, and their related tax adjustments, are meals and entertainment expenses. Internal Revenue Code Section 274 governs

Updated 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund

During the COVID-19 crisis, Form 941 was revised as new relief bills have offered opportunities for employers to qualify for credits and deferral of employment

IRS Provides Foreign Trust Reporting Requirements

The IRS has provided on its website a summary of reporting requirements for foreign trusts and their U.S. owners. Though these regulations are not new,

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IRS Issued Final Regulations on the GILTI High-Tax Exclusion

Are you a U.S. shareholder of a controlled foreign corporation (CFC)? The final regulation on Global Intangible Low-Taxed Income (GILTI) high-tax exclusion

Final 163(j) Regulations a Win for Manufacturers and Private Equity-Owned Businesses

In late July, the Internal Revenue Service (IRS) issued final regulations on Internal Revenue Code (IRC) Section 163(j) that limits the deductibility of

Choosing The Wrong Accounting Method for Home Construction Contracts is a Costly Mistake

Often you learn the most from your mistakes. If a contractor chooses the wrong accounting method, during the first two years of operations, the contractor

2020-2021 Special Per Diem Rates

The IRS recently released Notice 2020-71, detailing the new special per diem rates taxpayers use to substantiate necessary business expenses while traveling

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Notices for Nonpayment of Income Taxes

Did you have federal income tax due on July 15, 2020? Did you pay the income tax on July 15, 2020? Did you receive a notice from the Internal Revenue Service

IRS Extends 2020 Rollover Period and Other Deadlines for Retirement Account RMDs

In March, the CARES Act provided taxpayers opportunity to skip this year’s (2020) required minimum distribution (RMD) from their retirement accounts.

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