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Filing an income tax return after the annual April deadline usually isn’t the end of the world, but there’s a right way and a wrong way to do it. Here are some common mistakes to avoid if you’re filing taxes late. 1. Doing nothing in April If you plan to file your tax return late, …
Continue reading 6 Late-Filing Tax Mistakes You Need to Avoid
The IRS on Wednesday provided a safe-harbor method to determine depreciation deductions for passenger automobiles that qualify for the 100% additional first-year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles under Sec. 280F (Rev. Proc. 2019-13). The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, permits …
Continue reading Bonus depreciation safe-harbor rules for vehicles issued
The IRS on Friday posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A. Taxpayers who have QBI, qualified real estate investment trust (REIT) dividends, or qualified income from a publicly traded partnership (PTP) will use …
Continue reading Taxpayers will file QBI deduction computation with IRS next year
On Friday, the IRS announced the opening of its Free File program, which provides free electronic filing to qualifying taxpayers, generally those who earned $66,000 or less last year. The program is opening before the regular filing season, which will begin Jan. 28, and is available only through the IRS website at irs.gov/freefile. After they …
The IRS issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274 made by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. According to …
Continue reading Meals continue to be deductible under IRS guidance
The optional standard mileage rates for business use of a vehicle will increase significantly in 2019, after increasing slightly last year, the IRS announced Friday (Notice 2019-2). For business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 58 cents per mile up from 54.5 cents per mile …
The IRS on Wednesday issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274 made by the tax law known as the Tax Cuts and Jobs Act (TCJA), P.L. …
Continue reading Meals continue to be deductible under new IRS guidance
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 their employees (Notice 2018-71). The credit equals a percentage of …
Continue reading Rules issued on paid family and medical leave credit
Much uncertainty exists in health care due to the constantly evolving health care environment. Physicians are dealing with vast amounts of new regulations and costs because of the Patient Protection and Affordable Care Act, P.L. 111-148, and other recent legislation. Providers are looking for ways to reduce their tax burden. Many are looking at their …
The IRS proposed new rules under the global intangible low-taxed income (GILTI) provision (Sec. 951A) added by P.L. 115-97, the law known as the Tax Cuts and Jobs Act (REG-104390-18). Sec. 951A requires U.S. shareholders of controlled foreign corporations (CFCs) to include in their gross income their GILTI income for that tax year (the inclusion …
Continue reading IRS issues proposed regs. for GILTI inclusions
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