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
How do I? Set up a like-kind exchange
Under Code Sec. 1031, a taxpayer can make a tax-free exchange of
property held for productive use in a trade or business or for
investment. The exchange must be made for other property that the
FAQ: What is the self-rental rule?
Under Code Sec. 469, passive losses can only be used to offset
passive income. Taxpayers who have losses from a passive
activity cannot use losses from a passive activity to offset
Claiming losses on individual retirement accounts
A consequence of the economic downturn for many investors has been
significant losses on their investments in retirement accounts,
including traditional and Roth individual retirement accounts
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
Auditors, their work and your investments
In the wake of the Enron collapse has come a new interest in the
accounting profession and the spin on the news is often not too
flattering. That's wrong. Accounting professionals play a very
Bookkeeping 101: Getting started
Starting your own small business can be hectic - yet fun and
personally fulfilling. As you work towards opening the doors, don't
let the onerous task of keeping the books rain on your parade. With
Client FAQ: Gambling winnings and losses
Q. My wife and I are both retired and are what you might call
"social gamblers". We like to play bingo and buy lottery tickets,
and take an occasional trip to Las Vegas to play the slot machines.
Should you buy or lease your next vehicle?
Probably one of the more difficult decisions you will have to make
as a consumer is whether to buy or lease your auto. Knowing the
advantages and disadvantages of buying vs. leasing a new car or
Client FAQ: Factoring your receivables
Q. My business is currently having some cash flow problems. I have
a business that usually carries a fairly large accounts receivable
balance and I was wondering if there was a way I could tap into
Client FAQ: Buy or lease equipment?
Q. I've just started my own business and am having a hard time
deciding whether I should buy or lease the equipment I need before
I open my doors. What are some of the things I should consider when
Should your company operate as an LLC?
Limited liability companies (LLCs) remain one of the most popular
choice of business forms in the U.S. today. This form of business
entity is a hybrid that features the best characteristics of other
Determining the basis of your personal residence
With home values across the country at the highest levels seen in
years, you may find that you could actually have a gain from the
sale of your home in excess of the new IRS exclusion amount of
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