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IRS blocks Connecticut plan to bypass SALT tax deduction cap
The U.S. Treasury Department on Thursday issued new rules aimed at preventing taxpayers in Connecticut and other high-income and high-cost states from avoiding a new cap on the deductibility of their state and local taxes.
Treasury, IRS issue proposed regulations on charitable contributions and state and local tax credits
Today the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding...
IRS Guidance Impacts Treatment of Parking Expenses
The IRS on Aug. 21 issued interim guidance on the provision in the new tax law that requires separate computation of unrelated business income tax (UBIT) for tax-exempt organizations with more than one unrelated trade or business.
DRS Issues Guidance Regarding the Passthrough Entity Tax Credit
This preliminary guidance is intended to provide information to partners about the credit available under the Pass-Through Entity Tax (“PE Tax”). This guidance may be updated as needed to answer additional questions.
How TCJA Changes for Section 168(k) May Adjust
The IRS has published in the Federal Register proposed regulations that provide guidance concerning the additional first year depreciation deduction under Section 168(k) of the Internal Revenue Code. The proposal reflects changes made under the...
IRS Notice: FEMA Releases Declaration of Disaster for Fairfield, New Haven Counties After May Storm
FEMA has released the Federal Disaster Declaration for Fairfield and New Haven counties related to the storms that occurred in May. That means that taxpayers who suffered casualties as a result of these storms in these counties may qualify to...
IRS issues proposed regulations on new 20 percent deduction for passthrough businesses
We're ready and willing to work through this guidance with you... stay tuned for details on an upcoming program with Walter Nunnallee.
Tax Security 101 – Tax professionals victimized by data thefts offer hard-won security lessons to colleagues
As cybercriminals continue to increasingly pursue tax professionals’ data, the Internal Revenue Service and the Security Summit partners today released lessons learned by victims in the tax community to help others avoid being targeted by...
Is Real-Time Sales Tax Collection Possible?
With the Wayfair ruling expanding sales tax collection obligations, your clients with customers in multiple states are exploring the viability of automated sales tax and other indirect tax calculation solutions. Finding a way to streamline...
What the IRS Is Doing About Data Security
As data breaches and fraudulent tax returns have become tougher to detect by states and the IRS, the agency is ratcheting up its focus on protecting client data and, moreover, tax preparers who are lax will be in violation of federal law.

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