Tax deductions

Our panel of experts have identified these 12 credits, deductions and more as worth particular attention this year.

Two New Jersey Democrats are leading an effort to expand a valuable tax break for state and local levies in the next virus-relief package, a long-shot effort as lawmakers continue to squabble over the size and scope of the next round of stimulus.

The Internal Revenue Service hasn’t been properly vetting millions of dollars in deductions that could be erroneous, according to the inspector general.

The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month.

BKD CPAs & Advisors premiered “The Missing Deduction,” a 30-minute video featuring plenty of esoteric tax jokes.

This notice and the expected regulations to follow could add to the movement to repeal or modify the cap.

The provision could amount to $120 billion in write-offs.

A critical PPP deduction, tax extenders, business meal deductions and more are among the critical points.

Taxpayers still have the option to calculate the actual costs of using their vehicle.

Small business owners who got Paycheck Protection Program loans could qualify for big write-offs from their rescue money, amounting to what Treasury Secretary Steven Mnuchin has called a tax-break “double dip.”

The Internal Revenue Service is beefing up its controls to safeguard against improper self-employed retirement deductions, according to a new report.

Here are some obvious and not-so-obvious year-end tax tips to consider as we prepare ourselves and our clients for the new year.

The twin dynamics of expiring relief and a transition to a new presidential administration are making the end of 2020 a turbo-charged version of the usual rush to lock in tax reductions.

The new rules clarify deduction issues impacted by the Tax Cuts and Jobs Act.

Wolters Kluwer’s Mark Luscombe rounds up a host of items practitioners may want to address soon.

The American Institute of CPAs has joined with over 560 business and trade organizations in urging Congress to pass legislation.

With a CARES Act fix stalled along with stimulus legislation, the institute is urging CPAs to put pressure on their representatives.

New York authorities are seeking more records of Donald Trump's company’s communication with an engineer who helped appraise its property.

The top Republican and Democrat on the Senate Finance Committee said the Treasury Department “missed the mark” in new guidance that limits tax breaks for businesses that get their Paycheck Protection Program loans forgiven.

Proposed regulations would allow partnerships and S corporations to exceed the $10,000 limit on state and local tax deductions imposed by the Tax Cuts and Jobs Act.