Tax deductions

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.

The Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more.

Accounting firms Crowe LLP and BKD LLP released year-end tax-planning guides Wednesday, during a time of great uncertainty over future tax changes in the midst of the novel coronavirus pandemic and the upcoming election.

This article looks at a few key components of the presidential nominees' tax positions.

A distributed workforce may lower an organizations tax obligations in some jurisdictions.

The U.S. Small Business Administration and the Treasury Department are making it easier for companies to get their Paycheck Protection Program loans of $50,000 or less forgiven.

The CARES Act will play a critical role, according to Grant Thornton.

The Internal Revenue Service issued guidelines Wednesday scaling back a tax break for client entertainment, following through on an element of President Donald Trump’s 2017 tax overhaul that he has said he wants to reverse amid the virus pandemic.

The IRS aims to clarify issues raised by the Tax Cuts and Jobs Act.

At the center of President Donald Trump’s dispute with the IRS is a $72.9 million tax refund. He can thank his predecessor for that benefit.

Deductions for haircuts, consulting fee write-offs, a family estate that is treated as a business property and an aggressive refund claim could open President Donald Trump to legal risks once he’s out of office.