Tax deductions

The act increased many of the limits from the Tax Cuts and Jobs Act, and the IRS has offered more guidance.

The measure, passed 208-199, would give cash-strapped states and local governments more than $1 trillion while providing most Americans with a new round of $1,200 checks

The IRS is aiming to clarify some of the ramifications of the TCJA.

The guidance says some deductions of estates and non-grantor trusts are not considered to be miscellaneous itemized deductions.

The postponed filing date gives taxpayers extra time to lower their tax burden with some last-minute strategies.

Small businesses that manage to get their Paycheck Protection Program loans forgiven may find themselves losing valuable tax breaks, according to new guidance from the Internal Revenue Service.

It is important to look at cost segregation and what it can do for a taxpayer.

Ask the average business owner if they have a tax shelter and they’d probably have a chuckle while wistfully thinking about how nice it would be to swim in crystal clear waters while their offshore bank accounts grew, unencumbered by state and federal taxes.

Some of the most contested pieces of the 2017 tax overhaul are being revisited as the White House and Congress begin to discuss another round of economic stimulus, including restoring the break for entertaining business clients and lifting the cap on state and local deductions.

One possible move is getting rid of the limit on state and local tax deductions, or SALT, that was part of the 2017 tax overhaul.

President Donald Trump said he wants to restore corporate tax deductions for business meals as restaurants reel from the impact of the coronavirus outbreak.

A congressional explanation unearths an overlooked benefit from tax reform.

Democratic presidential candidate Pete Buttigieg took on one of the most fraught tax issues in Democratic politics, proposing that the $10,000 cap on state and local tax deductions be lifted.

The Internal Revenue Service has released a set of proposed regulations for businesses to follow when deducting meals and entertainment, in response to the 2017 tax overhaul.

Tax reform brought new wrinkles to the deduction for energy-efficient improvements.

Each year, corporations and pass-throughs across industries fail to claim R&D tax credits because they aren’t aware that many day-to-day activities qualify for this dollar-for-dollar reduction in income tax liability.

Here’s what host families need to know about taxes and payroll.

One way for C corporations to reduce taxable income is to utilize an interest charge – domestic international sales corporation (IC-DISC). However, when dealing with C corps, it is imperative the IC-DISC’s ownership structure is correctly established at the onset.

Extenders and technical corrections could require revisions to earlier work.

Grant Thornton compares the contenders’ proposals in five categories.