Tax deductions

Despite the uptick in interest rates, an improved economy may lead to a resurgence of interest in vacation or second homes.

Thomson Reuters Checkpoint Catalyst has published an analysis of the new Section 199A qualified business income deduction for pass-through entities ushered in by the Tax Cuts and Jobs Act.

The IRS’s new 1040 tax form doesn’t exactly fit on a standard postcard as Republicans promised, but it’s smaller and simpler than before — and it may push more filers to use software rather than in-person tax preparers.

Senate Minority Leader Charles Schumer, D-N.Y., is urging the Internal Revenue Service to back down on threats to challenge New York State’s efforts to allow taxpayers to circumvent the limits on state and local tax deductions in the federal tax overhaul.

Jonathan Blattmachr, an estate planning lawyer, is such a fan of the strategy he’s created to help some of his wealthy clients get around the new property tax deduction cap that he’s using it himself.

The tax prep chain foresees fewer customers coming in to have their returns prepared as a result of the new tax law.

Some of the mistakes in the hastily drafted legislation could cost the industries millions of dollars.

The Tax Court rules that creditors must have hard evidence that an obligation is uncollectable before they deduct it.

Thomson Reuters has introduced the Checkpoint Tax Cuts and Jobs Act Toolkit to help accounting firms advise clients about the new tax law.

Florida’s long-running effort to lure Wall Street hotshots is gaining traction thanks to a provision in the federal tax law that hits residents of high-tax states.

Because of quirky rules, even profitable teams can generate paper losses that erase the tax bills on an owner’s other business interests.

The Tax Cuts and Jobs Act is having a major impact below the federal level.

A new notice offers details on how the Tax Cuts and Jobs Act is forcing changes in write-offs for items like job-related cars and moves.

New Jersey Attorney General Gurbir Grewal warned the Internal Revenue Service that he will fight any challenge to a law that preserves state and local property-tax deductions.

The House Ways and Means Tax Policy Subcommittee held a hearing Wednesday on how the new tax law is affecting small businesses, hearing testimony from a CPA firm owner and others.

The Internal Revenue Service and the Treasury Department intend to issue proposed regulations to address the deductibility of state and local tax payments.

President Donald Trump’s tax overhaul could wreak havoc on prenuptial agreements across the country — and maybe even his own.

While the IRS audit rate is decreasing, it’s still important to educate your clients on the things that commonly trigger an audit.

The 20 percent pass-through deduction could provide a major benefit for gig economy workers and the self-employed, but there are also some important caveats.

New Jersey Governor Phil Murphy signed legislation to let homeowners declare property taxes as charitable donations deductible on their annual Internal Revenue Service filings.