Tax deductions

White House OMB head Mick Mulvaney will be able to weigh in as the Internal Revenue Service clarifies dozens of the new tax law’s provisions.

New York State approved a fiscal year 2019 budget that contains provisions to lessen the impact of the new limitations on state and local tax deductions under the Tax Cuts and Jobs Act that Republicans in Congress passed last December.

The Internal Revenue Service and the Treasury Department released new guidance Monday on computing the business interest expense limitation under the new Tax Cuts and Jobs Act.

President Donald Trump’s new tax law set off a false alarm for homeowners planning to borrow against their houses.

A new report from Sen. Ron Wyden, D-Ore., the ranking Democrat on the Senate Finance Committee, discusses how small businesses will face more uncertainty and complexity from the Republican tax law and will ultimately need help from their accountants to figure out the pass-through deduction.

Two trade groups representing farmer cooperatives and feed producers have reached an agreement to resolve a technical problem in the Tax Cuts and Jobs Act, with the support of Republican leaders in Congress who hope to include the provision within a larger appropriations bill.

Congressional Republicans created a juicy new break for business owners when they rewrote the U.S. tax code late last year. Three months later, hundreds of thousands of U.S. employers still don’t know if they can claim it.

The Tax Cuts and Jobs Act removed a number of provisions that benefited companies.

New Jersey took the first step toward allowing residents with the nation’s highest property taxes to circumvent a new federal limit on state and local tax deductions.

The Internal Revenue Service is prepared to handle three popular provisions that had expired for 2017 but were recently given new life by Congress.

The American Institute of CPAs sent the leaders of Congress’s tax committees a set of fixes to the TCJA.

Changes to the tax code may restrict growth in philanthropy to U.S. higher education to less than 6 percent this year, according to a report this week from Moody’s Investors Service.

The Internal Revenue Service said Wednesday that taxpayers can continue to deduct the interest they pay on home equity loans “in many cases,” despite the new tax law's limitations on the mortgage interest deduction.

As voters complete their tax returns this year, Kelly Mazeski and other Democratic candidates in high-income, high-tax congressional districts want them to be thinking about the possible pain ahead.

President Donald Trump’s tax law could make divorce an even more miserable experience, according to a new survey of the nation’s top matrimonial attorneys.

With the passage of the sweeping tax overhaul, small businesses and entrepreneurs are scrambling to understand how the changes will affect them.

Changes to the treatment of alimony will have a big impact.

If exploiting a tax loophole is as much an art as a science, then the tax planning profession is poised for a creative renaissance.

The Minnesota Society of CPAs recently surveyed its members about the most outrageous tax deductions clients tried to claim on their tax returns. The list shows taxpayers often don't know which deductions are allowed or not.

The widow of a country music producer who continued to operate, at a loss, an establishment to encourage songwriters was not able to deduct her losses in excess of her income from the activity.