In the early hours of Saturday morning, the U.S. Senate passed its version of the Tax Cuts and Jobs Act bill by a vote of 51–49.
Loans must qualify as “bona fide debt” to create basis for deducting passthrough losses.
A sometimes overlooked adjustment may cause deficiencies and penalties.
The Sec. 6501 statute of limitation does not run where no tax is assessed, the Tax Court holds.
A state exchange's failure to revise the couple's health insurance advance premium subsidy was not grounds to avoid its repayment.
The taxpayer is unable to persuade the Tax Court that the grace period on a loan from his Sec. 401(k) plan extended into the next tax year.
IRS may not assess a deficiency 9 years after a failed tax-free merger for predecessor company's failure to file
The new company's return with the old company's pro forma short-year return attached was sufficient to run the statute of limitation, the Tax Court finds.
LB&I taxpayers can base R&D credit expenses on financial statements ... IRS proposes allowing partial SSNs on W-2s ... IRS to again rule on general tax consequences of tax-free transactions
Companies can follow these steps to make sure an M&A transaction complies with all tax requirements.
The Social Security Administration said that the maximum amount of wages subject to the 6.2% Social Security tax in 2018 will rise a little more than 1%, after a much larger increase last year.
The version of the tax reform bill passed by the Senate Finance Committee holds several more changes affecting both individuals and businesses.
The U.S. House of Representatives passed its tax reform bill, on a 227–205 vote.
The revised chairman’s mark of the Senate tax reform bill contains many significant changes to the proposed legislation.
The committee voted to send an amended version of the Tax Cuts and Jobs tax reform bill to the full House.
Tax reform expert Tony Nitti discusses the latest developments affecting CPAs.
Differences include tax rates, treatment of various deductions and a delay in the reduction of the corporate tax rate.
The draft Tax Cuts and Jobs Act makes many important changes to the tax treatment of U.S. corporations that own foreign corporations.
The House tax reform bill contains a large number of proposed changes that would affect businesses.
From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.
The Tax Cuts and Jobs Act released by the House Ways and Means Committee incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details.