Final Regulations on 100 Percent Bonus Depreciation Issued, Along With New Proposals
Final regulations dealing with the 100 percent bonus depreciation
allowance for qualified property acquired and placed in service
after September 27, 2017, allow property which is constructed under
Final Regulations Amend Hardship Distribution Rules from Section 401(k) Plans
The IRS has issued final regulations that amend the rules relating
to hardship distributions from Code Sec. 401(k) plans. The final
regulations are substantially similar to the proposed regulations.
Proposed Regulations Released on Applicable Financial Statement for All-Events Test
For a taxpayer using an accrual method of accounting, the all
events test is not met for item of gross income any later than when
is included in revenue on an applicable financial statement (AFS)
Automatic Accounting Change Procedures for All Events Test and Advance Payment Deferral
Taxpayers may use the automatic consent procedures to change
accounting methods to comply with the recent proposed regulations
described above. Rev. Proc. 2018-31, I.R.B. 2018-22, 637, is
Proposed Regulations Update Exempt Organization Reporting Requirements; Penalty Relief Provided
Amendments to have been proposed to update the information
reporting regulations under Code Sec. 6033, which generally apply
to organizations exempt from tax under Code Sec. 501(a). The
Major tax changes expected under Trump Administration
One month after the presidential election, taxpayers are learning
more about President-elect Donald Trump’s tax proposals for his
administration. Although exact details, including legislative la...
Are IRS Q&As authoritative guidance?
The Tax Code is among the most complex of all federal statutes. To
explain the Code, the IRS issues guidance. Recently, the IRS has
used the “Frequently Asked Question (FAQ)” format to exp...
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