Guidance on Tax Benefit for Stock Options and Restricted Stock Units

Feb 1, 2019 | News, Taxes

The IRS has released initial guidance on the new Code Sec. 83(i), added by the 2017 Tax Cuts and Jobs Act (P.L. 115-97). Code Sec. 83 generally provides for the federal income tax treatment of property transferred in connection with the performance of services. Code...

2019 Standard Mileage Rates Released

Jan 1, 2019 | News

The IRS released the optional standard mileage rates for 2019. Most taxpayers may use these rates to compute deductible costs of operating vehicles for:business,medical, andcharitable purposes.Some members of the military may also use these rates to compute their...

Guidance on 2019 Withholding Rules

Jan 1, 2019 | News

The IRS has provided interim guidance for the 2019 calendar year on income tax withholding from wages and withholding from retirement and annuity distributions. In general, certain 2018 withholding rules provided in Notice 2018-14, I.R.B. 2018-7, 353, will remain in...

Deductions Denied to Medical Marijuana Dispensary

Jan 1, 2019 | News

A nonprofit corporation that operated a medical-marijuana dispensary legally under California law was not allowed to claim deductions for business expenses on its federal return. Code Sec. 280E, which prevents any trade or business that consists of trafficking in...

AICPA, ABA Urge Extensive Changes to Proposed Transition Tax Rules

Dec 1, 2018 | News

The American Institute of Certified Public Accountants (AICPA) and the American Bar Association (ABA) Section of Taxation are urging the IRS to make extensive changes to proposed “transition tax” rules.Transition TaxThe Tax Cuts and Jobs Act (TCJA) ( P.L....

Rettig Wants to Modernize IRS and Continue to Implement TCJA

Dec 1, 2018 | News

IRS Commissioner Charles Rettig gave his first speech since being confirmed as the 49th chief of the Service at the American Institute of CPAs (AICPA) November 13 National Tax Conference in Washington, D.C. “You’re going to see things [I do] and go, ‘I can’t...