Taxes Archives - Page 13 of 13 - Heckler and O Keefe CPAS

Final Rules Limit Charitable Contributions Made for SALT Credits

Jul 1, 2019 | Taxes

The IRS has issued final regulations that require taxpayers to reduce the amount any charitable contribution deduction by the amount of any state and local tax (SALT) credit they receive or expect to receive in return. The rules are aimed at preventing taxpayers from...

Proposed Regulations Issued on CFC Related Person Rules and Active Trade or Business Exception

Jun 1, 2019 | Taxes

Proposed regulations provide rules on the attribution of ownership of stock or other interests for determining whether a person is a related person with respect to a controlled foreign corporation (CFC) under the foreign base company sales income rules. The proposed...

Final Regulations Issued on Recognition and Deferral of Code Sec. 987 Gain or Loss

Jun 1, 2019 | Taxes

Final regulations have been issued on transactions of U.S. taxpayers that have qualified business units (QBUs) with functional currency other than the U.S. dollar. Specifically, the final regulations: cover combinations and separations of QBUs subject to Code Sec....

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...

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