2021 Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued

Sep 24, 2021 | Taxes

The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2021 and the lease inclusion amounts for business vehicles first leased in 2021. Luxury Passenger Car Depreciation CapsThe luxury car depreciation caps for a passenger car...

Foreign Tax Credit Did Not Apply Against Net Investment Income Tax

Sep 24, 2021 | Taxes

The foreign tax credit did not apply against the net investment income tax (NIIT). The structure of the Internal Revenue Code made the credit inapplicable to the NIIT, and tax treaties did not override that fact. Under Code, Foreign Tax Credit Did Not Apply to NIITThe...

Penalty Relief for Certain Pass-through Forms

Aug 10, 2021 | IRS, Taxes

Partnerships, S corporations, and U.S. persons with interests in foreign partnerships may rely on transition relief from penalties for tax years beginning in 2021 with respect to new Schedules K-2 and K-3. These schedules may be required for: Form 1065, U.S. Return of...

IRS Announces New Online Tools to Help Taxpayers Manage Child Tax Credit Payments

Aug 10, 2021 | Taxes

The IRS has announced the launch of two new online tools to help families verify, manage and monitor monthly payments of child tax credits under the American Rescue Plan Act (ARP) (P.L. 117-2). These are in addition to the Non-filer Sign-up tool announced last week,...

IRS Issues Proposed Electronic Filing Requirements for Specified Returns and Other Documents

Aug 10, 2021 | IRS, Taxes

The IRS has proposed regulations that would amend the rules for filing electronically and affects persons required to file partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain information returns,...

Marriage Was Valid for Estate Tax Purposes

Jul 29, 2021 | Taxes

An estate was allowed a marital deduction because the decedent’s marriage was valid in the country of celebration. The decedent, who was Jewish, obtained a religious divorce under rabbinical law in New York from his first wife after a New York court had declared his...