News

Final Regs Issued on the Foreign Tax Credit
 

Final Regs Issued on the Foreign Tax Credit

Posted: December 3, 2019
The IRS has issued final regulations on the Foreign Tax Credit, a long-standing tax benefit that generally allows individuals and businesses to claim a credit for income taxes paid or accrued to foreign governments.


FASB Issues Narrow-Scope Improvements to Credit Losses Standard
 

FASB Issues Narrow-Scope Improvements to Credit Losses Standard

Posted: November 26, 2019
Among other narrow-scope improvements, the new ASU clarifies guidance around how to report expected recoveries, a situation in which an organization recognizes a full or partial writeoff of the amortized cost basis of a financial asset — but then later determines that the amount written off, or a portion of that amount, will in fact be recovered.

Final Regs Confirm: Making Large Gifts Now Won’t Harm Estates After 2025
 

Final Regs Confirm: Making Large Gifts Now Won’t Harm Estates After 2025

Posted: November 22, 2019
The Treasury Department and the IRS today issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels.

IRS to Begin Visiting Taxpayers Who Have Tax Compliance Issues
 

IRS to Begin Visiting Taxpayers Who Have Tax Compliance Issues

Posted: November 20, 2019
The IRS will begin visiting taxpayers who have ongoing tax compliance issues. The IRS will focus its efforts in areas where there have been a limited number of revenue officers available due to declining IRS resources.

IRS Reminds Tax Professionals of Tasks to Get Ready for 2020
 

IRS Reminds Tax Professionals of Tasks to Get Ready for 2020

Posted: November 19, 2019
The IRS today reminded tax professionals to review their e-Services account to ensure all contact information is accurate and to add or remove users. Reviewing e-Services information is just one of the tasks tax pros should complete now to get ready for 2020.


Bill Could Reclassify Thousands of New Jersey’s Independent Contractors
 

Bill Could Reclassify Thousands of New Jersey’s Independent Contractors

Posted: November 13, 2019
A new bill could classify thousands of New Jersey independent contractors, freelance and gig economy workers as employees – a measure that could profoundly impact businesses that rely on such workers, including Uber Technologies Inc., DoorDash Inc. and Lyft Inc.