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.
IRS Updates Per Diem Guidance for Business Travelers and Their Employers Posted: December 2, 2019 The IRS has updated the rules for using per diem rates to substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home.
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 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 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 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.
IRS Updates Guidance for Deductible Business, Charitable, Medical and Moving Expenses Posted: November 14, 2019 The IRS has issued guidance for taxpayers with certain deductible expenses to reflect changes resulting from the Tax Cuts and Jobs Act.
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.
FASB Improves Accounting for Share-Based Payments Made to Customers Posted: November 12, 2019 The new ASU simplifies and increases comparability of accounting for nonemployee share-based payments, specifically those made to customers.
AICPA Working to Modernize Auditing Standards for Nonfinancial Information Posted: November 8, 2019 Under rules proposed by standards board, auditors of private companies would be able to review nonfinancial issues without company first doing so.