TAXATION

Legislation Announced to Repeal SALT Deduction Cap
 

Legislation Announced to Repeal SALT Deduction Cap

Posted: February 11, 2019
Senator Bob Menendez and Congressman Bill Pascrell, Jr., have unveiled a bipartisan bill to repeal the federal cap on state and local tax (SALT) deductions imposed by the Tax Cuts and Jobs Act.

IRS Expands Identity Protection Pin Program
 

IRS Expands Identity Protection Pin Program

Posted: February 7, 2019
The IRS has expanded eligibility for its Identity Protection Pin (IP PIN) test program to taxpayers in the top 10 locations where identity thefts are reported to the Federal Trade Commission.

IRS Expects Consistency for Rental Businesses Claiming 20-Percent Deduction
 

IRS Expects Consistency for Rental Businesses Claiming 20-Percent Deduction

Posted: February 1, 2019
Guidance included with the recently released Qualified Business Income deduction regulations makes clear that taxpayers hoping to take the 20 percent deduction against their rental real estate income should be sure they are consistently applying the requisite trade or business standard in other areas of the tax code.


The Ins and Outs of the Section 199A Regulations
 

The Ins and Outs of the Section 199A Regulations

Posted: January 29, 2019
The IRS has issued final regulations providing guidance on the Section 199A deduction for qualified business income. The final regulations provide clarification on issues such as when businesses may be aggregated in determining QBI, how real estate rented to an operating business is treated and what constitutes a specified service business.

Taxpayers Need More Penalty Relief
 

Taxpayers Need More Penalty Relief

Posted: January 29, 2019
Recently, the AICPA sent a letter to the Department of Treasury and the IRS urging them to provide more extensive relief to taxpayers who are underwithheld due to the adjusted withholding tables as a result of the Tax Cuts and Jobs Act.



The Surprising Impact of the SALT Deduction Limit
 

The Surprising Impact of the SALT Deduction Limit

Posted: January 18, 2019
As we move through the current tax season, clients will be reminded how the Tax Cuts and Job Act (TCJA) has impacted their tax situation. When it was enacted, many of our clients were justifiably concerned that the new $10,000 limit on the deductibility of those taxes on their Form 1040 would negatively affect them. Find out how they fared.

Beyond Section 199A: Other TCJA Tax Changes
 

Beyond Section 199A: Other TCJA Tax Changes

Posted: January 18, 2019
While the Section 199A deduction has overshadowed many of the other various federal tax changes — as it should, it’s a pretty big deal — let’s not forget about additionally important business and individual provisions that will affect just about everyone.

The Federal Taxation Interest Group provides an open forum to discuss and educate members on Federal taxation issues, both domestic and international. 

Join