In Notice 2018-28, the IRS answered a number of important questions about the new business interest limit in Sec. 163(j), as amended by P.L. 115-97, known as the Tax Cuts and Jobs Act (TCJA), and asked for general comments on regulations it plans to issue. Under amended Sec. 163(j), the deduction for business interest is limited to the sum of (1) …
It’s the 11th hour and you’re slowly, but surely getting those 2017 taxes done. As you enter those W-2s and W-9s into your favorite tax prep software, you see it out of the corner of your eye: Your once destined-for-vacation tax refund is now squarely in the dreaded “taxes due” column. Suddenly, with just hours to spare, you find yourself …
The US Treasury has identified 8 regulations which it will soon be targeted for reform. These regulations will be changing in accordance with Executive Order 13789. These regulations includes Sec. 385 implementing rules that would re-characterize certain transactions between related parties that are ostensibly debt as equity, curbing the practice of “earnings stripping,†and proposed regulations under Sec. 2704 that …
Severe Storm Tax Relief Tax relief is available to Louisiana taxpayers affected by severe storms and tornadoes that struck the state on February 7, 2017. The Louisiana Department of Revenue is offering filing and payment extensions to residents whose homes, critical tax records or principal places of business are located in the following ZIP codes in Livingston and Orleans parishes: …
2017 inflation Adjustments to Vehicle Depreciation The IRS on Friday March 24th issued the 2017 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2017-29). This year’s guidance includes figures for vehicles that are placed in service in 2017 and to which first-year bonus depreciation applies. For passenger automobiles (other than …
The American Health Care Act House Republicans released draft bills to repeal and replace the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148, earlier this month. Collectively known as the American Health Care Act, the bills would repeal most of PPACA’s provisions and would enact a new system that would offer tax credits to help taxpayers afford health insurance. …
We have been experiencing major flooding in Louisiana this week. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are ten tips you should know about deducting casualty losses: Casualty loss. You may be able to deduct losses based on the damage …
The Regular Legislative Session made several changes to the solar credit as described in Act 131. Act 131 repealed the eligibility of numerous types of systems, including but not limited to solar thermal systems and solar air conditioning systems, and imposed a requirement that the solar energy system be installed on the homeowner’s primary residence. Act 131 also reduced the …
The sale of vapor products grew by 23 percent in 2014, and some project that vapor products will surpass traditional cigarettes in consumption over the next decade. This leaves policymakers with the challenge of determining exactly how or whether these emerging products should be taxed.In the 2015 legislative session, at least 25 states and the District of Columbia considered legislation …
The IRS withdrew proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations. Charities that elected to use the new procedure would have been required to obtain donors’ Social Security or other tax identification numbers (TINs) to complete the information return. The …
