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Advisers and clients should be aware of the impact of the Tax Cuts and Jobs Act and other issues as they look ahead to the 2020 tax season. This article lists 10 potential trouble spots related to topics such as retirement contribution limits, alimony and medical expense deductions. Continue Reading
Several exceptions are available to small-business taxpayers to help them avoid some of the Internal Revenue Code's more burdensome requirements. Although these exceptions are meant to simplify tax-law compliance, evaluating whether a business qualifies for the exceptions can be convoluted. Continue Reading
The implications of the large increase in the estate and gift tax exemption are complex and affect estate planning for everyone, not just the small percentage of the population who will still file estate tax returns. Continue Reading
The Internal Revenue Service has released a draft of Form 1040. The form is slightly longer than a previous postcard-size version, but the IRS is reducing the number of schedules to three. Continue Reading
The U.S. Supreme Court's decision last year in South Dakota v. Wayfair prompted many states to enact new sales tax legislation or promulgate new regulations based on economic nexus. Here's how to help clients comply. Continue Reading
The IRS is permitting certain partnerships that timely filed their tax returns for the 2018 tax year an extension of time to file superseding returns and Schedules K-1 for their partners. Continue Reading
A number of exceptions are available to small business taxpayers to help them avoid some of the Internal Revenue Code's more burdensome requirements. Although these exceptions are meant to simplify tax law compliance, the rules for evaluating whether a business qualifies for the exceptions can be convoluted. Continue Reading
A district court denied a taxpayer's refund claim because there was no evidence he operated his law firm as a sole proprietorship separate from his S corporation. Continue Reading
Tax-exempt trusts with unrelated business income from partnership investments are affected by new Secs. 512(a)(6) and 199A, both of which require income to be calculated separately for each trade or business. Here are the key issues concerning this complex landscape of old and new tax rules. Continue Reading
The Internal Revenue Service has issued a draft of the 2020 Form W-4, Employee's Withholding Allowance Certificate (PDF), that will make accurate withholding easier for employees starting next year. Continue Reading