IRS provides final regulations on deductions for estates and non-grantor trusts, including excess deductions on termination

Individuals, IRS News, ServicesThe Doty GroupSeptember 25, 2020Estate Planning, Trust and Estate, Deductions, Tax Cuts and Jobs Act, TCJA

IRS Updates Guidance on Business Expense Deductions for Meals & Entertainment

The proposed regulations affect taxpayers who pay or incur expenses for meals or entertainment.

Treasury, IRS issue final regulations on the Foreign Tax Credit

The Foreign Tax Credit is a long-standing tax benefit that generally allows individuals and businesses to claim a credit for income taxes paid or accrued to foreign governments.

Individuals, IRS News, Services, Tax ReformThe Doty GroupDecember 2, 2019Foreign Tax Credit, Tax Cuts and Jobs Act, TCJA, International Tax, 245A, GILTIComment

With new SALT limit, IRS explains tax treatment of state and local tax refunds

In Revenue Ruling 2019-11, the IRS provided four examples illustrating how the long-standing tax benefit rule interacts with the new SALT limit to determine the portion of any state or local tax refund that must be included on the taxpayer’s federal income tax return.