How Biden's Presidency Could Affect Your Tax Bill

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, Treasury issue guidance for applying UBTI ‘silo’ rules for tax-exempt organizations by identifying separate trades or businesses

Business Owners, Nonprofits, Treasury, IRS NewsThe Doty GroupApril 23, 2020Tax Cuts and Jobs Act, Tax Exempt Organizations, Nonprofit, Unrelated Business Taxable Income, UBTI, NOL DeductionComment

IRS Updates Guidance on Business Expense Deductions for Meals & Entertainment

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

Business Owners, Individuals, IRS News, Tax ReformThe Doty GroupFebruary 25, 2020Tax Cuts and Jobs Act, TCJA, Business Expenses, Meals Expenses, Meals and Entertainment Expense, IRS, Proposed RegulationsComment

IRS Outlines New Tax Law Effect on Tax Exempt Organizations

Is your tax exempt organization affected by The Taxpayer Certainty and Disaster Relief Act?

IRS News, Tax ReformThe Doty GroupFebruary 3, 2020IRS, Tax Exempt Organizations, Nonprofit, The Taxpayer Certainty and Disaster Tax Relief Act, Parking Lot Tax, Exempt Employers, Tax Cuts and Jobs Act, Private Foundations, investment income, governmental grantsComment

TCJA Impact Update: Is It Time For A Chart of Accounts Adjustment?

How to account for the changes to meals and entertainment expenses brought about by the Tax Cuts and Jobs Act

Business Owners, Individuals, Tax ReformThe Doty GroupJanuary 20, 2020Tax Cuts and Jobs Act, Chart of Accounts, Business Expenses, Meals and Entertainment Expense, Entertainment Expenses, Meals Expenses, Tax ReformComment

IRS Willing To Consider Requests For Relief From Double Taxation Related To Repatriation

The IRS has determined that in unique circumstances it may be appropriate to provide relief from double taxation.

Business Owners, Individuals, Tax ReformThe Doty GroupJanuary 17, 2020International Tax, Repatriation, Double Taxation, Tax Cuts and Jobs ActComment

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

IRS Finalizes Safe Harbor Allowing Rental Real Estate to Qualify As a Business for QBID

This safe harbor is available for taxpayers who seek to claim the section 199A deduction with respect to a “rental real estate enterprise.”

Business Owners, IRS News, Tax ReformThe Doty GroupSeptember 24, 2019Rentals, Real Estate, Real Estate Investors, IRS, Qualified Business Income Deduction, QBID, Section 199A Deduction, Tax Cuts and Jobs ActComment