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IRS Publishes Final Regs on Deductions for Estates and Non-Grantor Trusts
Specifically, the final regulations clarify that the following deductions are allowable in figuring adjusted gross income and are not miscellaneous itemized deductions:
Specifically, the final regulations clarify that the following deductions are allowable in figuring adjusted gross income and are not miscellaneous itemized deductions:
Legislation passed this year as a result of COVID-19 led to many changes in how tax professionals will advise their clients and assist them in recovery. The National Association of Tax Professionals (NATP) Virtual Tax Season Update is the ...
Small Business Week, Sept. 22-24 is a good time for individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return.
The shift from cable to streaming services has taken an enormous bite out of state and local tax collections. To replenish their coffers, state and local governments have developed a patchwork of new streaming-specific taxes that ...
The flurry of activity at the city and district levels indicates that taxes will continue to play a major role in the post-COVID economy. Future adjustments could take the form of a tax decrease to stimulate economic activity.
The relief generally applies to capital gains realized by eligible farmers and ranchers on sales of livestock held for draft, dairy or breeding purposes. Sales of other livestock, such as those raised for slaughter or held for ...
The 100% additional first year depreciation deduction was created in 2017 by the Tax Cuts and Jobs Act and generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property.
As more products and services become taxable, tax structures become increasingly complex, especially when it comes to calculating consumer use tax in critical business functions such as accruals, asset and goods management and purchase orders.