The required distribution rules apply to owners of traditional, Simplified Employee Pension (SEP) and Savings Incentive Match Plans for Employees (SIMPLE) IRAs. Roth IRAs don’t require distributions while the original owner is alive. RMDs also apply to...
Prior to the TCJA, nonprofits and for-profit entities could provide certain transportation benefits to employees that were excluded from tax, up to a stated monthly amount, and deductible by the organization. The maximum exclusion, which was indexed ...
Baker Tilly recently held an educational webinar, End-of-year tax update for insurance organizations, to assist insurance industry professionals understand the components in the TCJA, the additional guidance that has been released since its enactment ...
Qualifying vehicles by the manufacturer are eligible for a $7,500 credit if acquired before Jan. 1, 2019. Beginning Jan. 1, 2019, the credit will be $3,750 for Tesla’s eligible vehicles. On July 1, 2019, the credit will be reduced to $1,875 for the ...
The new rules assist taxpayers in determining the amount of parking expenses that are no longer tax deductible. They also help tax-exempt organizations determine how these nondeductible parking expenses create or increase unrelated business taxable ...
Frequently, the biggest losses for taxpayers are associate with real estate they own, such as a house or other property built on land they own. The IRS advises taxpayers to take these steps concerning real restate losses.
No More Deductions for Work Expenses & Mileage By Ken Berry, J.D., CPA Practice Advisor Tax Correspondent Notably, the new Tax Cuts and Jobs Act (TCJA) scales back deductions for certain itemized deductions, including state and local tax (SALT) payments and mortgage interest. But another lesser-noticed crackdown may be just as significant. Effective for 2018 […]
The business mileage rate increased 3.5 cents for business travel driven and 2 cents for medical and certain moving expense from the rates for 2018. The charitable rate is set by statute and remains unchanged.