Charitable contributions may still be claimed as an itemized deduction, but the TCJA restricted itemized deductions for state and local income and property tax, tinkered with the deduction for residence interest (by reducing the dollar limit on ...
The Internal Revenue Service has released a prototype of the new Form 1040 that hundreds of millions of Americans use to file their annual taxes. The new "postcard sized" form will be used for the 2018 income tax year, which most Americans will file ...
Each year about 1 in 160 individual taxpayers are audited; although, the chance of an audit goes up as income increases. About 1 in 50 tax returns reporting gross income above $500,000 are audited, and for returns reporting more than $5 million in ...
Thomson Reuters Checkpoint Catalyst has released its analysis of the new IRC Section 199A qualified business income deduction, one of the most talked about provisions enacted by the Tax Cuts and Jobs Act (TCJA) of 2017.
The Tax Cuts and Jobs Act was signed into law on December 22, 2017 and represents the most extensive tax reform legislation we’ve seen in 30 years. These sweeping tax law changes impact many taxpayers, including individuals, businesses, estates and ...
Even before Quill was overturned, jurisdictions were constantly readjusting their tax strategies to close the tax gaps generated by digital transformation and evolving business models. This means tax requirements are always changing, creating ...
In a new case harkening back to the days of F.D.R., the U.S. Supreme Court decided by a narrow 5-4 vote that stock options paid to employees who were “working on the railroad” do not constitute taxable compensation (Wisconsin Central Ltd, v. U.S. ...
The Supreme Court has ruled the physical presence standard it upheld in Quill Corp. v. North Dakota (1992) is “unsound and incorrect.” That means states are allowed to tax businesses that don’t have a physical presence in the state.