Reminder: FBAR Deadline – October 15, 2018

The due date for filing Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”) for accounts maintained during calendar year 2017, was April 17, 2018. Filers who did not file their 2017 FBARs by April 17, 2018, received an automatic extension to Monday, October 15, 2018. The April 17 due date was two days later than the original April 15 due date, as that was a weekend day and a District of Columbia legal holiday, which provided FBAR filers additional time to timely file Forms 114. Although the original due date was postponed by two days, the automatic six-month. Read More.

Proposed Regulations on Charitable Contribution Deductions

The Department of Treasury and IRS have released proposed regulations under Section 170, which gives guidance on charitable contributions. The proposed regulations detail whether you may receive a full deduction on your federal tax return for your charitable contributions when you are expected to receive a corresponding state or local tax (“SALT”) credit for those contributions. Section 170 generally allows itemized tax deductions for charitable contributions each tax year. The new proposed guidance states that if you make a charitable contribution and receive a SALT credit in return, you must reduce your charitable deduction by the amount of any SALT. Read More.

Section 965 Transition Tax Basis Election Deadline Deferred

The IRS recently announced in Notice 2018-78 that the due date for the section 965 basis election will be extended to 90 days after publication of the final 965 regulations. What Is The Basis Election? The proposed section 965 regulations clarify that a U.S. shareholder generally may not adjust stock basis to take into account a reduction to a U.S. shareholder’s pro rata share of the section 965 earnings under the reduction rules. However, a U.S. shareholder may elect to make the relevant basis adjustments to account for a reduction. Original 965 Basis Election Deadline. According to the proposed section. Read More.

IRS Releases Guidance on Deducting Business Entertainment Meals

For many taxpayers, the statutory changes under the Tax Cuts and Jobs Act (“TCJA”) disallowing deductions for entertainment expenses were extremely unfavorable. On October 3, 2018, the Internal Revenue Service (“IRS”) released Notice 2018-76 providing guidance on the deductibility of business entertainment meals. Until Treasury and the IRS finalize regulations regarding the deductibility of business meals, you can rely on this guidance. Pre-TCJA, you could deduct up to 50% of your business entertainment, amusement, or recreation expenses if the expenditures were directly related to the active conduct of business or if you incurred them immediately preceding, during, or following a. Read More.

Take Advantage of the 199A 20% Deduction

For certain taxpayers, the ability to deduct up to 20% of income from a domestic trade or business operated as a sole proprietorship or through a partnership, S corporation, trust or estate may be limited or eliminated by their taxable income. If the business income is generated from a Specified Services Trade or Business as defined by the Code and Proposed Regulations, no Section 199A deduction is available to taxpayers with income greater than $415,000 for joint filers and $207,500 for single filers. For taxpayers who file jointly, the deduction is fully available if their taxable income is $315,000 or. Read More.

New Casualty Loss Rules Under TCJA

When natural disaster strikes, it is of primary importance you ensure your family and loved ones are safe. As you rebuild and recover afterwards, you might face insurance claims and personal loss deductions for the first time. In the wake of Hurricane Florence and other natural disasters that may come our way, it is important to know the latest tax rules for claiming the loss of personal property. The Tax Cuts and Jobs Act (“TCJA”) changes the way personal casualty and theft loss are handled. Prior to the TCJA, you could claim itemized deductions for personal casualty losses that were. Read More.

IRS Extends Upcoming Filing and Payment Deadlines for Victims of Hurricane Florence

Hurricane Florence victims in certain counties of North Carolina now have until January 31, 2019, to file certain individual and business tax returns and make certain tax payments. This relief applies to various tax filing and payment deadlines that occurred starting on September 7, 2018, as specified below. The extension applies to most federal tax returns, including, among others: partnership, S corporation, corporate, individual, estate and trust income tax returns, employment, and certain excise tax returns, that either have an original or extended due date on or after September 7, 2018, and before January 31, 2019. Additionally, taxpayers having an. Read More.

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