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November 17, 2020

Social Security Wage Cap and Benefit Amounts Increase for 2021
For 2021, the Social Security tax wage cap will be $142,800, and Social Security and Supplemental Security Income (SSI) benefits will increase by 1.3 percent. These changes reflect cost-of-living adju...

IRS Finalizes 100 Percent Bonus Depreciation Regulations
The IRS has adopted previously issued proposed regulations ( REG-106808-19) dealing with the 100 percent bonus depreciation deduction. In addition, some clarifying changes have been made to previousl...

Final Regulations Reflect TCJA Changes to Entertainment and Meal Deductions
Final regulations reflect the significant changes that the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) made to the Code Sec. 274 deduction for travel and entertainment expenses. These regulations f...

Final Regulation Addresses Tax Withholding on Certain Periodic Retirement and Annuity Payments
The IRS has issued a final regulation addressing tax withholding on certain periodic retirement and annuity payments under Code Sec. 3405(a), to implement amendments made by the Tax Cuts and Jobs Act...

IRS Issues Final Regulations on Wage Withholding, Redesigned W-4
The IRS has issued final regulations that provide guidance for employers on federal income tax withholding from employees’ wages....

Final Regulations Released on Qualified ABLE Programs and Accounts
The Treasury and IRS have released final regulations that provide guidance for Achieve a Better Living Experience (ABLE) programs under Code Sec. 529A to help eligible individuals pay for qualified ...

Final Regulations Clarify Deductions Allowed to Estates, Non-Grantor Trusts
The IRS has released final regulations clarifying that the following deductions allowed to an estate or non-grantor trust are not miscellaneous itemized deductions....

Final Regulations on Foreign Person’s Transfer of Partnership Interest
The IRS has issued final regulations that address the gain or loss of certain foreign persons on the sale or exchange of an interest in a partnership that is engaged in a trade or business in the Unit...

How Do I? Get back start-up expenses in starting a business as quickly as possible
The American Jobs Creation Act of 2004 (2004 Jobs Act) changed the rules for start-up expenses in both favorable and unfavorable ways. Start-up expenditures are amounts that would have been deductible...

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