News & Publications
Understanding the new Sec. 199A business income deduction
By Tony Nitti, CPA
April 1, 2018
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With the enactment of legislation known as the Tax Cuts and Jobs Act (the Act)1 on Dec. 22, 2017, a new provision of the Internal Revenue Code was born: Sec. 199A, which permits owners of sole proprietorships, S corporations, or partnerships to deduct up to 20% of the income earned by the business. The motivation for the new deduction is clear: to allow these business owners to keep pace with the significant corporate tax cut also provided by the Act.
IRS issues guidance on withholding for 2019
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By Sally P. Schreiber, J.D.
November 27, 2018
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The IRS on Tuesday said that the withholding rules in effect for 2018 will remain in effect for 2019. In September, the IRS announced that the 2019 version of Form W-4, Employee’s Withholding Allowance Certificate
Proposed Regs. outline new business interest expense limitation
By Sally P. Schreiber, J.D.
November 27, 2018
In REG-106089-18, the IRS proposed rules that would govern the new business interest limit in Sec. 163(j), as amended by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. The IRS also asked for comments on all aspects of the proposed regulations by 60 days after they are published in the Federal Register and plans to hold a hearing on Feb. 25, 2019, in Washington.
Proposed foreign tax credit regulations issued
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By Sally P. Schreiber, J.D.
November 29, 2018
The IRS on Thursday proposed rules for the allocation and apportionment of expenses for purposes of determining the limitation on the foreign tax credit to reflect changes to the law made by the Tax Cuts and Jobs Act (TCJA), P.L. 115-97 (REG-105600-18)
Accounting method change procedures for book-tax conformity rule
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By Sally P. Schreiber, J.D.
November 30, 2018
The IRS has provided procedures (Rev. Proc. 2018-60) under which a taxpayer may obtain automatic consent to change a method of accounting to comply with Sec. 451(b), as amended by the law known as the Tax Cuts and Jobs Act, P.L. 115-97