Tax

The IRS has issued proposed regulations clarifying the definition of a qualifying relative for various tax benefits for tax years 2018 through 2025 in which the dependent exemption amount is zero

Proposed regulations provide guidance regarding the elimination of the deduction for expenses related to qualified transportation fringe benefits (QTFs) provided to an employee

This article is reproduced with permission from Spidell Publishing, Inc

The Treasury Department and the IRS have released a proposed redesigned partnership form for tax year 2021 (filing season 2022)

The U.S

On June 4, 2020, the IRS announced new Opportunity Zone Compliance guidelines, which provides broad relief for several opportunity zone compliance requirements

Due to the COVID-19 outbreak, the IRS has provided increased flexibility with respect to: 2020 mid-year elections under Internal Revenue Code (IRC) Section 125 cafeteria plan related to employer-sponsored health coverage, health Flexible Spending Arrangements (health FSAs), and dependent care assistance programs; and grace periods to apply unused amounts in…

The IRS has released proposed regulations clarifying that the following deductions allowed to an estate or non-grantor trust are not miscellaneous itemized deductions: Costs paid or incurred in connection with the administration of an estate or non-grantor trust that would not have been incurred if the property were not held…

This article is reproduced with permission from Spidell Publishing, Inc