Final guidance is available for decedent’s estates and non-grantor trusts on the treatment of certain deductions. The Tax Cuts and Jobs Act prohibits individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for...

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You don’t need to renew an expiring Individual Taxpayer Identification Number (ITIN), if you won’t be filing a tax return or claim for refund. But, in the future, if you file a U.S. tax...

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Final regulations clarify that the premium tax credit isn’t affected by the suspended personal exemption. The IRS has issued an advance copy of final regs stating that the reduction of the personal exemption deduction...

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The IRS has issued final regulations for taxpayers who claim the rehabilitation credit. For qualified rehabilitation expenditures paid or incurred after 12/31/17, the Tax Cuts and Jobs Act (TCJA) amended the credit so that,...

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How does the tax code define “dependent” for tax purposes? The IRS has finalized the definition based on changes brought by the Tax Cuts and Jobs Act (TCJA) for tax years 2018 through 2025....

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The IRS has issued the 2020–2021 business travel per diem rates for substantiating employee business expenses, including lodging, meals and incidental expenses. The Meal and Incidental Expense (M&IE) rates for the transportation industry remain...

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The IRS has postponed, until Jan. 15, 2021, the due date for reporting and paying the excise taxes on minimum required contributions to a single employer defined benefit plan. The tax is imposed on...

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Do you earn income that isn’t subject to tax withholding? Small business owners, self-employed people, taxpayers who are part of the gig economy and certain others may be required to make quarterly estimated tax...

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