Back to top

Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

Tax Advisor

More taxpayers qualify for student loan COD relief

Thu, Jan 16, 2020

The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons. ...

IRS issues 2020 standard mileage rates

Thu, Jan 02, 2020

On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts....

Qualified opportunity zone regs. finalized

Fri, Dec 20, 2019

The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs)....

Year-end government spending bill contains many tax provisions

Thu, Dec 19, 2019

The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims....

5th Circuit invalidates health care law’s individual mandate

Thu, Dec 19, 2019

The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero....

New FASB standard aims to simplify accounting for income taxes

Wed, Dec 18, 2019

FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes....

Proposed regs. would govern Sec. 162(m) executive compensation limits

Tue, Dec 17, 2019

The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations....

Final regs. issued on foreign tax credits

Tue, Dec 17, 2019

The IRS officially released final regulations providing guidance on determining foreign tax credits. The regulations include changes necessitated by the law known as the Tax Cuts and Jobs Act....

Guidance issued on payments to charitable organizations

Mon, Dec 16, 2019

The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance....

Partnership capital reporting requirements postponed until 2020

Tue, Dec 10, 2019

The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020)....