IRS Releases Draft 2019 Form 1040 with Fewer Schedules and New Form 1040-SR
The IRS released a new draft of Form 1040, U.S. Individual Income Tax Return, for the 2019 tax year that reduces the schedules in the…
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SECURE Act Would Eliminate Stretch IRAs
The SECURE Act as passed by the House of Representatives would replace the 5-year distribution rule for inherited IRAs with a 10-year rule. It would…
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Revised Draft Form W-4 Acknowledges Privacy Concerns, but Remains Complex
The IRS has revised its controversial draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate. When first released, the form faced controversy over: complexity;…
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Form 1099-NEC Revived for Separate Reporting of Nonemployee Compensation
Form 1099-NEC, Nonemployee Compensation, is expected to return in 2020 after a 38-year absence. Taxpayers will use the form to report certain payments currently reported…
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“Audit Talks – LIVE” Virtual Conference Helps Auditors Take Advantage of the Rapid Changes to Their Profession
Top of mind topics for auditors today During a recent two-day “Audit Talks – LIVE” virtual conference, experts from the Tax & Accounting division of…
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Use new tax events to help grow revenue and increase client satisfaction
The accelerating pace of regulatory change can leave tax and accounting professionals overwhelmed as well as confused about how to best to serve clients. However,…
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State Tax Treatment of Corporate Capital Gains and Losses
Most states tax corporate capital gains and losses in the same manner as under federal law. But several states differ on the deductibility of capital…
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How Corporate Capital Gains and Losses Are Reported and Taxed
Capital gains and losses of corporations are subject to special reporting, computation, and carryover rules that do not apply to other types of corporate income…
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Can States Tax Income From Out-of-State Trusts?
The U.S. Supreme Court ruled in North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust that states cannot tax the income…
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What Fuels Gas Taxes?
A lifeline to new infrastructure? Gas taxes have often been considered something of an integrated ‘user fee’ to pay for construction and repair of US…
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