Moving Expense Reimbursements Incurred Before 2018 Are Excluded

Tuesday, October 2, 2018

Employer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes. The Tax Cuts and Jobs Act of 2017 ( P.L. 115-97) suspended the exclusion from income for moving expenses reimbursed or paid by an employer for most employees starting in […]

Interim Guidance Provided for Exempt Organizations with Multiple Unrelated Businesses

Tuesday, October 2, 2018

Interim guidance and transition rules have been released regarding the special rule requiring exempt organizations that have unrelated business taxable income from operating more than one unrelated business to calculate the unrelated business taxable income of each trade or business separately and without regard to the specific deduction of $1,000. Background The Tax Cuts and […]

Proposed Regulations Provide Guidance on GILTI Inclusion

Tuesday, October 2, 2018

Much-anticipated proposed regulations provide guidance for U.S. shareholders determining the amount of global intangible low-taxed income (GILTI) to include in gross income. The Tax Cuts and Jobs Act ( P.L. 115-97) enacted Code Sec. 951A, a new current year inclusion that requires U.S. shareholders of controlled foreign corporations (CFCs) to include in gross income the shareholder’s GILTI […]

Proposed Regs. Limit Charitable Contributions Made to Avoid SALT Deduction Limit

Tuesday, October 2, 2018

An individual, estate, and trust generally must reduce the amount of any charitable contribution deduction by the amount of any state and local tax (SALT) credit he or she receives or expects to the receive for the transfer under proposed regulations. The rules will blunt attempts by state and local governments to get around the […]

Discharge Relief Available for Private Student Loan Debtors

Saturday, September 1, 2018

The IRS has provided relief to taxpayers who took out private student loans to finance attendance at a school owned by Corinthian College, Inc. (CCI) or American Career Institutes, Inc. (ACI). Under this guidance, a taxpayer will be able to exclude from gross income the discharged amount of a private student loan taken out to […]