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Thomson Reuters Tax & Accounting News
IRS clarifies effect of suspending personal exemption deductions on certain healthcare provisions
Notice 2018-84, 2018-45 IRB In a Notice, IRS has provided interim guidance clarifying how the suspension of the personal exemption …
Proposed Changes to U.S. GAAP Taxonomy Reflect Standards for Credit Losses, Debt Classification
The FASB’s research staff has floated two changes to the U.S. GAAP financial reporting taxonomy to reflect the disclosure requirements …
IRS reminds certain entities seeking 2018 QI/WP/WT agreements to apply by Nov. 16
Qualified Intermediaries News, Issue Number: 2018-13 (Oct. 17, 2018) In a recent edition of “Qualified Intermediaries News,” IRS issued a …
U.S. Senate bill could give Tesla, GM electric car tax credit boost
By David Shepardson and Tom Brown WASHINGTON (Reuters) – Tesla Inc and General Motors Co, which have lobbied Congress to …
Public Companies Told to Reassess Internal Controls for Protection Against Cyber Threats
The SEC said public companies should examine their internal accounting controls in light of threats to cybersecurity. The SEC investigated …
IRS provides election to allow certain investors to meet diversification requirement
Rev Proc 2018-54, 2018-45 IRB In a Revenue Procedure, IRS has provided guidance and procedural rules for taxpayers that hold …
Disaster victims in Georgia and Virginia, and additional victims in Florida, North Carolina, and South Carolina, qualify for tax relief
IRS has announced on its website that victims of Hurricane Michael in counties of Georgia and victims of Hurricane Florence …
Key 2019 individual tax items as calculated by Thomson Reuters Checkpoint based on inflation data
The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases. These adjustments …
Prop regs would remove receipt-of-advance-payments final reg
Preamble to Prop Reg REG-104872-18; Reg. §1.451-5 Proposed reg; Removal of regs on Advanced Payments for Goods and Long-Term Contracts IRS …
Accounting Guidance for Digital Currencies Appears Low on Board’s Priority List
Accounting questions about digital currency have been on the FASB’s radar since at least June 2017, when a trade group …
Certain IRS payments subject to 6.2% sequestration reduction rate for fiscal year 2019
Certain payments made by IRS in fiscal year (FY) 2019—i.e., Oct. 1, 2018 through Sept. 30, 2019—will be subject to …
Electronic auction system for partnership interests will be qualified matching service
PLR 201840006 In a private letter ruling (PLR), IRS has determined that a platform operated by a corporation, which will …
Who needs Sec. 179 expensing when 100% bonus depreciation is available?
Now that the bonus depreciation rules have been liberalized to allow for 100% writeoffs, and expanded to cover used as …
IRS guidance on the deductibility of meals purchased in an entertainment context
Notice 2018-76, 2018-42 IRB; IR 2018-195, 10/3/2018 In a Notice and accompanying information release, IRS has provided transitional guidance on the …
IRS reminds taxpayers that extended individual return Oct. 15 filing deadline is approaching
IR 2018-194, 10/2/2018 IRS has cautioned the approximately 14 million taxpayers who requested an automatic 6-month extension to file their …
IRS delays due date for Code Sec. 965 basis election until after finalization of proposed regs
Notice 2018-78, 2018-42 IRB In a Notice, IRS has announced that the due date for the basis election described in …
Draft Instructions for 2018 Form 1040 released by IRS
IRS has released the Draft Instructions for the 2018 Form 1040. The new draft version of the 2018 Form 1040 …