Rev. Proc. 2018-25 provides guidance and tables to assist in determining depreciation for passenger automobiles after tax law changes.
U.S. Supreme Court hears oral arguments on challenge to Quill’s sales tax physical presence nexus standard; decision expected in June.
Corporations calculating blended rate federal income tax liability for an affected fiscal year can refer to Notice 2018-38.
Taxpayers and practitioners should note several new developments with respect to CRS as they ready for the FATCA/CRS reporting season.
The TCJA established Opportunity Zones for taxpayers to invest proceeds from property sales in a fund to defer capital gains tax.
Eligible businesses may subtract certain property, payroll and sales from apportionment factors to reduce state taxable income.
Notice 2018-35 lets taxpayers follow Rev. Proc. 2004-34 until new regulations are issued to implement section 451(c) rules.
Taxpayers with foreign income face complex filing requirements and IRS reminds filers of certain pitfalls they should avoid.