AICPA Tax Insider.2020.01.23: Dealing with info return penalties; the business meal deduction after TCJA and more




The business meal expense deduction after the TCJA By Claire Y. Nash, CPA, Ph.D., and James Parker, J.D., M.L.T. The IRS has issued guidance on whether business meal expense deductions continue to be deductible, which can be relied on as substantial authority until proposed regulations are issued. Here’s an explanation of the conflicting interpretations of the deduction after the TCJA and what the IRS guidance says.      
More taxpayers qualify for student loan COD relief The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
  Information return penalties: How to avoid or contest them By Guinevere Moore, J.D. Receiving correct and timely information returns is essential to tax compliance, so the penalties imposed for failing to file correct or timely returns are severe. Find out how to avoid incurring the penalties, and how they can be contested if the IRS imposes them.      
Prop. regs. address eliminating LIBOR, other interbank-offered rates By Lena Y. Hines, J.D., LL.M., Lee Holt, Tyler L. Arbogast, J.D., and Michael Yaghmour, J.D. To prepare for the impending phaseout of the London Interbank Offered Rate and other similar rates by the end of 2021, the IRS has issued proposed regulations explaining the tax issues that arise from the use of the new required interest rates in debt interests and other contracts.
Tax Court shoots down finder’s fee deduction By James A. Beavers, CPA, CGMA, J.D., LL.M. A plastic products manufacturer was not permitted to take a deduction for a finder’s fee paid to a financial advisory firm that the manufacturer paid on behalf of an institutional investor that acquired the manufacturer.  
    The impacts of digital filing and collection of tax In this podcast, Androulla Soteri, global head of tax at Baker Tilly International, offers a progress report on the UK’s Making Tax Digital program and other countries’ digital filing and collection of tax.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s