News & Analysis as of

Recordkeeping Requirements Tax Deductions

Whiteford

Employment Law Update: New Overtime Tax Law Increases Employer Recordkeeping Obligation

Whiteford on

The Administration’s “Big Beautiful Bill” includes a new overtime tax provision, broadly described as “No Tax on Overtime.” More accurately, the Bill allows an employee tax deduction of a portion of overtime payments, up to a...more

Fisher Phillips

Employers Must Meet Federal Prevailing Wage and Apprenticeship Requirements to Earn New Tax Credits and Deductions

Fisher Phillips on

Federal officials recently outlined prevailing wage and apprenticeship requirements that projects need to adopt if they want to take advantage of the enhanced tax credits and deductions created by the Inflation Reduction Act...more

Womble Bond Dickinson

How to Make Charitable Contribution Deductions Vanish in to Thin Air – a Review of the Charitable Contribution Substantiation...

Womble Bond Dickinson on

On July 27, 2018, the Treasury issued final regulations regarding substantiation requirements for cash and noncash charitable contributions. T.D. 9836 (2018). The final Regulations reflect amendments to Section 170 of the...more

Proskauer - Tax Talks

Proposed Rental Business Safe Harbor under Section 199A

Proskauer - Tax Talks on

On January 18, the Internal Revenue Service (“IRS”) and the U.S. Department of the Treasury issued final regulations (the “Final Regulations”) on the “pass through” deduction under section 199A of the Internal Revenue Code...more

Fenwick & West LLP

New 162(m) Guidance: IRS Notice 2018-68 Clarifies Scope of Tax Reform and Transition Rules

Fenwick & West LLP on

Section 162(m) of the Internal Revenue Code denies a tax deduction to a public company for compensation paid to certain individuals—called “covered employees”—to the extent that the compensation paid to such individual...more

Farella Braun + Martel LLP

Protect Your Charitable Deduction Recently Issued Final Regulations Affect Substantiation Requirements

Charitable donors expecting an income tax deduction must obtain, maintain, and in some cases provide to the IRS specific documentation to substantiate their donation. Donors should pay careful attention to these...more

Ruder Ware

Using the Right Entity is Key to Successful Agribusiness

Ruder Ware on

Are you using the right business entity for your farm or other agribusiness? I have worked with too many clients who have paid additional tax dollars or have been unable to achieve their succession planning goals due to their...more

Foodman CPAs & Advisors

Claiming Vehicle Expenses… Keep a Record!

Foodman CPAs & Advisors on

Recently, a CPA lost his own business automobile deduction case in the U.S. Tax Court. The CPA had deducted business automobile expenses based on calculations from an after the fact MapQuest and not a contemporaneous diary...more

Farella Braun + Martel LLP

Protection and Goodwill – Documenting Charitable Contributions in the Eyes of the IRS

April 15th is just around the corner, and every year clients ask us what paperwork is needed to document charitable contributions. As a reminder, the IRS allows you to deduct up to 50% of your adjusted gross income donated...more

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