The Tax Cuts and Jobs Act (TCJA) imposes a transition tax on untaxed foreign earnings of foreign subsidiaries of U.S. companies by deeming those earnings to be repatriated. Certain corporations must now increase their subpart F income by the amount of their deferred foreign income. Code Sec. 965, enacted as part of the TCJA, contains […]
Passports are issued by the State Dept., not the IRS. But a 2015 law requires the IRS to notify the State Dept. of taxpayers having “seriously delinquent tax debt,” generally defined as tax debt exceeding $50,000 and for which a lien has been filed (for tax years beginning after Jan. 1, 2016). Unless exceptions apply, […]
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of […]
While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 deduction, commonly referred to as the “manufacturers’ deduction.” When it’s available, this potentially valuable tax break can be claimed by […]
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