Main Street Practitioner Blog

Tax and Accounting News for Practitioners from Main Street to Wall Street

  • The rehabilitation tax credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition rule:  The credit is 20 percent of the taxpayer’s qualifying costs for rehabilitating ...

  • Hurricane Michael victims in parts of Florida and elsewhere have until Feb. 28, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any Major Disaster Declaration area designated by ...

  • The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or ...

  • The US Court of Appeals for the DC Circuit today upheld the IRS Annual Filing Season Program, finding that the IRS had the legislative authority to develop and implement the Program under existing statute. The challenge to the Program was brought by the AICPA, which argued that the AFSP should be ...

  • Notice 2018-64 proposes a revenue procedure that provides guidance on methods for calculating W-2 wages for purposes of section 199A of the Internal Revenue Code (Code) and proposed §§ 1.199A-1 through -6 of the Income Tax Regulations (26 CFR part 1) which are being published contemporaneously.   ...

  • The IRS released the long-awaited guidance for 199-A, Qualified Business Income (QBI), this morning. This release contains proposed regulations concerning the 20% QBI deduction that impacts small businesses, individuals, partnerships, trusts and estates, and S-corps involved in domestic trades or businesses. ...

  • The Internal Revenue Service and Department of the Treasury today announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans . Notice 2018-58 , addresses a change included in the 2015 Protecting Americans From Tax Hikes (PATH) ...

  • More than $31,000 awarded to 25 Students Nationwide The National Society of Accountants (NSA) Scholarship Foundation has awarded 25 students scholarships to continue their college education. Combined, NSA scholarships for 2018 totaled $31,200. Since its inception in 1969, the NSA Scholarship Foundation ...

  • Today, during a meeting at the IRS, the head of the IRS Tax Reform Office told NSA EVP John Ams that the 199A regulations will be released in mid-July. In addition to the expected release date, EVP Ams was also informed that the regulations would be delivered in proposed form, subject to comments and ...

  • Treasury Secretary Mnuchin announced the department will unveil a new Form 1040, U.S. Individual Income Tax Return, next week that will come in the shape of a postcard  “as promised.” In the lead-up to the passage of the 2017 tax act ( Pub. L. No. 115-97 ), Republicans vowed that the tax code revamp ...

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