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Which Expenses are Deductible in 2020

In our very long and complex tax code, tax deductions come in all shapes and sizes, and have a lot of sticky rules attached to them. For example, business expenses must be ordinary (common and accepted in an industry) and…
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IRS provides tax inflation adjustments for tax year 2020

IR-2019-180, November 6, 2019 WASHINGTON — The Internal Revenue Service today announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 (PDF) provides details about these…
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Defining ‘Reasonable Compensation’ under the Tax Code

By  Linda Campbell, PhD, CPA, CGMA, Pamela C. Smith, PhD and Kasey Martin, PhD, CPA, CIA October 2019 Issue, Featured |  October 2019 In Brief Corporate tax deductions for executive compensation are a contentious topic, governed as they have been by the tax code’s nebulous use of…
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SALT tax-cap challenge thrown out

Four states in the eastern U.S. lost a legal challenge to a provision of the 2017 Tax Cut and Jobs Act that limited write-offs for state and local taxes, as a federal judge threw out a lawsuit seeking to block the cap.