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IRS provides guidance to financial institutions on reporting required minimum distributions for 2023. IRS reveals procedures for paper and computer generated substitutes for various forms. IRS shares procedure for certified professional employer organization application.
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 27, 2023 – March 31, 2023...
Where individual, corporate, and passthrough entity taxation meet By Mo Bell-Jacobs, J.D.; Bridget McCann, CPA; and Steve Wlodychak, J.D., LL.M. Related Editor: Bridget McCann, CPA By now, most practitioners are well aware of the annual limitation enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, in 2017 that limits the amount of state and local taxes individuals can deduct for federal income tax purposes to not more than $10,000 ($5,000 in the case of a married individual filing a separate return) (the SALT cap). 1 No doubt most are also aware of the ensuing legi...