Proposed Regs Provided for Code Sec. 163(j) Limit
The IRS has proposed regulations on the limitation on the business
interest expense deduction under Code Sec. 163(j), as amended by
the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has
Deductions Denied to Medical Marijuana Dispensary
A nonprofit corporation that operated a medical-marijuana
dispensary legally under California law was not allowed to claim
deductions for business expenses on its federal return. Code Sec.
2019 Standard Mileage Rates Released
The IRS released the optional standard mileage rates for 2019. Most
taxpayers may use these rates to compute deductible costs of
operating vehicles for:...
Proposed Regs Address Foreign Tax Credit Changes
Highly anticipated foreign tax credit regulations have been issued
that provide guidance on the significant changes made to the
foreign tax credit rules by the Tax Cuts and Jobs Act ( P.L.
Guidance on 2019 Withholding Rules
The IRS has provided interim guidance for the 2019 calendar year on
income tax withholding from wages and withholding from retirement
and annuity distributions. In general, certain 2018 withholding
Committed to Fulfilling Your Accounting Needs
Grossman & Grossman LLP is a full-service tax and accounting firm located in Albany, New York. Founded in 1985, Grossman & Grossman is committed to delivering the highest quality tax, accounting and advisory services to individuals and businesses. Our firm is comprised of experienced accounting professionals dedicated to providing superior work and exceptional service. We strive to be your trusted business advisors and to serve you in achieving your accounting and financial goals.
Please feel free to contact us with any questions you may have. We pride ourselves on being proactive and responsive to our prospective and existing clients' needs.