Cents-per-mile & fleet average Fair Market Value maximums for 2019

IRS has announced that the 2019 inflation-adjusted maximum fair market values (FMVs) for employer-provided vehicles, the personal use of which can be valued for fringe benefit purposes at the mileage allowance rate (58¢ per mile for 2019). For 2019, the FMV can’t exceed $50,400 (was $50,000 for 2018). In addition, the 2019 maximum fleet-average vehicle …

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No SALT Workarounds

Final regulations shoot down states’ SALT limitation workaround. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) limits an individual taxpayer’s annual SALT (state and local tax) deductions to a maximum of $10,000, with no carryover for taxes paid in excess of that amount. (The SALT deduction limit doesn’t apply to property taxes …

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AICPA requests immediate guidance from IRS and Treasury Department on deduction for qualified business income of pass-through entities

March 22, 2018The American Institute of CPAs (AICPA) requested immediate guidance from the Internal Revenue Service (IRS) and U.S. Department of the Treasury on various issues regarding section 199A of the new Internal Revenue Code, the deduction for qualified business income (QBI) of pass-through entities. “Taxpayers and practitioners need clarity regarding QBI in order to …

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