Grab these tax breaks before they disappear

Wednesday, January 25, 2017

Some tax deductions and credits may be traded for lower overall rates in the reform plans of the Trump administration and the Republican congressional leadership, so tax preparers may want to make sure their clients make the most of them now, recommends tax research and software provider Wolters Kluwer.

With that in mind, the company assembled the following primer of “need-to-know” deductions and tax credits. (

A text-only version of this is available at "Tax breaks to look out for."

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(Original source: link)

Distribution by former S corporation is part dividend

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In Rev. Rul. 2019-13, the IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution. The company involved was originally a C c…

IRS changes maximum-vehicle-value rule

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The IRS intends to revise its regulations to make them consistent with the recent statutory changes to the automobile price inflation adjustment in Sec. 280F(d)(7), which affect the vehicle value that applies when valuing employees’ personal use of employer-provided vehicles (Notice 20…