Tax Cuts and Jobs Act

The Internal Revenue Service’s Large Business & International Division has announced another compliance campaign, its 64th such campaign since the first set of campaigns was unveiled in 2017. This latest
Continue Reading Internal Revenue Service’s LB&I Division Announces Compliance Campaign Focused on TCJA

The Internal Revenue Service announced today that it will waive the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of
Continue Reading Internal Revenue Service Announces It Will Waive 2018 Estimated Tax Penalties for Many Taxpayers

Our colleague James W. Minorchio has written a client alert about recent Internal Revenue Service guidance that clarifies when meals or drinks will be allowed as a deductible business expenses
Continue Reading IRS Says Business Meals Remain Deductible, But Cannot Be ‘Lavish’ or Mixed With Entertainment Costs

The States of New York, Connecticut, Maryland, and New Jersey filed a federal court lawsuit this week challenging the constitutionality of the new $10,000 cap on the federal tax deduction
Continue Reading Four States File Lawsuit Seeking to Invalidate New Federal Cap on State and Local Tax Deduction

Today the Internal Revenue Service notified taxpayers that it will soon be issuing regulations addressing the deductibility of state and local tax payments for federal income tax purposes. The IRS
Continue Reading IRS Cautions Taxpayers Regarding Efforts to Bypass New State and Local Tax Deduction Caps