In the first of a three-episode series, Steven Wlodychak, formerly with EY, discusses the creation of the SALT cap deduction by the Tax Cuts and Jobs Act and how states addressed it and other changes. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor
Taxes
In any normal year, an accounting or tax firm is a combination financial expert, compliance high-wire walker, strategist, strategic genius, therapist, and factotum extraordinaire. This is not a normal year. Coming in from the heights are the pandemic and ongoing supply chain issues, labor shortages, tax changes still to be seen from the 2017 code
Tenth Circuit upholding the Tax Court’s ruling in the case of Preston Olsen may signal the revival of a once successful IRS technique for attacking tax shelters. Code Section 183 – Activities not engaged in for profit – is commonly rereferred to as the “hobby loss” rule. That is reasonable in that it seems that
The lame duck Congress will spend the next several weeks arguing over the fate of several key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2021 American Rescue Plan that either have expired or will disappear at the end of this year. A new Tax Policy Center analysis finds that extending
Back in 2016, the U.S. Department of Justice announced it was hitting Deutsche Bank with a $14 billion fine relating to its dealings in mortgage-backed securities. The irregularities occurred years earlier, during the buildup to the 2008 financial crisis. Around the same time, the European Commission announced it was hitting Apple (indirectly) with a tax