Tax regulations

The Internal Revenue Service has proposed guidance on the new partnership audit regime that promises to make it easier for firms, if not all their partners, but with some extra complications added by the new tax reform law.

Some taxpayers may be able to claim losses on 2016 returns.

The IRS has guidance for taxpayers who suffered under Harvey, Maria and Irma.

The Internal Revenue Service released revised guidance Thursday extending its relief for certain partnerships, real estate mortgage investment conduits, and other organizations that didn’t file the necessary returns by the new due date for tax years beginning in 2016.

The Internal Revenue Service released on Thursday the 2018 optional standard mileage rates that taxpayers and tax professionals can use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The Internal Revenue Service has issued a notice providing more time for partnerships, real estate mortgage investment conduits and some other types of businesses to file their returns.

A new revenue procedure provides a safe harbor allowing taxpayers to deduct costs for fixing deteriorating foundations.

Hurricanes Harvey, Irma and Maria, and the recent wildfires in California have affected millions of people and led to an outpouring of charitable gifts and donations, including contributions from businesses with employees in the path of the disasters.

The document consolidates the 429 page proposed plan into an easy to read highlights reel.

Who would the changes help — and hurt? Baird’s director of advanced planning weighs in.