Tax regulations

There’s bad news for companies that may have accidentally overpaid this year’s "repatriation" taxes on foreign profits: they won’t be getting a refund.

The American Institute of CPAs said it supports new legislation that would regulate tax return preparers.

The Treasury Department and the Internal Revenue Service proposed regulations Friday to increase and expand the first-year depreciation deduction for qualified property from 50 to 100 percent, carrying out a provision of the Tax Cuts and Jobs Act.

The service is showing signs that it’s planning to issue regulations on the deductibility of expenses for estates and trusts in the wake of the new tax law.

President Donald Trump’s nominee for chief counsel of the Internal Revenue Service briefly advised the future president’s real estate company on a tax question several years ago.

The American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service and the Treasury Department about the impact of last December’s tax code overhaul on accounting method changes for small businesses.

Many tax-exempt groups that participate in politics will no longer be required to disclose their donors to the Internal Revenue Service, the Treasury Department said.

U.S. Treasury Department rules outlining which businesses structured as S corporations, partnerships and limited liability companies can claim a 20 percent tax deduction are likely to be delayed until the end of July, according to a senior administration official.

In many cases, the profitable sale of a second home will result in a tax-favored capital gain.

Despite the uptick in interest rates, an improved economy may lead to a resurgence of interest in vacation or second homes.