IRS Tax News - Taxpayers will file QBI deduction computation with IRS next year The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec....

Tax Policy - Governor Cuomo’s Aggressive Theory of Tax Flight—And Why He’s Wrong About How to Stop It In New York, Governor Andrew Cuomo (D) is staring down a $2.3 billion shortfall, and he thinks he’s identified the culprit: the state and local tax (SALT)...

Tax Policy - Virginia on the Verge of Approving Its First Local Option Sales Tax Virginia is on the verge of creating local option sales tax authority for precisely one jurisdiction, and it’s been flying completely under the radar. Halifax County, population...

Tax Policy - Ready to go on BEPS 2.0? Yesterday, the Organisation for Economic Co-operation and Development (OECD) released a consultation document in connection with its continuing efforts under the Base Erosion and Profit Shifting (BEPS) project Action 1 to...

Tax Policy - Capital Allowances in Europe Although sometimes overlooked in discussions about corporate taxation, capital allowances play an important role in a country’s corporate tax base and can impact investment decisions—with far-reaching economic...

IRS Tax News - Bonus depreciation safe-harbor rules for vehicles issued The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are...