Monthly Archives: May 2019

IRS Guidance on Determining Amount of Taxable State Tax Refund

IRS Guidance on Determining Amount of Taxable State Tax Refund The IRC section 164(b)(6), adopted as part of the Tax Cuts and Jobs Act, limits an individual’s deduction for the total amount of state and local taxes paid during the calendar year to $10,000 for joint filers.  Many taxpayers have experienced the ill impact this…
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FASB’s Proposal to Simplify Accounting for Income Taxes

FASB’s Proposal to Simplify Accounting for Income Taxes On May 14, 2019, the FASB proposed Accounting Standards Update (ASU) to simplify accounting for income taxes.  The proposed ASU would remove certain exceptions to the general principles in ASC Topic 740, Income Taxes, as summarized below: The removal of the exception to the incremental approach for…
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  • IRS Guidance on Determining Amount of Taxable State Tax Refund

    IRS Guidance on Determining Amount of Taxable State Tax Refund The IRC section 164(b)(6), adopted as part of the Tax Cuts...
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