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IRS cuts entertainment tax break Trump now favors, amid virus

The Internal Revenue Service issued guidelines Wednesday scaling back a tax break for client entertainment, following through on an element of President Donald Trump’s 2017 tax overhaul that he has said he wants to reverse amid the virus pandemic.

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IRS finalizes regulations for estates and non-grantor trusts

The Internal Revenue Service released final regulations Monday to offer guidance on deductions for estates and non-grantor trusts, clarifying that certain deductions aren’t to be considered miscellaneous itemized deductions.

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IRS adds marijuana industry page to website

The Internal Revenue Service has added a page to its website aimed at the marijuana industry to inform cannabis business owners about their tax compliance responsibilities.

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IRS updates per diem rates for 2020-2021

The Internal Revenue Service issued the special daily rates that taxpayers can use to substantiate the amount of expenses they can deduct for lodging, meals and incidental expenses.

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IRS finalizes regs on BEAT for multinationals

The Internal Revenue Service released final regulations for the base erosion and anti-abuse tax that is supposed to discourage multinational corporations from shifting profits overseas.

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IRS offers relief to fishing and archery equipment makers

The Internal Revenue Service is giving extra time to companies that make and sell sport fishing and archery equipment to file and pay their excise taxes due to the novel coronavirus pandemic.

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