IRS Tax News - Trusts and estates are permitted certain deductions The IRS issued proposed regulations to clarify that certain deductions are allowed to an estate or nongrantor trust because they are not miscellaneous itemized deductions. Source: IRS Tax...

Tax Policy - Reducing the Bias Against Long-term Investments Recently, Tax Foundation has been comparing various ways to improve the tax treatment of new capital investments. One of these options is a Neutral Cost Recovery System (NCRS), which reduces the bias...

Tax Policy - Alabama, Missouri Bills Would Exempt CARES Relief from Income Tax Calculation The Alabama Senate is considering legislative language (a substitute to the previously introduced SB 250 tax reform bill) which would exclude the rebate checks provided...

Tax Policy - Gov. Hogan Vetoes Maryland Digital Advertising Tax Legislation This afternoon, Gov. Larry Hogan (R) vetoed a proposed first-in-the-nation digital advertising tax that would have imposed rates of up to 10 percent on digital advertising served to...

IRS Tax News - AICPA proposes broad range of tax relief to aid economic recovery The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic. Source: IRS Tax News - AICPA proposes...