Proposed Regs Provided for Code Sec. 163(j) Limit
The IRS has proposed regulations on the limitation on the business
interest expense deduction under Code Sec. 163(j), as amended by
the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has
Deductions Denied to Medical Marijuana Dispensary
A nonprofit corporation that operated a medical-marijuana
dispensary legally under California law was not allowed to claim
deductions for business expenses on its federal return. Code Sec.
2019 Standard Mileage Rates Released
The IRS released the optional standard mileage rates for 2019. Most
taxpayers may use these rates to compute deductible costs of
operating vehicles for:...
Proposed Regs Address Foreign Tax Credit Changes
Highly anticipated foreign tax credit regulations have been issued
that provide guidance on the significant changes made to the
foreign tax credit rules by the Tax Cuts and Jobs Act ( P.L.
Guidance on 2019 Withholding Rules
The IRS has provided interim guidance for the 2019 calendar year on
income tax withholding from wages and withholding from retirement
and annuity distributions. In general, certain 2018 withholding
How the IRS resolves an identity theft case
The IRS has responded to criticism from the Treasury Inspector
General for Tax Administration and the National Taxpayer Advocate,
among others, that resolution of identity theft accounts takes too
Committed To Helping You Achieve Your Financial Goals
At Hess & Leib, we provide a wide range of financial services to individuals and businesses in a variety of industries. Our mission is to help clients prosper in the present, while taking a proactive approach to achieve their future goals.
We pride ourselves on giving you personalized experience through our expert service for all your financial needs. We have included useful resources such as informative articles and an interactive financial calculator to help get you started.
Owe the IRS? We can help you with that through our Strategic Offer Solutionsdivision! Our specialties involve handling the IRS directly, giving you the best advantage and, more importantly, an improved solution through the offer in compromise. Offer in compromise allows you to settle your tax debt for less than the full amount you owe. It can be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship.
Our online profile is designed as a helpful resource tool to you, our valued clients and visitors. Please feel free to contact us with any questions or comments you may have - we would love to hear from you!