The Internal Revenue Service (IRS) has released guidance providing that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 partnership tax years, but will first apply to 2020 par...

The Internal Revenue Service (IRS) has released new proposed rules related to charitable contributions made to get around the $10,000/$5,000 cap on state and local tax (SALT) deductions. The proposed regulations include: incorporate the safe harbor i...

The Internal Revenue Service (IRS) finally issued the optional standard mileage rates for 2020 used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Doeren Mayhew has outlined the upda...

When most people think of research and development (R&D), they tend to think of technicians in a lab creating brand-new, state-of-the-art products. R&D takes place in many different fields, including manufacturing. The Internal Revenue Servic...

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of ...

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to ti...

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax ...

The 2018 tax compliance season brought many challenges to both taxpayers and tax practitioners due to tax reform. Yet, some new regulations, such as those related to negative tax capital accounts, didn’t get the attention they likely should have ca...