Brady Ware News

IRS Proposes Regs on Allocation/Apportionment of Creditable Foreign Taxes

IRS Has Proposed Regs on Allocation/Apportionment of Creditable Foreign Taxes The IRS recently proposed regulations that provide guidance on the allocation and apportionment of creditable foreign taxes. The regs also cover a variety of other issues, including those related to the foreign tax credit (FTC). Allocation/Apportionment of Deductions The proposed regs address the allocation and…

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SECURE Act Diminishes Stretch IRAs

Stretch IRAs Lose Potency under the SECURE Act The Setting Every Community Up for Retirement Enhancement (SECURE) Act contains a number of favorable provisions that will help Americans save more for retirement. However, the new law also contains an unfavorable provision that will affect nonspouse IRA beneficiaries who inherit accounts with substantial balances. As a…

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Personal Tax Figures for 2020

Important Personal Tax Figures for 2020 The following table provides some important federal tax information for 2020, as compared with 2019. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2020 2019 Social Security Tax Wage Base $137,700 $132,900 Medicare Tax Wage Base No limit No…

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Ohio State and Local Tax Updates January 2020

Nonrefundable credit allowed for campaign contributions of some Columbus city candidates Some tax news in Columbus, Ohio: The city reminds taxpayers that, starting for tax-year 2019, a nonrefundable credit is allowed for contributions of money made to the campaign committee of candidates for Columbus mayor, city attorney, city auditor or city council member. The credit…

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Georgia State and Local Tax Updates January 2020

Manufacturer’s and Telecommunications Investment Tax Credit regulations adopted The Georgia Dept. of Revenue has amended its Manufacturer’s and Telecommunications Investment Tax Credit, effective Jan. 19, 2020, to conform the rule to recent tax law changes. The amended rule provides for new definitions of the terms “project” and “rural county,” sets the maximum amount of the…

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