Brady Ware News

Earned Income Exclusion Disqualification

Military Contractor in Afghanistan Didn’t Qualify for Earned Income Exclusion The U.S. Tax Court has held that an aircraft captain for a military contractor wasn’t entitled to exclude income that he earned working in Afghanistan. It found that for tax purposes, his “abode” was within the U.S. during his deployment. In TC Summary Opinion 2018-52,…

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DOL Pitches Auto-Portability Program to Preserve Retirement Savings

DOL Pitches Auto-Portability Program to Preserve Retirement Savings The U.S. Department of Labor (DOL) is advancing a proposal that would enable 401(k) plan sponsors to automatically transfer account balances up to $5,000 of former participants who have left the company. The amounts would be transferred to the 401(k) plan of an employee’s new employer. Assets…

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Overview of Real Estate Depreciation Changes

Overview of Real Estate Depreciation Changes The Tax Cuts and Jobs Act (TCJA) included several favorable changes to the federal income tax depreciation rules for real estate. However, one intended change didn’t make it into the statutory language, and there are some potential pitfalls to avoid. Here’s what real estate investors need to know. Bonus…

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IRS: Certain Exceptions on Transfer Agreements

IRS Offers Guidance on Certain Exceptions on Transfer Agreements The IRS has updated Questions and Answers (Q&As) regarding the Code Sec. 965 transition tax on its website. The new Q&As provide guidance on “transfer agreements,” which are filed in connection with transfers that are intended to avoid accelerating installment payments or triggering deferred tax liability…

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IRS: How to Report W-2 Scams

IRS Tells Employers How to Report W-2 Scams The IRS is explaining, in a recent release, what employers should do if they become the victim of a W-2 scam. Background Information Any employer could become the target of a W-2 scam. In recent years, these scams have become one of the more dangerous e-mail crimes…

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