The loans may be recharacterized as compensation, which can trigger unexpected income and payroll taxes for the doctor.
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A recent Tax Court case provides a cautionary tale for taxpayers who rely on do-it-yourself tax preparation software.
This article examines the PATH act provisions and other developments favorable for taxpayers.
This column provides tax preparers an outline of questions to ask clients when evaluating roof repair costs.
The government can impose a 100% trust fund recovery penalty on “responsible persons” who were required to pay over the money or who controlled the funds.
This column discusses AB trusts and ABC trusts.
This article discusses how excise tax changes may affect your business and what you can do to ensure tax compliance and avoid potential penalties.
This column discusses IRS notices and how taxpayers should react to them.
Most states that have a personal income tax have a function whereby the taxpayer can file as a full-year resident, a partial-year resident, or a nonresident.
Cryptocurrency has gone mostly unregulated, but Coinbase could be just the first of many IRS targets.
A stock protection fund may be helpful to some investors.
Clients who wish to have income from services be treated as income of their corporations should have revise independent contractor agreements so that payments are made to their corporations.
Nonresident filers can now file their 2016 Form 1040NR electronically.
This column examines two U.S. Tax Court cases addressing profit motive.
This article discusses why deployed troops who are in harm’s way are getting less benefit from the EITC, how it affects their households, and a simple solution to the problem.
Tax-loss harvesting offers the potential for significantly increased after-tax returns.
Nevada, once viewed as a “tax-friendly” state, implemented a $1.5 billion tax plan to fund its education system.
Companies should develop plans to ensure both tax and financial reporting compliance.
Cloud-based preparation and filing reduces the burden and streamlines the overall process.
This article highlights a few ASC Topic 740, Income Taxes, tax matters companies have missed or overlooked in tax provisions.