Common sense and reasonable cause for IRS penalties
One of the biggest, yet most misunderstood, penalty defenses is that a tax position was based on reasonable cause and the taxpayer acted in good faith.
Tax Insider Articles
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2020 employer opportunities: Give more while spending less
This article focuses on two opportunities beneficial to both employers and employees: (1) Sec. 139 disaster relief payments and (2) Sec. 127 educational assistance payments.
Another alert for IRAs investing in master limited partnerships
This article discusses what is needed to help clients who have an IRA invested in PTPs pay the correct amount of tax.
Tax incentives for college students: Part 2
This second of a two-part article discusses the taxability of scholarships and who gets the deduction for repaying the student loans.
Tax incentives for college students: Part 1
This article examines planning issues when a student is a young child whose parents are saving for college and when the student is a young adult paying for college.
R&D tax credits: A valuable cash infusion for businesses
R&D tax credits can be a very effective and controllable way for businesses to replenish valuable dollars spent on new and innovative products or processes.
An update on like-kind exchanges
Recently issued proposed regs. are generally good news for property owners with plans to make Sec. 1031 exchanges.
Quiz: Like-kind exchanges
This quiz tests your knowledge of the like-kind exchange rules.
Top 10 business income tax planning ideas for the pandemic
Right now, some basic tax planning ideas can make a significant difference in reducing income tax, thereby increasing cash flow and even creating tax refund opportunities.
IRS provides temporary relief from audit and collection activities
The People First Initiative provides taxpayers relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.
3 common misconceptions about defined benefit plans
There are choices in setting up a plan, and the plan sponsor should understand the advantages and disadvantages of different plan design choices.
Quirks spurred by COVID-19 tax relief
This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.
District Court lowers penalties for Form 3520 nonfiling to zero
The ruling provides guidance by a federal district court on the application of the civil penalties for unfiled Forms 3520 for foreign trusts.
Inherited IRA strategies after the SECURE Act
This article discusses alternatives to the stretch IRA.
Quiz: Individual income tax rates in the modern era
The Revenue Act of 1913 ushered in the modern era of federal income taxation. How much do you know about changes in income tax rates since then?
Lawmakers propose tax changes for virtual currency
Members of Congress have introduced a bill that would provide a de minimis exemption for personal transactions where the gains are less than or equal to $200.
Maximizing deductions on like-kind exchanges using cost segregation
This article will help practitioners understand how to maximize accelerated deductions by examining Sec. 1031 exchange rules and how they are affected by cost segregation studies.
Choosing which tax return to file when married taxpayers own a business
Filing rules for businesses owned by spouses contain several exceptions to the partnership filing rules, and this article discusses when the exceptions apply, how to implement them, and if they are worth the effort to elect.
Foreign gifts: A common example of undisclosed foreign transactions
Here’s what may happen when a foreign gift has not been disclosed.
SECURE Act changes rules to encourage retirement savings
The act contains changes to existing law, mostly designed to encourage retirement savings and to make it easier for employers to offer retirement plans.
