Sorting the tax consequences of settlements and judgments
This article discusses issues taxpayers should consider during a litigation or arbitration process.
Tax Planning; Tax Minimization
Achieving a better life experience (ABLE) accounts rules finalized
Eligible individuals with disabilities received IRS guidance on rules regarding tax-favorable ABLE accounts to save money to meet qualified disability expenses.
Capitalized IPO costs are nondeductible after take-private transaction
The treatment of stock issuance costs continues to be governed by legal precedent that requires such costs be offset against the proceeds of the stock sale.
TFRP: A possible second financial crisis for business owners
Employers should beware of the trust fund recovery penalty.
Overpayment due to minimum tax credit is attributable to NOL carryback
Refund claim for overpayment caused by credit is attributable to net operating loss for purposes of the Sec. 6511(d)(2) limitation period.
Taxpayer First Act: Important new protections for taxpayer information
Several provisions restrict the IRS’s authority to gather information or impose an obligation on the agency to share information or documents with taxpayers that can prove beneficial to taxpayers and their representatives.
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.
AICPA supports bill that would make PPP-funded expenses deductible
A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.
COVID-19 pandemic prompts many tax changes
Taxpayers have a variety of tax relief measures to help them through the economic disruption caused by the coronavirus pandemic. From tax credits to filing postponements, here is a breakdown of the initial changes benefiting individuals and businesses.
IRS posts FAQs on paid sick and family leave
The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.
Guidance on NOL carryback and tentative carryback adjustments
The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.
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?
Bonus depreciation prop. regs. on no prior use, departures from group
Taxpayers and their advisers now have a framework to determine the availability of bonus depreciation following various transactions involving consolidated groups.
Documenting qualified research activities for the research tax credit
The process-of-experimentation requirement has received increased focus by taxing authorities in examinations.
A renewed chance to revisit old assets for repairs and maintenance expense
For the 2019 tax year, taxpayers and their accountants should seriously consider revisiting repairs and maintenance when planning strategies for increased deductions.
What does ‘consulting’ mean for purposes of Sec. 1202?
The Code does not define consulting for purposes of the rule on qualified trades or businesses, nor do Treasury regulations or Sec. 1202 legislative history provide guidance, leaving taxpayers to find other sources to derive the meaning.
Tax strategies for virtual currency
A recognizable transaction for tax purposes occurs any time virtual currency is exchanged for cash or used to purchase goods. Basis tracking is key to properly reporting gains and losses.
Understatement of gain does not extend limitation period
An understatement of gain due to a sham transaction does not extend the statute of limitation.
Bonus depreciation regs. are favorable for taxpayers
The regulations include rules for self-constructed property, the determination of acquisition dates, predecessor ownership, certain partnership rules, and some industry-specific guidance.
Guidance and enforcement put virtual currencies front and center
FAQs advise taxpayers to maintain records documenting receipts, sales, exchanges, or other dispositions of virtual currency and the fair market value of the virtual currency.
