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Marijuana businesses are unable to deduct most ordinary business expenses. However, COGS is allowable as an adjustment to gross receipts.
Many taxpayers do not realize that the R&D tax credit is available to businesses of all sizes in many lines of business, not just major corporations conducting tests in research laboratories.
A CPA taxpayer was found to have fraudulent intent in various tax minimization schemes he engaged in.
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling away from home using the per-diem rates.
Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible IRS restructuring, more-targeted enforcement efforts and IRS use of data analytics.
The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for over 60 tax provisions for 2020 tax returns.
LB&I recently announced it was adding six new compliance campaigns to its list of areas on which to focus its examinations.
The IRS released guidance to further recap and clarify the rules for transfer and consent agreements.
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.
The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017.
The IRS issued updated procedures for third-party contacts to reflect changes enacted in the recent Taxpayer First Act, requiring the IRS to notify taxpayers at least 45 days before it contacts a third party to determine or collect a tax.
The law signed in July is aimed at enhancing taxpayer rights and improving customer service.
Taxpayers who fail to file tax returns may receive assessments from an IRS-prepared substitute for return.
The advent of e-filing has not changed the rule that reliance on a preparer to file a return is not a reasonable cause for a taxpayer’s failure to file a timely return.
The AICPA pushes for investments in IRS-practitioner communications that could reduce compliance burdens for millions of taxpayers.
The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.
The IRS announced that it is opening its Compliance Assurance Process (CAP) program to new applicants for the first time in years, but applications must be made between Sept. 16 and Oct. 31.
The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.