C Corporation Income Taxation

Tax pitfalls of owning a marijuana business

Essentially, for federal tax purposes, marijuana businesses pay income taxes on their gross profit instead of their net income because below-the- line deductions are not allowed.

IRS issues Sec. 965 transition tax regs.

The IRS issued proposed regulations on the Sec. 965 transition tax that requires U.S. shareholders of deferred foreign income corporations to pay tax on post-1986 deferred income.

Leasing property to a corporation

Shareholders can reap several benefits by leasing property to their corporation instead of transferring ownership to the company.

LB&I campaigns update

The IRS’s LB&I division implemented a major restructuring intended to make better use of IRS resources.

Newsletter Articles

TECHNOLOGY

2018 tax software survey

Among CPA tax preparers, tax return preparation software generates often extensive and ardent discussion. To get through the rigors of tax season, they depend on their tax preparation software. Here’s how they rate the leading professional products.

DEDUCTIONS

Qualified business income deduction regs. and other guidance issued

The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.