Is it a trade or business? Or a hobby or investment?
Many Code provisions apply only to a “trade or business.” This article discusses the various tax consequences when an activity fails the relevant test and is instead deemed a hobby or investment.
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Many Code provisions apply only to a “trade or business.” This article discusses the various tax consequences when an activity fails the relevant test and is instead deemed a hobby or investment.
This item discusses 10 important income tax questions to consider when creating an estate plan.
Bonds offer tax advantages and can help protect a portfolio against inflation.
Navigating a divorce can be an emotional experience for clients, and assisting them can likewise be poignant for their tax advisers, particularly when the adviser has a long-established relationship with both spouses.
Real property foreclosures can produce various tax consequences depending on whether the debt is recourse or nonrecourse.
The federal opportunity zone program creates jobs and improves communities, and the tax benefits for investors remain substantial.
In determining whether a corporation was engaged in brokerage services, the IRS ignored definitions of the term in other areas of the tax law and instead resorted solely to the plain meaning of the term as found in a dictionary.
In a year when real estate prices are soaring in many areas of the country, these easily overlooked allocations can have a significant tax impact.
This article discusses four things for financial and tax advisers to keep in mind when working with clients holding cryptoassets.
The opportunity zone program offers a solution for deferring gains and allows investors to diversify into real estate or operating businesses.
Chief Counsel Advice found that a taxpayer who was both a shareholder and an employee of the dividend-issuing corporation did not qualify for the exception to the net investment income tax for dividend income derived from a trade or business.
This discussion explores the question of how to determine whether a company is engaged in a qualified trade or business.
With potential tax hikes looming, CPAs can help clients manage capital gains taxes with the right strategy.
Taxpayers can avoid unplanned taxes and penalties by carefully following rules for contributions to and distributions from tax-favored education savings vehicles and making sure distributed funds are used for "qualified higher education expenses."
This semiannual update covers recent developments affecting individuals and discusses a number of pandemic-related developments.
A surviving spouse has the option to file a joint return for the deceased spouse’s year of death, but several factors must be considered to determine if this is a good idea.
This article discusses the applicable deadlines for individuals for investing in a QOF and obtaining tax deferral.
This article discusses income-based plans and how married couples with student loan debt may minimize their current loan payments by filing separately instead of jointly.
This article examines the student loan burden in the United States, reviews programs designed to assist borrowers with repayment, and discusses debt forgiveness issues.
This discussion focuses on how Sec. 1231 and various loss disallowance provisions affect the QBI deduction.
DEDUCTIONS
Business meal deductions after the TCJA
This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.
TAX RELIEF
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.