Tax credits in bankruptcy
Tax refunds that count as "public assistance benefits" may be exempt in bankruptcy.
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Tax refunds that count as "public assistance benefits" may be exempt in bankruptcy.
Notice 2018-76 generally allows a taxpayer a 50% business deduction for meals associated with an entertainment activity to the extent that the meals are purchased separately from the entertainment, or the cost is stated separately from the entertainment cost on the receipt.
A taxpayer’s amended returns sufficiently apprised the IRS of inconsistencies between the amended returns and the returns filed by the bankruptcy trustee of his wholly owned S corporation.
The IRS issued a notice providing interim guidance for the 2019 calendar year on income tax withholding from wages and from retirement and annuity distributions.
Practitioners must use due diligence when clients claim any deductions related to business meals.
Abandonment of intangible property should be established by detailed documentation.
Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.
House-passed legislation includes goals for improving the IRS but lacks descriptions of specific reforms and the funding needed.
The exemption to the limitation on business interest under Sec. 163(j) does not apply to a tax shelter prohibited from using the cash-receipts-and-disbursements method of accounting under Sec. 448(a)(3).
A charitable contribution deduction is available if there is no quid pro quo.
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
The comments were prompted by new questions that have emerged about how the tax rules apply to virtual currency transactions since the AICPA first submitted comments.
The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.
For investors, cryptocurrency will be regarded as a capital asset, so a key component of correctly determining the tax treatment of a cryptocurrency investment will be establishing its basis.
Taxpayers failed to convince a court that their tax overpayment was attributable to foreign taxes for which a credit was allowed.
Tax administration, post–tax reform, is markedly different than before, for several reasons.
The $1.3 trillion spending bill passed by Congress includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime.
The comments were prompted by new questions that have emerged about how the tax rules apply to virtual currency transactions since the AICPA first submitted comments.
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
Find out about a new requirement for life insurance companies to report sales of life insurance policies.
50th ANNIVERSARY
The January 2020 issue marks the 50th anniversary of The Tax Adviser, which was first published in January 1970. Over the coming year, we will be looking back at early issues of the magazine, highlighting interesting tidbits.
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.