Expenses & 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.

Legal hemp and deductible expenses

Marijuana businesses are unable to deduct most ordinary business expenses. However, COGS is allowable as an adjustment to gross receipts.

AICPA requests further guidance on QBI deduction

The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.

Newsletter Articles

50th ANNIVERSARY

50 years of The Tax Adviser

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.