The treatment of stock issuance costs continues to be governed by legal precedent that requires such costs be offset against the proceeds of the stock sale.
Tax Planning; Tax Minimization
Employers should beware of the trust fund recovery penalty.
Refund claim for overpayment caused by credit is attributable to net operating loss for purposes of the Sec. 6511(d)(2) limitation period.
Several provisions restrict the IRS’s authority to gather information or impose an obligation on the agency to share information or documents with taxpayers that can prove beneficial to taxpayers and their representatives.
This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.
A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.
Taxpayers have a variety of tax relief measures to help them through the economic disruption caused by the coronavirus pandemic. From tax credits to filing postponements, here is a breakdown of the initial changes benefiting individuals and businesses.
The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.
The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.
The Revenue Act of 1913 ushered in the modern era of federal income taxation. How much do you know about changes in income tax rates since then?
Taxpayers and their advisers now have a framework to determine the availability of bonus depreciation following various transactions involving consolidated groups.
The process-of-experimentation requirement has received increased focus by taxing authorities in examinations.
For the 2019 tax year, taxpayers and their accountants should seriously consider revisiting repairs and maintenance when planning strategies for increased deductions.
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.
A recognizable transaction for tax purposes occurs any time virtual currency is exchanged for cash or used to purchase goods. Basis tracking is key to properly reporting gains and losses.
An understatement of gain due to a sham transaction does not extend the statute of limitation.
The regulations include rules for self-constructed property, the determination of acquisition dates, predecessor ownership, certain partnership rules, and some industry-specific guidance.
FAQs advise taxpayers to maintain records documenting receipts, sales, exchanges, or other dispositions of virtual currency and the fair market value of the virtual currency.
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.
Investors must file to report QOF investments held at the beginning and end of the current tax year, current-tax-year capital gains deferred by investing in QOFs, and QOF investments disposed of during the current tax year.