Taxpayers dealing with tax basis step-up transactions involving related parties or rollover equity interests should consider the application of the anti-churning rules to avoid unforeseen results.
Tax Planning; Tax Minimization
This guide provides tax preparers an outline of questions to ask clients when evaluating HVAC repair costs.
This article discusses two planning areas related to NOL carrybacks: The decision whether to carry a loss forward or back and planning strategies to increase the balance of the NOL carryback.
Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year.
This article discusses changes to the law and IRS guidance issued in Rev. Proc. 2019-8 on how to elect to expense qualified real property and change the depreciation of certain assets to ADS.
Inflation adjustments for 2019 and 2020 may increase the number of taxpayers that qualify as a small business and the amount of costs that can be expensed under a Sec. 179 election.
Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year, the IRS said in guidance.
For the 2019 tax year, taxpayers and their accountants should seriously consider revisiting repairs and maintenance when planning strategies for increased deductions.
When a tax department finds itself making burdensome determinations on a list of records, it may be time to consider a sampling approach.
This item discusses certain TCJA changes to domestic provisions relevant to tax accounting.
A Second Circuit decision may affect the analysis of whether the modification of a derivative triggers gain or loss.
The allowance of depreciation and the energy credit both depend on a taxpayer’s having basis in the property.
Practitioners are more likely now than ever to be asked to consult with clients that may either be considering or are currently involved, directly or indirectly, in a state-legal cannabis business.
Numerous rules and restrictions govern the timing of deductibility of bonuses accrued in one year and paid in another.
The IRS has issued initial guidance on the new rules governing the deductibility of business interest in Sec. 163(j), as amended by the Tax Cuts and Jobs Act of 2017.
The IRS ruled that the inducement payments were otherwise deductible under Sec. 162 and were not capitalizable under Sec. 263(a).
This item focuses on how payroll tax accruals might be deducted in 2017 rather than 2018 without additional costs for the employer and no adverse tax consequences for the employees.
Many times a taxpayer who has purchased distressed debt is unaware of the unfavorable results of the market discount rules.
A new rule eliminates the need for companies to continue to track their windfall pools.
The IRS issued guidance on how taxpayers can take advantage of various provisions enacted by the PATH Act.