The House tax reform bill contains a large number of proposed changes that would affect businesses.
The Tax Cuts and Jobs Act released by the House Ways and Means Committee incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details.
A taxpayer establishes he was in the trade or business of making personal loans.
Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.
Financial institutions could benefit from new regulations that make it easier for taxpayers to take the research credit for the costs of developing software.
Interim guidance addresses the time and manner of making the election.
Despite making a few payments and performing incidental tasks and errands for the business, a man is held not responsible for its unpaid payroll taxes.
Audit risks persist past the otherwise applicable limitation period.
PATH Act enhancements make the credit more attractive to a wider range of taxpayers.
A business can avert potential disasters by engaging an external review of its sales and use tax management and compliance responsibilities.
Purported loans to a startup are ruled equity; a worthless debt claim is held inapplicable.
The IRS announced that it would grant “eligible taxpayers” who are affected by this week’s winter storm on the East Coast extra time to file their requests for filing extensions.
Changes to 15-year and bonus depreciation rules and Sec. 179 expensing may deliver tax savings to business clients.
A self-imposed loan restriction to pay salaries does not encumber funds owed to the government.
The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.
Print out this quick guide PDF for use during tax season, and look for our quick guide for individual taxpayers in the January 2017 issue.
The Tax Court rejects the IRS's argument that a third-party facilitator never assumed ownership under a benefits-and-burdens test.
The Tax Court is unwilling to restrict the 2-year amortization under Sec. 167(h) to owners of mineral interests.
Know the tax and other requirements for this option to manage risk.
Tenants can avoid recognizing income currently by taking advantage of a safe harbor under Sec. 110.