Business tax

Long-haul truck driver has no tax home

A long-haul truck driver who spent 358 days on the road during 2009 did not have a tax home that would permit him to deduct his travel expenses as unreimbursed business expenses.

Merger of family businesses results in gift tax

The Tax Court held that a merger of a family’s two businesses resulted in a $29.6 million transfer from the parents to their three sons and a gift tax deficiency. However, the court denied failure-to-file penalties on the gift due to the taxpayers’ reliance on a “competent professional.”

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.