A CPA needs to detect a client’s nonpayment early and devise a plan for paying the back taxes.
Business tax
Frequent gambler was not a professional
A taxpayer was unable to convince the Tax Court that his gambling activity had a profit motive.
Charting a new tax season
With fewer new regulations and laws to reckon with, CPAs may find the 2018 tax season a good time to review their own procedures. Plus: Our annual quick guide, a PDF tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
Mortgage broker is not a real estate professional
Since brokering loans is not a “real property trade or business,” a taxpayer was subject to the passive activity loss rules of Sec. 469.
How tax overhaul would change business taxes
The tax reform bill that Congress is expected to vote on this week contains numerous changes that will affect businesses large and small.
Senate passes tax reform bill; House must revote
The Senate voted early today in favor of the Tax Cuts and Jobs Act, H.R. 1, which the House of Representatives had approved Tuesday.
Senate tax reform bill contains more changes
The version of the tax reform bill passed by the Senate Finance Committee holds several more changes affecting both individuals and businesses.
House passes tax reform bill
The U.S. House of Representatives passed its tax reform bill, on a 227–205 vote.
Senate Finance Committee modifies tax reform proposal
The revised chairman’s mark of the Senate tax reform bill contains many significant changes to the proposed legislation.
House bill features many business tax changes
The House tax reform bill contains a large number of proposed changes that would affect businesses.
Details of tax reform legislation revealed
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.
Tax Court allows business bad debt deduction
A taxpayer establishes he was in the trade or business of making personal loans.
Republicans unveil tax reform framework
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.
Internal-use software regs. could be boon for financial services industry
Financial institutions could benefit from new regulations that make it easier for taxpayers to take the research credit for the costs of developing software.
How small businesses can apply the research credit to payroll taxes
Interim guidance addresses the time and manner of making the election.
Tax Court denies trust fund recovery penalties assessed against restaurant ‘gofer’
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.
Closed years are fair game in exam of NOL carryovers
Audit risks persist past the otherwise applicable limitation period.
More R&D tax help
PATH Act enhancements make the credit more attractive to a wider range of taxpayers.
How to manage sales and use tax risk
A business can avert potential disasters by engaging an external review of its sales and use tax management and compliance responsibilities.
Worthless debt claims rejected
Purported loans to a startup are ruled equity; a worthless debt claim is held inapplicable.
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Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.