Business tax

TOPICS / TAX

December 1, 2018

The pros and cons of LLCs

Here are several key characteristics CPAs need to know about limited liability companies and how they compare with other entities.

October 1, 2018

Tax reform law deals pro gamblers a losing hand

The Tax Cuts and Jobs Act shut down net losses on a Schedule C from wagering as a trade or business. Find out how the stakes have changed.

September 1, 2018

Tax Court again denies microcaptive insurance arrangement

A second taxpayer’s captive fails to qualify as an insurance company.

August 1, 2018

PEO is statutory employer

The Tax Court allows a refund of overpaid Social Security taxes to professional employer organization Paychex.

March 1, 2018

The AICPA and the ongoing tax reform process

AICPA tax policy experts discuss advocacy efforts related to the recent tax overhaul bill and the role member input will have on its implementation.

February 9, 2018

Bipartisan Budget Act contains several tax provisions

The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.

February 7, 2018

The AICPA and the ongoing tax reform process

In this Q&A, AICPA policy experts discuss wide-ranging implementation challenges and members’ role in advocating for guidance and technical corrections.

February 1, 2018

Congress enacts tax reform

Congress enacted tax reform legislation in December that will affect all taxpayers. Changes include new tax rates, modified credits and deductions, and a host of other amendments.

February 1, 2018

Helping clients avoid employment tax criminal penalties

A CPA needs to detect a client’s nonpayment early and devise a plan for paying the back taxes.

February 1, 2018

Frequent gambler was not a professional

A taxpayer was unable to convince the Tax Court that his gambling activity had a profit motive.

January 4, 2018

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.

January 1, 2018

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.

December 20, 2017

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.

December 20, 2017

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.

November 17, 2017

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.

November 16, 2017

House passes tax reform bill

The U.S. House of Representatives passed its tax reform bill, on a 227–205 vote.

November 15, 2017

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.

November 6, 2017

House bill features many business tax changes

The House tax reform bill contains a large number of proposed changes that would affect businesses.

November 2, 2017

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.

November 1, 2017

Tax Court allows business bad debt deduction

A taxpayer establishes he was in the trade or business of making personal loans.

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