Business tax

TOPICS / TAX

July 1, 2017

How small businesses can apply the research credit to payroll taxes

Interim guidance addresses the time and manner of making the election.

June 1, 2017

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.

June 1, 2017

Closed years are fair game in exam of NOL carryovers

Audit risks persist past the otherwise applicable limitation period.

May 1, 2017

More R&D tax help

PATH Act enhancements make the credit more attractive to a wider range of taxpayers.

April 1, 2017

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.

April 1, 2017

Worthless debt claims rejected

Purported loans to a startup are ruled equity; a worthless debt claim is held inapplicable.

March 15, 2017

Taxpayers affected by winter storm get more time to file business return extensions

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.

March 1, 2017

Medical practice owner is held liable for employment taxes

A self-imposed loan restriction to pay salaries does not encumber funds owed to the government.

March 1, 2017

New PATH for depreciation

Changes to 15-year and bonus depreciation rules and Sec. 179 expensing may deliver tax savings to business clients.

December 16, 2016

Despite PATH Act, some tax provisions expire at end of 2016

The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.

December 1, 2016

Business tax quick guide—tax year 2016

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.

November 1, 2016

Reverse like-kind exchange is afforded nonrecognition treatment

The Tax Court rejects the IRS’s argument that a third-party facilitator never assumed ownership under a benefits-and-burdens test.

November 1, 2016

Captive insurance for the middle market

Know the tax and other requirements for this option to manage risk.

November 1, 2016

Marine surveyor may deduct geological and geophysical expenses

The Tax Court is unwilling to restrict the 2-year amortization under Sec. 167(h) to owners of mineral interests.

August 1, 2016

Tax treatment of tenant allowances

Tenants can avoid recognizing income currently by taking advantage of a safe harbor under Sec. 110.

June 30, 2016

Final rules govern U.S. country-by-country reporting

The IRS issued final regulations requiring the ultimate parent entity of a multinational enterprise group with revenue of $850 million or more in the preceding accounting period to file Form 8975, Country-by-Country Report.

June 1, 2016

Law firm is held liable for accuracy-related penalties

The independent-investor test is applied to a corporation that mischaracterized dividends as compensation.

March 28, 2016

A closer look at sales and use taxation of the cloud

The growth of cloud technology means that what used to be clearly the sale of tangible personal property is now digital and challenging to classify for sales and use tax purposes.

February 1, 2016

Congress extends expired tax provisions and makes some permanent

Some tax breaks are extended for two years, some for five, and a few are made permanent in Congress’s annual year-end extenders legislation. (Plus: An updated version of the JofA’s annual quick guide
PDF that includes changes related to the legislation.)

January 1, 2016

Tax season launches

Despite another year of uncertainty about congressional passage of retroactive “extender” provisions, CPAs’ tax season can benefit from these tips and resources.

FROM THIS MONTH'S ISSUE

Cannabis dispensary denied ERC

The Court of Federal Claims held that Sec. 280E, which prohibits deductions and credits for businesses trafficking in controlled substances, applies to the employee retention credit (ERC), including its refundable portion, and denied a cannabis business’s claim for a refundable ERC.