Business tax

TOPICS / TAX

December 1, 2015

Business tax quick guide—tax year 2015

Download and print this quick guide PDF for use during tax season and look for our quick guide for individual taxpayers in the January 2016 issue.

December 1, 2015

Businesses and tax ID theft

Businesses may need CPAs’ help in protecting against and remedying tax-related identity theft.

November 1, 2015

Startup costs: Book vs. tax treatment

CPAs should understand how to handle startup and organization costs and, especially, how they are treated differently for book and tax purposes.

October 19, 2015

Why new tax return due date changes are important

This article examines why the tax return due date change was needed and what it means for practitioners.

October 1, 2015

PTO and constructive receipt

Paid-time-off plans can create problems with the timing of, and cross-year accounting for, payroll tax liabilities.

October 1, 2015

Property-related litigation costs held includible in home office deduction

The IRS failed to show that combating ‘running wild’ dogs, mold, and noise was exclusively a personal expense.

October 1, 2015

Crowdfunding and income taxes

See how to address this increasingly common source of income with tax clients.

September 1, 2015

Health reform prohibits most reimbursement plans

Transition relief continues through 2015 for S corporation 2% shareholder-employees, but stand-alone health reimbursement arrangements and employer payment plans can be subject to penalties.

September 1, 2015

Deducting tickets to sporting events

For an employer to claim a deduction, an employee must engage in a bona fide business transaction during the event on behalf of the employer and meet several other requirements.

September 1, 2015

Employment tax returns lag in e-filing

A low e-filing rate for employment tax returns in the Form 94x series is the biggest obstacle to achieving the goal of 80% electronic filing of all major types of tax returns.

August 31, 2015

How to help clients pick the best entity for their business

Clients may not know how a structuring their company can affect them down the road.

August 12, 2015

Temporary regulations end automatic extension for Forms W-2

In a move designed to fight taxpayer identity theft and tax fraud, the IRS will eliminate automatic extensions of time to file forms in the W-2 series, starting in 2017.

August 1, 2015

Tax treatment of drug development company startup costs

Long lead times, high upfront expenses, and frequent business acquisitions and dissolutions make applying Sec. 195 a special concern for these companies.

July 28, 2015

Tax Court invalidates stock-based compensation rule in cost-sharing agreements

The Tax Court held that Regs. Sec. 1.482-7(d)(2), requiring entities to share stock-based compensation costs under qualified cost-sharing agreements, failed to meet the reasoned decision-making standard and was invalid.

July 13, 2015

Emerging tax issues cause due-diligence problems

Speaking at an IRS Nationwide Forum in Fort Washington, Md., the deputy director of the IRS Office of Professional Responsibility warned practitioners that they should exercise due diligence when advising clients on emerging tax issues.

June 11, 2015

IRS: Corporations cannot circumvent gain on appreciated property using partnerships

The IRS issued temporary regulations designed to prevent corporations from avoiding gain on the distribution of appreciated property through the use of partnerships.

June 3, 2015

Bright-line test determines substantial business activities under inversion rules

The bright-line test introduced in 2012 amended the existing rules that applied a facts-and-circumstances test.

June 1, 2015

No Sec. 199 deduction for these activities

The IRS Large Business & International (LB&I) Division issued guidance to its employees listing activities performed “at the retail level” that it said do not produce property that is “manufactured, produced, grown, or extracted,” as defined by Regs. Sec. 1.199-3(e).

May 19, 2015

Tax reform, lower rates among top legislative goals, Ryan tells AICPA

In a speech to the AICPA’s spring Council meeting, Rep. Paul Ryan, chair of the House Ways and Means Committee, laid out his goals for tax reform and lower tax rates. He also called for the United States to adopt a territorial tax system.

May 6, 2015

Rulings illustrate transactions that qualify as D reorganizations

The IRS issued revenue rulings on whether two transactions, one involving domestic entities and another involving both domestic and foreign entities, qualified as Section 351 exchanges followed by D reorganizations.

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.