The rules have changed for IRS examinations and adjustments of partnership returns at the federal level, but are the states following suit? We’ll find out how model legislation issued by the Multistate Tax Commission, developed in collaboration with the AICPA and other stakeholders, is being adopted across the U.S.
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Tax
Help your staff make it through busy season
Eustis Corrigan, CPA, senior managing director at CBIZ MHM in Memphis, Tenn., a veteran of more than 30 tax seasons, shares what his firm does to support staff during busy season.
Cafeteria plan compliance
Serve up a well-prepared smorgasbord of employee benefits.
Year-end government spending bill contains many tax provisions
Certain health care taxes are repealed, IRAs are revamped, and disaster relief and other provisions are extended.
$8.7 million partnership income adjustment by IRS disallowed
Family mobile home business’s promissory notes were not includible in income, the Tax Court holds.
Onslaught of the tax procrastinators
Consider these ways to protect billable time while cultivating new clients.
Why states need to enact MTC model statute in 2020
Campaign seeks to create a uniform state-by-state regime that aligns with changes to federal partnership audits.
Tax Court holds cutting horse activity had a profit motive
The factors of Regs. Sec. 1.183-2(b),along with the taxpayer’s goals, actions, and testimony, supported the court’s holding.
Supreme Court overturns consolidated group tax refund allocation rule
The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members of a consolidated group, holding that state law is well equipped to decide the matter.
Proposed regs. issued on meal and entertainment expense deductions
The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.
AICPA requests clarity on Sec. 465 reporting relief
The AICPA has asked Treasury and the IRS to clarify that reporting relief on certain reporting under Sec. 465 will also apply to S corporations.
No need to report some transactions in video game currency, IRS says
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
IRS proposes rules to update income tax withholding, revises Form W-4
The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.
Final rules determine maximum vehicle values
The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.
Start or review an accountable plan
Employees’ business expense reimbursements are excluded from gross income.
Use of standard mileage rate, other rules updated for TCJA
Modifications address the period during which miscellaneous itemized deductions are suspended.
IRS offers to settle microcaptive insurance cases
Taxpayers offered the deal can reduce penalties.
Tax Court lowers tax due after revaluing disguised gifts
A seemingly small difference in profit margin percentile results in a sizable dollar amount.
Sec. 280E is not an excessive fine under Eighth Amendment
The Tax Court denies a challenge by a California marijuana business.
AICPA honors service and professional contributions in tax
Jane T. Rubin received the Arthur J. Dixon Memorial Award, and Blake Vickers received the Tax Division Distinguished Service Award.
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