A special rule allows the TCJA’s higher exclusion amount to continue to apply in some instances after the provision’s scheduled sunset.
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TOPICS
Tax
Medical marijuana dispensary is denied increases to its COGS
The taxpayer, as a reseller, could not include indirect inventory costs in its cost of goods sold.
Mentoring tax staff
A well-designed, well-executed, and well-managed mentoring program can be an advantageous investment for a tax firm.
Trust and estate income tax returns under the TCJA
The law known as the Tax Cuts and Jobs Act affects many aspects of these so-called fiduciary returns.
Line items
IRS clarifies nondeductibility, UBTI inclusion of qualified parking fringe benefit … Tesla reaches credit phaseout sales threshold … Standard mileage rates for 2019
Maximizing the higher education tax credits
A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.
New tax transcript practice
IRS changes are intended to better protect taxpayer data.
Salesman’s termination payment held not for goodwill
The Tax Court also denies capital gain treatment but allows business deductions for a taxpayer’s subsequent shooting activity.
Schreiber receives profession’s highest honor in taxation
Gerard H. Schreiber Jr., a partner in Schreiber & Schreiber in Metairie, La., received the 2018 Arthur J. Dixon Memorial Award, the highest honor bestowed by the accounting profession in the area of taxation.
IRS finalizes centralized partnership audit regulations
The IRS issued final regulations on the centralized partnership audit regime, which generally assesses tax at the partnership level.
Taxpayers will file QBI deduction computation with IRS next year
The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.
Bonus depreciation safe-harbor rules for vehicles issued
The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.
Identity protection PIN program expands
The IRS announced that it is expanding its identity protection personal identification number (IP PIN) program to taxpayers in seven additional states.
How tax reform has changed busy season preparation
Practitioners still have a lot of questions about tax reform — including everything from dealing with binding and nonbinding Tax Cuts & Jobs Act (TCJA) guidance to individual planning considerations. Annette Nellen joins this episode of the podcast to address those issues.
Tax preparer due-diligence rules are finalized
Preparer penalties now also apply to erroneous head-of-household filing status.
Addressing risks related to the TCJA and Wayfair
In this Q&A, experts discuss the challenges CPA firms face from these developments and the steps they can take to mitigate professional liability risk.
Snipes’s collection alternative refused
The IRS did not abuse its discretion in rejecting a proposal by the film actor and producer to settle a tax debt for less than 4 cents on the dollar, the Tax Court holds.
Claiming the R&D credit against payroll tax or AMT
Smaller taxpayers now are afforded greater
flexibility.
Sec. 199A: Regulations shed light on QBI deduction
For the first time this tax season, many taxpayers will be claiming the Sec. 199A deduction, which provides a deduction for 20% of qualified business income.
Taxpayers are again denied theft loss for ‘pump and dump’ fraud
The taxpayers could not prove on remand there was no reasonable prospect of recovery by the end of the tax year.
Features
FROM THIS MONTH'S ISSUE
How to craft the CPA career you want
Want to pursue a work life that brings you purpose and joy? Learn how in this article from the Journal of Accountancy’s November issue.
From The Tax Adviser
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AI risks to the Sec. 7525 practitioner privilege
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Navigating the QSBS rules in pass-through structures
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Sec. 338(h)(10) elections in business acquisitions
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