A taxpayer was unable to convince the Tax Court that his gambling activity had a profit motive.
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Tax
Walker receives profession’s highest honor in taxation
Deborah Walker, national director of Compensation and Benefits at Cherry Bekaert LLP in Washington, D.C., received the AICPA’s 2017 Arthur J. Dixon Memorial Award.
COD income not includible due to lack of a bona fide debt
A taxpayer established that she never intended to be the primary obligor on the loan.
IRS provides CFC relief for property affected by hurricanes
Certain obligations of U.S. persons can be excepted from U.S. property.
IRS issues more guidance on withholding rules for new tax law
The IRS issued Notice 2018-14 to provide more guidance on the withholding rules that were changed by P.L. 115-97, known as the Tax Cuts and Jobs Act.
Practitioners need immediate guidance on tax reform act, AICPA says
Thirty-nine areas in the recent tax overhaul act require immediate guidance, the AICPA told the IRS and Treasury.
Government funding bill postpones some health care taxes
The continuing resolution to fund the government through Feb. 8 also delays the so-called Cadillac tax on high-cost health plans for an additional two years beyond 2019.
FASB Q&As discuss financial reporting implications of tax law
FASB issued four staff Q&As that address financial reporting issues related to the Tax Cuts and Jobs Act.
What to expect from the IRS during the government shutdown
The shutdown of the federal government comes just nine days before the scheduled start of tax season. Here’s a look at how the IRS may be affected.
New tax withholding tables are issued
The IRS issued new tax withholding tables for 2018 to be used to implement the changes to the tax law enacted last month.
FASB addresses financial reporting impacts of new tax law
FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act.
IRS asking for taxpayer representatives’ personal information
The IRS is now asking taxpayer representatives who call the agency to provide their Social Security number and date of birth to confirm their identity.
Charting a new tax season
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.
IRS announces when filing season will start
The IRS announced that this year’s filing season will begin about a week later than last year’s filing season.
Form 1023-EZ will ask applicants for mission and activities
The streamlined application for tax-exempt status will ask organizations to describe their mission and activities for the first time.
Final rules govern election out of centralized partnership audits
The IRS finalized the rules for determining whether partnerships are eligible to elect out of the centralized audit procedures enacted in 2015, which apply to partnerships this year.
SEC permits reasonable estimates in corporate tax reporting
Companies may initially have difficulty determining the effects of the new federal tax law on their income tax reporting.
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.
Line items
IRS does not acquiesce to real estate professional holding … IRS issues procedure granting automatic approval for certain defined benefit plan funding method changes … California wildfire victims have a tax extension
Documenting virtual currency transactions
Even the simplest uses of this increasingly popular medium of exchange will likely involve a basis calculation for tax purposes.
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