Levy on husband-and-wife LLC is upheld
Taxpayers' claim they were a single-member limited liability company is belied by partnership returns, the Tax Court concludes.
Tax
Charitable contribution deduction denied for conservation easement
The taxpayer expected a substantial benefit from the donation, the court holds.
Claiming child tax benefits for noncustodial parents
IRS guidance on the waiver of a dependency exemption remains significant with the newly enhanced child tax credit.
IRS guidance addresses limitations on business interest expense
Forthcoming regulations will cover consolidated groups and carryforward of pre-TCJA interest expense.
Analyzing the new personal casualty loss tax rules
Targeted relief is undercut by new statutory limitations included in the Tax Cuts and Jobs Act.
First Circuit allows DISC dividends paid to Roth IRAs
The IRS suffers its second defeat when the First Circuit, agreeing with the Sixth Circuit, denies application of the substance-over-form doctrine to recharacterize DISC commissions and dividends as excess Roth contributions.
IRS clarifies identity theft procedures
An affidavit is needed only when an unauthorized return has been filed using the taxpayer's Social Security number.
Explaining refund payment delays to clients
PATH Act provisions and IRS security filters can often hold up the processing of legitimate refunds.
Line items
HSA family coverage limit restored ... Life settlement reporting delayed ... Payroll tax credit for small business research activities clarified
Form 1040 to be shorter but with more schedules
The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.
A new playing field for business
The Supreme Court’s decision on sales tax collection could give smaller companies that rely on in-store sales a better chance to compete with virtual retailers.
Supreme Court overturns Quill’s physical presence requirement
The U.S. Supreme Court on Thursday held that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state.
Disguised-sale partnership regs. withdrawn
The IRS announced that it was withdrawing temporary regulations on the treatment of partnership liabilities for disguised-sale purposes and proposing to reinstate the old rules.
AICPA advocates for IRS tax guidance priorities
The AICPA sent a letter to the IRS with recommendations for items of tax guidance that should be priorities for the Service to issue from July 1, 2018, to June 30, 2019.
How tax reform is impacting tax practitioners
Tax practitioners usually get to enjoy some down time during the summer. But this year summer may be a little more hectic than usual thanks to the changes brought about by tax reform.
Planning ideas from Form 1040 (and beyond)
Learn about a few of the many valuable planning opportunities you can uncover when reviewing a client’s tax forms.
Draft 2019 Form W-4 and instructions posted
The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.
How tax reform — and Excel — are changing the CPA Exam
Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.
Gravel mining income not exempt under Native American treaties
The Tax Court holds that the treaty provisions apply to tribes, not individuals.
Guidance addresses partnership accounting when IRS collects underpayments
A new TQA discusses taxes on partnership income.
