Handling sales tax nexus audits
Be wary when a state sends a nexus questionnaire.
Business Tax
Early sunset of the employee retention credit gets penalty relief
The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.
Infrastructure analysis: The ERC’s end, and what’s next
An AICPA vice president analyzes the recently passed Infrastructure Investment and Jobs Act and previews what’s to come regarding budget reconciliation and key tax provisions.
IRS issues inflation adjustments for 2022 returns
The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.
Employee retention credit: Opportunities remain
The employee retention credit was created in March 2020, but changing requirements have caused some confusion over eligibility. It’s important for businesses and their tax preparers to know who can take the credit and how much relief they can receive.
Safe harbor for ERC gross-receipts test
The IRS issued a safe harbor that allows an employer to exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts
Business tax quick guide — tax year 2019
Download and print this quick guide for use during tax season, and look for our quick guide for individual taxpayers in the January 2020 issue.
W-2 wages and Sec. 199A
Finding the “sweet spot” to maximize the qualified business income deduction may involve adjusting a business’s workforce.
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.
Claiming the R&D credit against payroll tax or AMT
Smaller taxpayers now are afforded greater flexibility.
Statutory employees and the QBI deduction
The hybrid nature of these specified occupations may allow taxpayers in them to claim the 20% deduction of Sec. 199A from qualified business income.
Tackling TCJA changes this tax season
An altered landscape awaits CPA preparers and their clients.
The pros and cons of LLCs
Here are several key characteristics CPAs need to know about limited liability companies and how they compare with other entities.
Tax Court sustains deficiencies for medical marijuana business
Nonmarijuana merchandise sales did not constitute a separate business, and the cost of goods sold was limited to amounts the IRS conceded, the court finds.
Business tax quick guide — tax year 2018
Download or print this quick guide for use during tax season.
Tax reform law deals pro gamblers a losing hand
The Tax Cuts and Jobs Act shut down net losses on a Schedule C from wagering as a trade or business. Find out how the stakes have changed.
Tax Court again denies microcaptive insurance arrangement
A second taxpayer's captive fails to qualify as an insurance company.
PEO is statutory employer
The Tax Court allows a refund of overpaid Social Security taxes to professional employer organization Paychex.
The AICPA and the ongoing tax reform process
AICPA tax policy experts discuss advocacy efforts related to the recent tax overhaul bill and the role member input will have on its implementation.
Bipartisan Budget Act contains several tax provisions
The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.
