Does your business fall under the definition of a syndicate? Chris Hesse, chair of the AICPA’s Tax Executive Committee, reveals where the traps lie for business taxpayers and their CPA advisers.
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.
Finding the “sweet spot” to maximize the qualified business income deduction may involve adjusting a business’s workforce.
The taxpayer, as a reseller, could not include indirect inventory costs in its cost of goods sold.
Smaller taxpayers now are afforded greater flexibility.
The hybrid nature of these specified occupations may allow taxpayers in them to claim the 20% deduction of Sec. 199A from qualified business income.
An altered landscape awaits CPA preparers and their clients.
Here are several key characteristics CPAs need to know about limited liability companies and how they compare with other entities.
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.
Download or print this quick guide for use during tax season.
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.
A second taxpayer's captive fails to qualify as an insurance company.
The Tax Court allows a refund of overpaid Social Security taxes to professional employer organization Paychex.
AICPA tax policy experts discuss advocacy efforts related to the recent tax overhaul bill and the role member input will have on its implementation.
The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.
In this Q&A, AICPA policy experts discuss wide-ranging implementation challenges and members’ role in advocating for guidance and technical corrections.
A taxpayer was unable to convince the Tax Court that his gambling activity had a profit motive.
A CPA needs to detect a client’s nonpayment early and devise a plan for paying the back taxes.
Congress enacted tax reform legislation in December that will affect all taxpayers. Changes include new tax rates, modified credits and deductions, and a host of other amendments.
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.