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.
Business Tax
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.
The AICPA and the ongoing tax reform process
In this Q&A, AICPA policy experts discuss wide-ranging implementation challenges and members’ role in advocating for guidance and technical corrections.
Frequent gambler was not a professional
A taxpayer was unable to convince the Tax Court that his gambling activity had a profit motive.
Helping clients avoid employment tax criminal penalties
A CPA needs to detect a client’s nonpayment early and devise a plan for paying the back taxes.
Congress enacts tax reform
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.
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.
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.
