The Tax Court finds a payment was for repudiated joint venture interests, not future income.
S Corporation Income Taxation
The IRS finalized proposed regulations on eligible terminated S corporations, a new provision enacted under the Tax Cuts and Jobs Act that provided favorable treatment for corporations that wished to terminate their S elections.
The IRS announced that it will issue regulations to allow S corporations with accumulated earnings and profits to elect to have global intangible low-taxed income inclusions increase the S corporation’s accumulated adjustments account.
The AICPA has asked Treasury and the IRS to clarify that reporting relief on certain reporting under Sec. 465 will also apply to S corporations.
Employees’ business expense reimbursements are excluded from gross income.
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.
An IRS letter ruling allowed an otherwise qualified corporation to continue to be treated as an S corporation for federal income tax purposes despite its inadvertent termination of its S corporation status.
In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.
Finding the “sweet spot” to maximize the qualified business income deduction may involve adjusting a business’s workforce.
A district court denies a taxpayer's refund claim.
The IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution.
One of the areas that accountants are most interested in regarding tax reform is Sec. 199A guidance — and, more specifically, how the deduction for qualified business income relates to a specified service trade or business. Tony Nitti, CPA, addresses some popular questions on that topic.
Reporting of some S corporation gross receipts is not adequate disclosure of all receipts, the Tax Court holds.
Proposed regulations issued on Sec. 199A bring welcome guidance.
The Tax Court declines to create a precedent and allow an individual S corporation shareholder to unilaterally and retroactively revoke the corporation's election.
Taxpayers' claim they were a single-member limited liability company is belied by partnership returns, the Tax Court concludes.
This article reviews several scenarios in which certain individuals could take advantage of a new Internal Revenue Code provision to significantly lower their taxes.
New rules limit utilization of net operating losses.
Loans must qualify as “bona fide debt” to create basis for deducting passthrough losses.
The French Lick, Ind., property was used for personal purposes more than 14 days per year, the Tax Court holds.