Tax benefits denied for lack of profit motive
The Tenth Circuit upholds the Tax Court’s denial of depreciation and tax credits for a taxpayer’s investment in a solar energy tax shelter.
Tax Accounting
Blast from the past: Tax planning with the repair regs.
Elections made as long as nine years ago may need updating.
Auto depreciation limitations make a big leap for second year in a row
The IRS issued sharply higher new depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.
Helping build a better tax system
A CPA describes his journey from a small practice to advising the IRS and Congress on issues of tax policy and administration.
Letters from IRS to warn taxpayers about possible QOF actions needed
The IRS is sending letters to taxpayers who may need to take additional actions related to qualified opportunity funds .
Auto depreciation limits leap with inflation
The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles, including passenger vans and trucks, placed in service in 2022.
List of automatic tax method changes updated
A revenue procedure catalogues changes subject to general procedures of Rev. Proc. 2015-13.
How LLCs may obtain tax-exempt recognition
Notice does not affect the status of already recognized organizations.
IRS issues accounting-method change procedures for small businesses
New procedures follow final regulations to implement simplifications by the law known as the Tax Cuts and Jobs Act.
Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief
Global supply chain problems caused by the COVID-19 pandemic have made it difficult for US companies to replace inventories, potentially subjecting them to additional taxable income. The AICPA has requested relief under Sec. 473.
Automatic accounting method change procedures updated
The IRS updated the list of accounting method changes to which automatic change procedures apply.
IRS updates car and truck depreciation limits
The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021.
Final rules govern income inclusion and advance payments
The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the law known as the Tax Cuts and Jobs Act.
Simplified accounting rules for small businesses allow annual election
The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted average annual gross receipts of $25 million ($26 million for 2020 and 2021).
Several tax provisions set to expire at end of 2020
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
IRS doubles down on nondeductibility of PPP-funded expenses
The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.
Taxpayers allowed choice of bonus depreciation rules
The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.
Small business accounting regulations and tax shelter implications
New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.
IRS issues more bonus depreciation rules
The IRS issued final bonus depreciation regulations and withdrew proposed regulations.
Simplified accounting rules issued for small businesses
The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.
