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    Marijuana Business and Sec. 280E Potential Pitfalls for Clients and Advisers

    Article This article examines the unique income tax issues that are faced by regulated marijuana businesses and their CPAs.
    Published on July 01, 2015

    Claiming the Credit for Residential Energy-Efficient Property

    Article Taxpayers can claim a residential energy-efficient property (REEP) tax credit for 30% of the cost of eligible solar water heaters, solar electricity property, fuel cell property, small wind energy property, and geothermal heat pump property (Sec. 25D).
    Published on July 01, 2015

    Handling Last-Minute Changes for Clients It Is Who We Are...It Is What We Do...

    Article This column addresses the concerns of small CPA firms dealing with a business client base with assets of less than $10 million and the final regulations on tangible property or the "repair regulations."
    Published on July 01, 2015

    Tax Treatment and Planning Strategies for Nonresident Individuals

    Article This article provides an outline of the basic tax-compliance rules, as well as tax planning strategies, for nonresident aliens.
    Published on July 01, 2015

    IRS to Limit Refunds and Credits of Foreign Withholding Payments

    Article The IRS announced in Notice 2015-10 that it intends to amend its regulations to prevent taxpayers subject to withholding under chapter 3 or 4 of the Code from obtaining refunds or credits of withheld tax where a withholding agent failed to deposit the amounts required under Sec. 6302.
    Published on July 01, 2015

    2016 Inflation-Adjusted Amounts for HSAs and High-Deductible Health Plans

    Article The IRS issued the inflation-adjusted figures for calendar year 2016 for the annual contribution limits for health savings accounts and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
    Published on July 01, 2015

    Designated Private Delivery Service Rules Are Updated

    Article For the first time in over 10 years, the IRS updated the list of designated private delivery services (PDSs) that taxpayers can use to take advantage of Sec. 7502's timely mailing equals timely filing/paying rule (Notice 2015-38). The notice also updates the timely filing rules that apply to designated PDSs.
    Published on July 01, 2015

    IRS Issues Two Rulings on D Reorganizations

    Article The IRS issued two corporate reorganization rulings, one of which involved a domestic corporation and a number of foreign subsidiaries while the second involved a reorganization of domestic entities with a limited liability company that elected to be a disregarded entity after the reorganization.
    Published on July 01, 2015

    TIGTA Finds IRS Failed to Answer Millions of Phone Calls This Tax Season

    Article The number of taxpayer phone calls the IRS answered dropped significantly during this tax season, and call wait times were up, according to an interim report issued by the Treasury Inspector General for Tax Administration. TIGTA found that the IRS's level of service (defined as the number of calls in
    Published on July 01, 2015

    IRS Has Fixed Many of Its Problems With Social Welfare Organization Applications

    Article Two years after finding the IRS used inappropriate criteria when reviewing applications for tax-exempt status under Sec. 501(c)(4) and delayed processing some applications—a report that led to congressional investigations and the resignation of IRS Exempt Organizations Director Lois Lerner—TIGTA issued a follow-up report to check on the IRS's progress in
    Published on July 01, 2015

    IRS Proposes to Define Active Conduct of a Trade or Business Under PFIC Rules

    Article Proposed regulations would clarify the circumstances under which investment income a foreign insurance company earned is derived in the active conduct of an insurance business for determining whether the income is passive income, and thus the extent to which the company's assets are treated as passive assets in determining whether
    Published on July 01, 2015

    Nonperiodic Payments Under Notional Principal Contracts Treated as Two Separate Transactions

    Article The IRS issued temporary and proposed regulations under Secs. 446 and 956 amending how nonperiodic payments made or received under certain notional principal contracts are treated.
    Published on July 01, 2015

    Compliance With Short-Period Return Rules Can Stave Off Penalties and Rejection of Elections as Untimely

    Article The unextended due date of the return of a domestic corporation, Form 1120, U.S. Corporation Income Tax Return, generally is the 15th day of the third month following the close of the corporation's tax year. However, when a target corporation joins the consolidated group of a purchasing corporation on a
    Published on July 01, 2015

    State Tax Consequences to Shareholders on Distributions of Property

    Article When a company distributes property to its shareholders, tax consequences arise for the distributing corporation and the receiving shareholder. This item addresses the state tax consequences to the shareholder, which can differ between states with separate-return filing rules and states that follow the federal consolidated-return filing rules.
    Published on July 01, 2015

    Substantially Complete Buildings Eligible for GO Zone Depreciation

    Article In Stine, LLC, No. 2:13-cv-03224 (W.D. La. 1/27/15), a retailer's store buildings were considered "placed in service" for federal tax depreciation purposes when they were "substantially complete"—rather than when they subsequently were "open for business"—resulting in the taxpayer's being able to take an accelerated depreciation deduction for the buildings. This
    Published on July 01, 2015

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