Tax & Accounting Blog
Tax & Accounting Blog
1975
In 2017, court decisions gave penalty relief to certain taxpayers. Since then, the courts have clarified the scope of these decisions. Second Circuit Sets the Standard Under Code Sec. 6751(b) , certain penalties require that the immediate supervisor of the individual making the…
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U.S. Congress acts to help businesses and individuals As the spread of the Coronavirus COVID-19 starts to have a greater impact on the economy, U.S.…
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UBIA is the basis in a partnership’s property, and it can work to limit a partner’s section 199A deduction. If a partner recently bought their…
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The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed in December 2019. Many of its changes are already affecting employers and plan…
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Annual collection of resources aid the preparer and taxpayer alike The annual 2020 Whole Ball of Tax (WBOT) from Wolters Kluwer Tax & Accounting is…
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The IRS has some new resources for taxpayers navigating the gig economy. These include: a recent Gig Economy webinar, anda new Gig Economy Tax Center…
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The SECURE Act ended the prohibition against IRA contributions after age 70½. It also preserved the ability to make qualified charitable distributions (QCDs) at age…
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The IRS has provided guidance on the election to calculate the kiddie tax for 2018 and 2019 using the child’s allocable parental tax instead of…
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The 2020 tax season expands electronic filing requirements for exempt organizations. The Taxpayer First Act requires tax exempt organizations to electronically file information returns and…
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Taxpayers must report their investments in Qualified Opportunity Funds (QOF) on new IRS Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments.…
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