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The Internal Revenue Service regularly challenges businesses that are found to generate losses and do not have a profit intent. The specific statute that governs these challenges are known as
The Internal Revenue Service issued Rev. Proc. 2018-29 to provide an automatic consent procedure for taxpayers changing to a new accounting method under new standards issued by the Financial Accounting Standards
The Internal Revenue Service recently released confirmation that Section 15 of the Internal Revenue Code will apply to fiscal year corporations whose tax year “bridges” January 1, 2018 (the day
The Internal Revenue Service continues to provide additional guidance on the provisions included in the Tax Cuts and Jobs Act (TCJA), which was enacted in December 2017. The Service recently
To provide companies going through an ERP evaluation with some perspective, NetSuite reached out to the finance professionals of leading SMBs (also NetSuite customers) and asked them to share their
In a very significant case, the United States Tax Court found that a limited liability company (LLC) was not entitled to a charitable contribution deduction for the donation of a
Congress recently passed the Consolidated Appropriations Act, 2018, H.R. 1625, which is a $1.3 trillion spending bill. The Act contains a few tax-related provisions, including funding for the Internal Revenue
Never mind that taxpayers and tax practitioners alike are struggling to learn and understand the many nuances of the Tax Cuts and Jobs Act (TCJA) signed into law by the
On March 5, 2018, 11 Democratic members of the House Ways and Means Committee sent a letter to Acting Internal Revenue Service Commissioner David J. Kautter, requesting an explanation for
Most taxpayers realize by now that the Tax Cuts and Jobs Act (TCJA), which was enacted in December 2017, repealed the long-standing deductions for personal exemptions and dependent exemptions. The
In a recent interesting District Court case in Florida [Joseph M. McKenny, 121 AFTR 2d 2018-337 (DC FL)], the court found that a settlement obtained in a “malpractice” lawsuit was
One of the more painful revisions of the Internal Revenue Code arising from the Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, was the repeal of the
