The IRS issued final regulation on bonus depreciation under IRC Sec. 168(k) on September 16, 2019. This was a follow up to their previously issued proposed regulation released in August 2018. The final regulation clarified that qualified improvement property placed in service after 2017 is no longer eligible for bonus
The IRS has started sending out educational letters to taxpayers with virtual currency transactions that have possibly failed to report income and pay the tax from the virtual currency transactions or did not report their transactions properly. There are three variations of the letter: Letter 6173, Letter 6174 and Letter
Effective January 1, 2018, IRC §274 was amended through the Tax Cuts and Jobs Act (TC&JA) and generally disallows an employer’s deduction for expenses with respect to the cost of Qualified Transportation Fringe Benefits (QTFs) provided to employees. However, the TC&JA did not address how to determine the amount of
Both S corporation (S-corp) and C corporation (C-corp) structures share many common benefits; however, there are several notable differences that could have a direct impact on your business. Some of these differences can be an advantage or disadvantage, at any time, for either structure. Here’s a quick summary of what
In recent years, the popularity of partnership filings have increased as this entity type has grown. Partnerships provide a number of key benefits to business owners, including flexibility as well as operational, legal, and tax benefits. The IRS however, has found it both costly and burdensome to audit partnerships, and
Tax professionals and taxpayers need to be on high alert concerning a recurring scam involving fake CP2000 notices that are being mailed (via U.S Post Office) to taxpayers under the guise that taxes related to the Affordable Care Act are due. This scam is significant because, by using the U.S.