The alternative minimum tax (AMT) subjects taxpayers to a second tax system and is intended to reduce a taxpayer’s ability to avoid taxes by using certain deductions, credits and other tax benefits. Beginning in tax year 2018, the Tax Cuts...
Last year, if your clients made a donation to a university that gave them the right to buy tickets to a sporting event, sometimes known as personal seat licenses (PSL), they could deduct 80 percent of that donation from their...
Now is the perfect time for tax professionals to meet with their small business clients to see if it makes sense to invest in depreciable property in an effort to reduce taxable income and save tax dollars. As you know,...
In 2016, Tennessee business owner Larry Thornton was sentenced to a year in prison and fined close to $10 million for his failure to pay over $8 million in employment taxes. Although his is a more extreme example of employment...
Happy September. This is your monthly summary of important tax and compliance deadlines for your review. In September, it’s recommended that you: Schedule appointments with individual clients for year-end tax planning sessions. Remind individual clients of automatic six-month extensions of Oct. 15...
It’s Monday morning, and your first appointment is with an existing client who wants to talk to you about starting a new business. What you do not realize is the business is a marijuana dispensary. Not having any other clients...
The U.S. Department of the Treasury and the IRS issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit. The proposed regulations issued...
The Tax Cuts and Jobs Act presents both a challenge and an opportunity for tax professionals, according to Intuit’s senior tax analyst. “It’s a challenge just because of its sheer breadth,” said Mike D’Avolio, CPA, JD. “But it’s also an...
The IRS offers advice for preparing for natural disasters, including hurricanes, storms and floods. A notice from the IRS is listed below that you can use to prepare yourself and your clients. To read the complete article, please visit IRS.gov....
Treasury Department Circular 230, Regulations Governing Practice before the Internal Revenue Service, establishes the following principles: what practicing before the IRS means; who may practice before the IRS; a tax professional’s duties and obligations; sanctions for violations; and procedures for...
The alternative minimum tax (AMT) subjects taxpayers to a second tax system and is intended to reduce a taxpayer’s ability to avoid taxes by using certain deductions, credits and other tax benefits. Beginning in tax year 2018, the Tax Cuts... 
