GUIDANCE ON NOL CARRYBACK ADJUSTMENTS

Guidance on NOL carryback adjustments. The has provided guidance on how taxpayers who want to elect to waive or reduce the new provision requiring taxpayers with net operating losses (NOLs) arising in tax years beginning in 2018, 2019, and 2020 to carry them back five years. (Rev. Proc. 2020-24) The IRS also extended the deadline […]

ADVOCATING IN WAKE OF WAYFAIR DECISION

Advocating in wake of Wayfair decision. The Association of International Certified Public Accountants addressed two separate tax issues at important forums, advocating for small businesses in the wake of the Wayfair decision and discussing the taxation of virtual currency in separate events. Jamie Yesnowitz, J.D. chair of the AICPA State and Local Taxes Technical Resource […]

IRS GRANTS VIRUS TAX RELIEF

IRS grants virus tax relief. Whenever the economy or our Nation encounters an event that shakes the foundations of our society, and impacts the economy in its wake, eventually the IRS reacts and issues memorandums and notices, granting taxpayers and impacted businesses tax relief. The type and various forms of the tax relief depend upon […]

IRS ANSWERS ON CARBON CAPTURE CREDITS

IRS answers on carbon capture credits.  The Internal Revenue Service has issued guidance to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. Today’s guidance addresses the definition of “beginning of construction” and provides a sage harbor for partnership allocations of the credit. After the enactment of the Bipartisan […]

TAXPAYER FIRST ACT OF 2019

Taxpayer first act of 2019. This legislation was signed into law on July 1, 2019. The focus of the bill is to enact changes in the IRS’s organizational structure which includes customer service, enforcement procedures, management of information technology, and improving interactions with taxpayers. By September 2020, the IRS is required to draft new organizational […]

FINAL RULES PERMIT TRUNCATED TINS

Final rules permit truncated tins. In the ongoing effort to fight identity theft and tax refund fraud, the IRS has been issuing new rules and regulations, tightening security measures, coordinating efforts with both State Tax Authorities and the Tax Preparation and Tax Resolution Professional Community, all designed to increase awareness of the problem, and bring […]

TAX CUTS MAKE SMALL REFUNDS.

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Tax Cuts Make Small Refunds. Next year could be worse unless you act now. Ever since the Tax Cuts and Jobs Act has been passed many tax preparers have been delivering bad news to long time clients. They owe the government money. Even though the campaign promises were that they would get a big refund, […]

TAX REFORM HAS A GIMMICK

Tax reform has a gimmick. The long awaited tax reform our nation has been told to anticipate, has a gimmick.  Tax Reform is one thing, a tax reform gimmick is another.  When you hear the Republicans discuss this bill, all you hear is that the middle class will get a tax cut. What is in […]

2017 Tax Planning now !

2017 tax planning now ! Time is running out on this year quickly. Before the Holidays get here, with additional things to do, and time constraints, take the time to begin your tax planning now. You won’t regret it. I little bit of preparation can go a long way in making sure you don’t need […]